I was talking about Nybot on ICE, as I heard what FullyArticulate stated. Seems plans for this thing were buried. I cannot comprehend some of the politics IB is following here. On the one hand, they implement sophisticated technologies/spend lots of time in SSF trading, which has no chance to go large volume in the foreseeable future. On the other, they do not add a liquid product.
I misunderstood what he was saying -- I thought he meant the actual trading of NYBOT on ICE -- not the implementation by IB. IB is usually good about this stuff....they refused to do NYBOT because they said they'd wait for the electronic versions....now they're here and they won't provide them --- when they already have connectivity to ICE anyway???
I thought the SSF stuff was so they could implement their EFPs and make money somehow off that. But again why the hell not offer this stuff when you already offer the garbage NYMEX has.....without any freakin' market makers!
"NYBOT Softs Exceed 75,000 Contracts in Electronic Trading on February 9". I really don't know why IB don't provide NYBOT on ICE.
They told me they didn't do it to inconvenience their customers. But I can't come up with a better reason.....smacks of office politics -- some pointy haired loser sitting in his management chair saying "hey, we already offer this on NYMEX". Someone else says "but they trade 3-4 contracts per week" and he says "that's not my problem - talk to NYMEX. Now, moving on to my upcoming vacation, I want to make sure nobody does anything intelligent while I'm gone" Anyone want to submit a feature request so they can reject it saying "we don't want to listen to our customers -- we're too busy implementing new API features used by a single customer"
I should add I'm looking into other brokers such as openecry. Not sure if they have NYBOT softs on ICE, but if they do I'll move some of my money over there. Shame on IB for this fiasco.....can it really be that difficult to add new contracts on an exchange you already have access to? I can certainly understand not offering NYBOT pits, but new contracts on an exchange should be a pretty simple setup and would basically give IB customers access to everything traded in the US (other than the dollar index, but I assume they'll put that on ICE eventually)
Then NYMEX should put some market makers on their softs to get some trading going. I don't care who I trade with, I want to lose money trading softs!!!
Well, that would be a perfect world if everything was so easy!! There's an extremely large amount of work involved with adding products and exchanges. Although we have connection to ICE, the execution is just one part of the puzzle. The NYBOT products on ICE are on the queue. I don't think we will offer the pit traded contracts though. Sorry, I don't have an ETA. Off topic, but may as well mention it ... we will have Hong Kong stocks and warrants hopefully within a week....