e-miNY Crude Oil & Natural Gas

Discussion in 'Commodity Futures' started by JayS, Jun 16, 2002.

  1. Any idea what exchange fee to pay for real time e-miNY quotes?

    Waived? -> till when? and what to pay after that?

    $10 Globex E-minis? -> best

    $60 CME full -> not so good. limited influence. i do trade globex currency futures. and many quote vendors just don't want to split globex e-mini out.

    $60 Nymex? -> forget it, no matter what, no matter how!
    #11     Jun 17, 2002
  2. def

    def Sponsor

    IB will offer the NYMEX contracts. However, it will not be easy for the average trader. Below are the only details I have...

    Customers who want to trade NYMEX emiNY products will require a clearing guarantee from a NYMEX clearing firm. Firms eligible to provide a NYMEX clearing guarantee are the folllowing:
    - Common CME-NYMEX clearing firm
    - NYMEX only clearing firm
    - a CME-only clearing firm with an ombnibus account with a NYMEX clearing firm

    Customers guaranteed by common CME-NYMEX clearing firms will be permissioned to access both CME and emiNY Globex products.

    Customers guaranteed by NYMEX-only clearing firms may be permissioned to access CME globex products prvide they obtain a clearing guarantee from a NYMEX clearing firm.

    NYMEX will require clearing firms to submit a NYMEX clearing guarantee form to enable new customers to trade the products.

    What does this mean? Looks like it will be pretty hard to initially trade them via IB unless you're an institution. The above are the only details I have. I assume the success of the contracts will dictate how IB proceeds in the future to provide easier access.
    #12     Jun 17, 2002
  3. spectre


    If the contract is geared towards smaller retail players (cme's marketing docs), yet restrictions like this exist, what type of liquidity do the exchanges hope to get?

    A chicken and egg type situation? Brokers waiting to see how it performs, while individuals are not fully participating because of limited access. One can guess how it will turn out.
    I suppose we will have to see what gives in first. If the intention is to emulate CME's emini success, then access restrictions should be minimalized or removed completely.

    The restrictions sound exactly the same as if you were to trade directly on Nymex Access.
    That being the case, you might as well stick with deeper liquidity on the full sized contract.
    #13     Jun 17, 2002
  4. def

    def Sponsor

    in fair defense of the exchange. they shouldn't make policy just because one of their brokers doesn't have a membership on the exchange they are hooking up with. the omnibus relationship probably means that firms that aren't clearing members can gain access if needed. perhaps IB will go this route or is even currently working on setting something up. In the meantime, I assume many of the brokers are clearing members on both exchanges.
    #14     Jun 17, 2002
  5. def,

    does this mean that if I have an account with a NYMEX member firm I can do a giveup through IB? who can explain what to do?

    IB should jump on this product and promote it. NYMEX has always been tough for retail to trade, much more so than CME. I would expect these energy products to take off if easy and fair trading access is available.
    #15     Jun 17, 2002
  6. tradex21


    Get off my ass and get in gear. Crude oil and products are one of the principal if not the principal commodity that influences political and market moves worldwide. Of all the raw futures such as , Soybeans, Sugar, Cattle there is nothing with the repercussions of oil pricing. The volume will be HUGE. This is another case of IB as good as they are capable of being, asleep at the wheel again. DEF would have made a good apologist for Adolf Hitler.
    #16     Jun 17, 2002
  7. def

    def Sponsor

    comparing the exchanges to hitler shows your true colors. a lame inexcusable and grossly insulting quote.

    IB was not asleep at the wheel. if you ran our firm, i'd probably be on the streets begging for a job. you just don't get it. Do you have a clue how much a clearing membership cost? Do you have a clue about regulatory and legal costs? Do you have a clue on how IB can offer such a low commission structure? Do you have a clue at all?

    As for your political and economic justifications for huge volumes. You would imagine that the crude oil futures would be the most active contracts traded right now. Volume will not be huge. Oh, maybe you're right, the average punter will stop trading index futures and equities because crude futures are so much easier to understand. That's why the pit is so huge and all the big firms so actively trade the contract and market it to their customers.

    Wait a sec.... it was my phone ringing. another client stating how we are such buffoons and don't know how to run a business. Oh well, maybe I should call it a day, cash in and spend my days travelling between my vacation homes. Nah, this and trading is too much fun.
    #17     Jun 17, 2002
    #18     Jun 17, 2002
  9. josbarr


    E-miNY Futures Contracts Have Promising First Day Volume (06/17/02)

    The New York Mercantile Exchange, Inc., and Chicago Mercantile
    Exchange Inc. (CME) announced that 2,483 e-miNY energy futures contracts were traded today, following the launch of the contracts this morning.

    Most retail firms (Futures) already clear through both CME and NYMEX or they already have an existing clearing arangement.

    #19     Jun 18, 2002
  10. On IB Margin page they have added :

    QG daytrading margin : 625$ (1250$ overnight)

    QM daytrading margin : 500$ (1000$ overnight)

    I am also able to add them to my Universal account TWS...

    Does it mean I would be able to trade them ?

    Don't know yet the markets seem to be closed
    QG C3.295
    QM C25.825
    #20     Jun 24, 2002