Rates: http://www.openecry.com/rates/rates.cfm No inactivity fees, no volume requirements. At least so far (I've been there about two months). I did have a significant problem when their broker last week in the MGEX pit forgot to execute my trade (I figured I was just experiencing a "delayed fill" in which the pit doesn't send back the fill immediately). But it wasn't there and the next morning they admitted they screwed up, executed my trade on the open, and credited my account for the difference from the trade I got and the open price from the day before (which was the low of the day and likely my buy stop would have filled higher). So I can say they do screw up sometimes (which broker doesn't?) but they made good on it, and it was almost instantaneous. One other "downside" (not a real problem for me) is that some pit contracts do not update in RT or even delayed, only on EOD (update the values in your account). But I'd bet if you asked (they have integrated CSR chat in the trading app) they could tell you immediately what the current valuations were. SSB
I just read that ICE got EXCLUSIVE right to list Russell. I missed this point originally. How did CME let it happen, I wonder? I also read that CME will launch S&P small cap future to offset lost business in Russell. CME will list Russell through Sept, 2008.
I suggested some time ago that CME should take over ICE. Bet they wish they had listened to me. ICE seems determined to foul CME's nest, any way they can.
Coincidentally, the CME had an announcement as well: CME and S&P Announce New E-mini Small Cap Stock Index Futures Contracts http://cme.mediaroom.com/index.php?s=press_releases&item=333 Hmmmm.... A small cap E-mini... why would they do that? My guess is that this new E-mini coupled with a S&P 400 E-mini push, the CME is hoping to keep ER2 traders there. Problem is that the new e-mini is just that, new, and the S&P 400 has yet to get some good volume. Time will tell.
S&P small cap trades almost identically to the ER2. http://finance.yahoo.com/charts#cha...ine;crosshair=on;logscale=on;source=undefined (Remove the %20 from the above URL to make it work) However to be a suitable replacement the new contract needs to trade at $20 dollars a point and 0.05 spread. This is because the value of the index is half that of R2K and the daily range seems to be half too. Will CME do this? If they dont then it probably wont take off.
I've been an OEC client for most of this year and IMO they are excellent. I found their data feed to be very reliable, OEC Trader to be rock solid and tested their platform extensively before I made my move. I dropped buttontrader for their OEC Trader. Nothing against button but the folks from OEC added a couple of features that I required and that is all it took. IB is now becoming my backup for trading futures... You can get access to the principal of the firm and negotiate rates if you are not shy. Any problems that I experienced were addressed quickly and to my satisfaction.
Yes, I am sure the heads at the CME are scratching their heads on how they let AAA's posts about them buying ICE get thru the cracks! Or they just make another product that will compete. And that's what they announced today.
Over the last 3 months the average daily liquidity of the ER2 was around 200,000 contracts. Does anyone has an educated guess of how much of this liquidity will go to: 1. ICE for trading the new TF contract 2. CME for trading their new E-mini Small Cap Stock Index Futures Contracts 3. CME for switching and trading other E-Mini contracts?