Its because of how the industry developed. There was lots of different front ends, TT being the most popular. Refco developed their own front end much later I guess, but getting a trader to change his system is very difficult. Anyhow at the end of next week it looks as if all refco clients will have to use something other than TT. The brokerage arm probably does use the in house system, but the prop side where there are more bums on seats using front end access, its probably greater than 75% TT.
so tt pulls the plug on one of its main customers. smart move! anyone lend me some tt shares i can short?? so will refco/mac prop traders jump ship to stay onn tt or remain loyal to refco for the laid back risk managers??
They only bought Easyscreen a little while ago, and even if they wanted to, couldn't move everyone across in a short time. It would be a mad scramble at best. If the story about revoking licenses is true then TT have Refco by the b*lls and can squeeze. On the other hand, by using such tactics TT cut themselves off from future business. Which FCM in their right mind will consider installing TT for *new* seats after this episode? (Refco will also have learnt a useful lesson about diversification) I use TT and I like it. They could sell it on its merits alone and make a killing. Seems stupid to go for very short term gain like this.
Here's alive demo of how it works - it's childs play. The patent is only on the static price ladder in the centre so refco pro is the same but the ladder slowly drifts up and down the screen getting around the patent. All prop guys will convert by may 17th. http://www.tradingtechnologies.com/FlashDemo/PropSIMS/PUMDTraderWindow.htm Demo of refco front end is on the floor today - not a lot of happy campers!
Brumfield has been portayed as extremely intelligent and now the work-around on his patents seem so easy. It seems like the big boys are smacking him around right now. CME just plain came out and said their not payin' him. Hope he rallies, just so we can see this play out.
good point Harris will probably get the last laugh though the guy is simply a machine---cool dude too
no hes not. harris is the biggest wanker in the industry (maybe 2nd to david kyte) so what is so cool about needlessly disrupting an entire industry for short term greed rather than long term gain?? beats me.
these suits may be a bogus move but harris is a cool dude I used to sit next to him on the old floor when he took a break, the guy was making massive snap in the 10 yr pit while helping new guys into the business
Apparently he wants a billion euros for the patent and whinges if he doesn't get what he wants on the roundtrips he'll close down tt worldwide and sit on the patent. He sounds like a big baby thretening to hold his breath and have a tantrum if he can't have it is way.