Impact of new rules on brokers

Discussion in 'Index Futures' started by tntneo, Oct 4, 2001.

  1. tntneo

    tntneo Moderator

    I almost never participated in this discussion, arguing that the market will adapt.
    We saw it first on EliteTrader with more and more questions regarding futures trading. And then actually traders trying this for real. A very good evolution in my opinion.

    Now, the next step. I don`t know if they are the first ones, but that's news : mytrack will soon offer futures trading.
    this is a edat broker dealing with NYSE and NASDAQ. I don't think it is very popular here because of higher commissions and subpar features for Nasdaq trading.
    I don't know them as broker but through AIQ, the software and datafeed they offer (very good for futures by the way).

    They clearly state the reason here, so I copied the message :
    ''FUTURES TRADING AT THE END OF OCTOBER
    As of right now, we are planning to offer futures trading
    at the end of this month (October). Initially, you will be
    able to trade 3 futures contracts: the E-Mini S&P 500, the
    E-Mini Nasdaq 100, and the FORTUNE e-50.

    INDIVIDUAL STOCK FUTURES ARE IN MYTRACK’S FUTURE
    The variety of futures contracts to be offered for trading
    through myTrack will expand over time. In January, 2002,
    when the SEC begins allowing individual stock futures to
    trade in the U.S., you will be able to trade them through
    myTrack.

    DAYTRADING RULES AND ACCOUNT MINIMUMS DO NOT APPLY
    Rules about Pattern Day Trading apply to equities trading,
    not futures trading. Thus, the $25,000 Day Trading account
    minimum does not apply to an account that trades only
    futures, regardless of the volume and trading patterns.''


    Maybe it is a new trend. FCM also are moving to offer services to traders leaving Nasdaq. That's good, more competition.. I hope they offer better commissions than now these FCM. In this regard IB still rules.
    However, IB unwillingness to offer quickly API for JTWS could cost them some accounts. JTrader from Patsystems as a very complete API. and once you interface with them you virtually interfaced with any broker with JTrader !
    I hope IB opens JTWS soon, def mentioned a couple of months at one point. IB offers now a computer to computer interface but it is much more complex to deploy than JTrader and now Mytrack (mytrack ALSO offers an API).

    neo
     
    #1     Oct 4, 2001
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