You know, I am looking at a Bund order book on TT as I type this, and 485K have traded and the market is 400 bid for and about 200 offered. Eurex scalpers switching from the Bund to the ZN or ZC or CL or whatever liquid electronic market will not find richer pickings. Seriously. You cannot manually scalp any of these liquid electronic markets in terms of buying bids and selling offers. Look at ZN - when the bid trades, it just goes. All at once. It takes you three tics to just puke, for God's sake. You simply cannot buy a bid or sell an offer and flip it with any regularity or consistency. These markets are just too efficient for that strategy to succeed. Scalping is a shit show and coming to that realization and adjusting accordingly is the mature and responsible thing to do. Or, alternatively, just keep pissing through capital and bouncing from firm to firm.
Hah, they blatantly say here they want to help the larger market making firms and bum the smaller, autospreader guys. This is why this thread was started. That's gas. Will do little for market integrity. The market makers will still pull the majority of their orders when figures come out or during ECB.
If you cannot manually scalp then whats the point in looking at an order book? Surely if trading on a longer term timeframe it would be financially beneficial spreadbetting ( looking for 7+ ticks per trade ie position trading) not just 1 or 2.
In <b>March 2012,</b> the international derivatives exchanges of Eurex Group recorded an average daily volume of 10.1 million contracts (March 2011: 11.8 million). Of those, 7.4 million were Eurex Exchange contracts (March 2011: 8.7 million), and 2.7 million contracts (March 2011: 3.1 million) were traded at the U.S.-based International Securities Exchange (ISE). In total, 163.1 million contracts were traded at Eurex Exchange and 58.9 million at the ISE. <b>In its largest segment â equity index derivatives â Eurex Exchange achieved 79.7 million contracts (March 2011: 97.2 million),</b> of these 42.8 million were index futures and 36.9 million were index options. Futures on the EURO STOXX 50® Index stood at 34.7 million contracts and 27.7 million on the index options. Futures on the DAX index totaled 3.8 million contracts while the DAX options reached another 4.9 million contracts. The Eurex KOPSI Product recorded approximately 2.7 million contracts, an ADV of more than 121,000 contracts. The equity derivatives (equity options and single stock futures) segment at Eurex Exchange recorded 30.8 million contracts (March 2011: 32.1 million). Thereof, equity options totaled 20.6 million contracts and single stock futures equaled another 10.2 million contracts. <b>Eurex Exchange's interest rate derivatives segment achieved 51.5 million contracts (March 2011: 69.0 million). The Euro-Bund-Future reached 19.4 million contracts, the Euro-Bobl-Future 12.0 million contracts and the Euro-Schatz-Future 12.5 million contracts. The Euro- BTP-Future totaled more than 341,000 contracts and the Short Term Euro-BTP-Future approximately 53,000 contracts.</B> The segment dividend-based derivatives grew 9 percent year-on-year (y- o-y) and recorded approximately 511,000 contracts. Commodity derivatives reached around 87,000 contracts. Volatility derivatives volume jumped to a total of 394,000 contracts, an increase of 166 percent y-o-y. The volume traded on the Power Derivatives Market of European Energy Exchange (EEX) amounted to 81.1 terawatthours (TWh) in March (March 2011: 167.2 TWh). On the EEX Spot and Derivatives Market for natural gas the volume traded amounted to 6.8 TWh (March 2011: 5.6 TWh). A volume of 9.2 million tonnes of CO2 was traded on the Spot and Derivatives Market for Emission Allowances compared with 20.6 million tonnes of CO2 in March 2011. Eurex Repo, which operates Swiss Franc, Euro repo and GC Pooling markets, recorded in all markets in March 2011 an average outstanding volume of 227.8 billion euros (March 2011: 291.7 billion euro). The secured money market GC Pooling recorded an average outstanding volume of 122.1 billion euro, an increase of 24 percent year-on-year (March 2011: 98.7 billion euro). The Euro Repo Market reached an average outstanding volume of 154.8 billion euros in March, an increase of 22 percent y-o-y. The Swiss Franc Repo market achieved 73.0 billion euros. The electronic trading platform Eurex Bonds, which rounds out Eurex's fixed-income product range, traded 11.8 billion euros (single counting) in March, an increase of 17 percent compared to 10.1 billion euros in March 2011. In February 2012, volume was 11.0 billion euros.
in short - the disaster continues and volume plummets. needless to say the usual hft / algo lovers will continue to say that it is nothing to with them.
At this point I would usually chime in with what a load of shit eurex has turned into. However, since silly bollocks with his persistent 8+ ticks ,non SCALP on "the"eurex yet can't manage the 100 quid a day for a decent office has turned up and screwed all the threads in the eurex forum I won't bother.
FOMC turned out nice +23 ticks- no round trip fees/no desk fee/ no tax.Happy days and no greedy middle men in the equation
If you trade Bunds via spread bets for under 50 ticks average profit then it's going to be very very hard to beat the costs, ie 3 tick spread + price has to go offered to get a fill (assume buy order). This is over the long run (100s of trades). ==================================================== Separate Point Bunds are shit right now, forget about the volume it's movement we all want. But good price action is going to come back, it's just a matter of time. 2 facts for consideration - 1. Look at the daily chart, we're 7 months into a massive trading range. That means price is rebuilding a lot of ENERGY and that's a good thing for the future. 2. All quiet in Europe right now, seems they've solved the problems for the next few months. But debt problems never go away, they only ever get worse. Europe is just a big spark away from blowing sky high and that's another good thing for the future. Be patient everyone, Bunds are going to come back big time before the year is up and probably by early summer. Remember we're dealing with Politicians here + money problems, a perfect recipe for total disaster... But until the sparks start flying go trade something that IS moving. Plenty of action right now in the Yen crosses, Gold and there's always something happening in the stock indexes for short term traders.