The problem though is that unlike Globex, eCBOT, etc that one can access through any of the popular trading platforms - TradingTechnologies, GLWIN, pats, iB TWS, etc...one will have to access NYMEX products through their own webbased platform. It is another unnecessary complexity. IF one can access the IPE products thrugh any of the frontends, that may be a better option. The NYMEX continues to be the world's worst futures exchange. I can't wait for the day when the ECBOT lists energy products in the same way they now list metal products.
Is there any ISV who confirmed that their system will be unable to connect to ClearPort ? Unbelievable, they have a customer forum (without customers): http://forum.nymex.com
I'm not positive but I believe you can execute Clearport products via Pats. I execute all of my orders (mainly HU and HO options) direct to the pit or via an OTC voicebroker and in rare cases, direct with a counter-party. Having said that, I only use Clearport for clearing, not trading. For what it's worth, I'd be surprised to see anyone but ICE list any energy products that compete directly with NYMEX.
We currently offer the Globex traded products and intend on offering the ClearPort products beginning on June 20th through our api or R3 platform. Charles
Ok, I'm not exactly familiar with the electronic exchanges in New York, so please forgive my ignorance here. But is Clearport like Globex? I was on their site and it says its a platform, but then I saw another called Access, is that like Globex and eCBOT? Lastly, do we even care, or is this whole thing with the IPE the way (something I'm still not up on) to go with the oil contracts?
ClearPort is where the OTC (and now miny) products trade. Access is the name of the platform used to trade the pit traded contracts overnight. Regarding waiting for the IPE, the IPE and NYMEX don't trade the same products (excluding OTC natural gas swaps). Furthmore, the majority of the people on ET shouldn't be trading any of the energy complex, outside of the crude e-miny. The risk is too great, the reward too little. Unless you have or can find a true edge.
The ClearPort Trading system is the new electronic trading system that will eventually replace NYMEX ACCESS. Presently, the ClearPort Trading system lists a large number of sophisticated OTC-styled futures contracts meant to be traded competitively by professional energy traders. With the migration of the miNY contracts for crude and natural gas from the Globex trading platform to the NYMEX ClearPort Trading platform, a new "retail" contract will be introduced to the ClearPort Trading platform. These contracts will be tradable by any public retail customer through the same front-end trading software that is used to trade these contracts on the Globex system. If a particular trading software vendor doesn't offer the NYMEX miNY contracts, it's their decision not to do so because NYMEX will allow any bonafide business to write to their FIX API. NYMEX is begining the process of opening their markets and, with the introduction of the miNY contracts to ClearPort ,retail customers will gain direct access to electronically traded products at NYMEX.
One thing that is nice if the clearport trading takes off is that they are financially settled and not physical like the pit contracts. The emini energy on globex is also cash settled. Volume does seem to be slowly growing in the mini crude contract but less so in natural gas. Is it possible to arb the mini contracts against ICE? I have never seen an ICE screen so really have no idea. I did hear that many ISV's were having slowness problems connecting to the exchnage and people were better off using the ICE software. Is anyone trading on the ICE? I know that Kingstree, GHCO and a few others have guys doing it but not sure about how wide spread it is. Likewise IPE.
I believe all of ICE's contracts are cash settled as well. They do provide a front-end that is free of charge. It's rich in functionality and connects to both the futures and OTC markets. Unlike other exchanges, they've invested heavily in supporting and upgrading their front end. As far as arbing goes... picking off the pit is where it's at. There is no volume to speak of on Clearport. It's really a block trade facility for OTC brokers.