Globex Terminal

Discussion in 'Index Futures' started by shadowtrader, Apr 20, 2003.

  1. I recently started trading the eminis thanks in large part to this board. I had not even considered futures until recently, but your posts opened my eyes to the advantages to the eminis. Previously, I had daytraded the ETF's so I just transferred my strategy to suit the emini's and it has been working great. Thank you all for your contributions.

    I am trading enough contracts that getting a globex terminal might be a viable option in the near future. I have done a search on the subject, but have been unable to gather any opinions on the functionality of the order entry. How does it compare to using x-trader or j-trader?

    Any other input would be appreciated. Thanks in advance.
     
  2. Unless you live in or very near the Chicago area the main concern isn't order entry but access. First you have to be guaranteed by a clearing member of the CME. This guarantee process involves numerous background, capital, and registration checks you must pass before approval. In other words, if you aren't well known by CME member firms and can't pass the stringent requirements, trading success alone won't determine whether you deserve a terminal. Other than that, depending on the bandwidth you are using, cost of a connection ranges from $1,000 to $3,500 a month (as of last year, the most recent figures I have).

    That's about all I know. Good luck.

    Bruce :)
     
  3. nitro

    nitro

    Bruce,

    Is the cost of the connection more than just getting a PTP T1 from a provider, or are there other/additional CME fees that are involved? I guess what I am asking is, if you know, can you break down the costs as presented on an invoice?

    nitro
     
  4. A couple of weeks ago I came across this site:

    http://www.globextrader.net/services.htm

    (I have no affiliation with this site whatsoever)
    They offer their own platform, and also offer help in
    getting a direct Globex connection. What I am wondering
    is how much better is this, as opposed to say X_Trader with
    a reliable broker? If your getting split second executions,
    how much better can it get? Is there any preferences
    given to executions via direct Globex platforms?


    SP
     
  5. Here's a minder blower for you. Mark Cook, the market wizard who daytrades the emini's, uses a dial up connection to trade with. I've seen it with my own eyes.

    Now, do you still think it's the technology that's important, or do you maybe think it's trading skill?

    Just a thought.
     

  6. I'm sure trading skill is much more important. I made a good portion of my money using dail up with suretrade as my broker. However I have moved on to make my life easier and save on commissions. Looking into a globex terminal for similar reasons.

    Thank you all for your replies so far.
     
  7. nitro,

    Those prices are in addition to whatever costs are involved with your cost for bandwidth, such as:

    56K $1,000
    128K $1,250
    256K $2,000
    512K $2,500
    T1 $3,500.

    According to Futures February 2002.

    Bruce
     
  8. And you still have to pay commisions and NFA fees .:p
     
  9. what are the approximate annual costs to hire technical support to maintain the trading platform conectivity to globex? every broker i have ever used has had globex problems so i guess i would also.Until i do( if ever) several thousand contracts a month..... a globex terminal seems like more potential problems than it is worth.
     
  10. Sioux

    Sioux


    No. NO. NO. Your orders are not getting preferential treatment if they are entered on a globex terminal. Most people do not understand the relationship between Globex and the Chicago Mercantile Exchange.

    Globex is the name of the order entry platform created by the french Software Company GL. It is simply an order execution platform. Same treatment as TT, FFastTrade, PATS, ECT.

    Globex is not faster, or somehow endorsed by the exchange.
     
    #10     Apr 21, 2003