Futures brokers w/ pit access?

Discussion in 'Retail Brokers' started by heech, Jun 11, 2009.

  1. heech



    I'm interested in hearing success stories from others, in terms of how other future brokers provide pit trading access. I'm looking primarily at pit-based options.

    With my current broker (an introducing broker), I:

    - call in to their trade desk... which takes my order over the phone...
    - and then calls it to the clearing firm (RCG)...
    - which then sends it down to the floor...
    - and however many minutes later, the process is reversed and I will be notified of a fill.

    I'm never notified of order cancellations (end of day), and really have no way of checking order status.

    I've been told other brokers might offer direct access (pick up the phone and dial) into a pit broker. Would that be a significant improvement to what I'm doing now?

    Are there any brokers that offer electronic trading interface into the pit?

    More than anything else, I'm concerned about:

    a) timely quotes,
    b) easy order placement (preferable electronic, but phone's an option too)
    b) timely fill notification.

    Commissions are not an issue.
  2. heech,

    If you clear through RCG your IB should offer the RAN order system. 25cents per contract for the platform fee, but its direct to the floor, rather than call in and wait. Immediate notification of fills, and can check order status etc. Not sure how accurate the B/A is, as a lot of time the "hanging" quotes out in some of the less liquid options are not accurate. Hope this helps, PM me if you have any other q's...I use RCG as one of my clearing firms as well.

    I think PATsystems has something similar, and "direct to pit" phone conversations are doable...but you'd better be a big customer to get a direct line.
  3. Truff


    Forget that. Both those options are garbage. Go to open e cry. Platform is excellent and you get direct access tot he PIT with a very robust system
  4. true...but OEC has a BAD history of stalled data...and I don't particularly like that....
  5. Well I can't believe I am recommending this but what about PFG? They have pit access, but I don't know how robust their DOM is. Or what about Photon and Mann? Global has that new GS Trader with TT data, they are big so I have to think they have a floor broker.
  6. heech


    I couldn't find much discussion on the open e cry site about their pit access. Do you have any details on *how* it works?
  7. heech


    I've just gone through the user guide for RANorder. The interface is a little crude... but it seems to have all the power that I need.

    How good will my fills with RANorder be, versus going through any of the trade desks i could be calling up? (Ie, are the trade desks just using RANorder...?)

    In what way is OEC superior to RANorder? Will it actually give better fills?

    I'm only doing very simple limit orders on options. Thanks.
  8. heech


    Wow. So the broker I'm considering just gave me a demo of what they can do... direct phone access to the guy on the edge of the coffee option pit (he called out the quote, had prices for me in 10 seconds)...

    ... and how does it get better from there?

    The guy in the pit gave me some free commentary on what coffee vol was doing today/this week, and also gave me his AIM info so I can get in touch with him for quotes/orders/commentary whenever.
  9. if you have the guy on the phone...keep it, screw any other option. Especially if you can get that across all markets.