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bidask201

Registered: May 2012
Posts: 19

07-02-12 06:22 PM

With the CBOE moving to the nj/nyc area because (as I have read in public articles/posting) of the latency of the stock options markets to their underlying stocks I wonder if there will be pressure on the CME to move part of globex (eg ES) to the nj/nyc area for the same reason.

In the case of the CBOE I think I read that it was another exchange taking option business due to its lower latency or at least hft MM pushing the CBOE because of the latency

Is there an ES competitor (not necessairly fungible) with matching engine in the nj/nyc area and or can anyone see ES and/or other CME futures moving to the nj/nyc area for latency reasons ?

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bone
ET Sponsor

Registered: Apr 2002
Posts: 4317

07-03-12 03:21 AM

Quote from bidask201:

I wonder if there will be pressure on the CME to move part of globex (eg ES) to the nj/nyc area for the same reason.

Not with the New York and New Jersey tax treatment. CME just got a sweetheart deal from Illinois to stay, as there was much talk about CME moving to a Southern state.

Unless you were to see futures on individual stock names reappear, no latency issues IMO for the CME in terms of NY. Hell, aren't you reading all the press about NYC's decline in prestige and presense in terms of international financial markets ?

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clearinghouse

Registered: Aug 2010
Posts: 572

07-03-12 06:26 AM

Quote from bone:

Not with the New York and New Jersey tax treatment. CME just got a sweetheart deal from Illinois to stay, as there was much talk about CME moving to a Southern state.

Unless you were to see futures on individual stock names reappear, no latency issues IMO for the CME in terms of NY. Hell, aren't you reading all the press about NYC's decline in prestige and presense in terms of international financial markets ?

... The issue is more that those expensive network connections with the lowest latency between Chicago and New Jersey are really gd expensive. The "game" has been locked up by a small subset of players in this regard for some time.

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bone
ET Sponsor

Registered: Apr 2002
Posts: 4317

07-03-12 03:14 PM

Quote from clearinghouse:

... The issue is more that those expensive network connections with the lowest latency between Chicago and New Jersey are really gd expensive. The "game" has been locked up by a small subset of players in this regard for some time.

And now we have news coming out of these Chicago and NY firms ( Getco just last week ) that they are seeing revenues on the decline and that they are laying off staff. Maybe the ECN "speed game" is finally reaching its' inevitable conclusion.

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