I just came across a very interesting article on worldwide liquidity trends. I am unsure of the ramifications of cutting and pasting an entire article, so I'll just post the link: http://www.futuresindustry.org/fimagazi-1929.asp?a=829
200 million would not be a really big institutional acount, and you could trade lots of markets without shoving them around with that amount, but if you are talking really huge size, you have to distinguish between listed futures and the OTC markets, which in most cases are much larger. The interbank/OTC markets in currencies dwarf the IMM, and are much more flexible. The cash/forward market in debt instruments is much larger than the contracts traded on the CBOT, CME or LIFFE, and those venues are where the really big players do a lot of their business. The S&P, whether mini or big, isn't even close. As a practical matter, though, there are 5,000 lots traded in the TY and TY option pits all day long, the eurodollar pit is bigger, and it's not unusual to see a 25,000 lot go through lots of pits in a relatively short period. Then, all you have to do to double your money in a year or two is be one of the world's best traders. Jessie