http://www.elitetrader.com/vb/showthread.php?s=&threadid=228133&perpage=6&pagenumber=19 for me FGBL by my GGB system AVG 250Eu daily, last 100days
There many locals (serious full time traders) scalping these markets? Only big guys I know now are doing 3 or 4 large trades a day on big size (100 lots+ )? Anyone still able to nick ticks here? Seems FGBL scalpers were killed off a while ago.
Colin, yeah i agree with what you say. But dont think necessarily "quality" traders are left, just traders that have a different style. Guys that are able to trade on a longer term horizon. I know a couple of guys that still clip a couple of hundred lots at a time but are looking to take 20-30 ticks out of a trade and will do maybe 4-5 trades a day. Likewise I know people that tried trading it back in the Bund glory days when scalpers were finding free money and they never made it... horses for courses i guess.
Anyone have any views on how this affects the liffe euribor crowd? I'm seeing guys leave that space more often thesedays.
newtricks, same again i think, most locals just averaged the TED spread until it came back into line on huge size, worked for years but now with the Eurozone crisis very few relationships are staying in line and the short end guys (all fixed income for that matter) are finding it tough.
I would also add that having a giant trader acting as an exchange paid market maker (RSJ) has not helped matters. A few years back they boasted that they do 40% of business generated on liffe.With the presumed drop in trader numbers then that must close to,if not more than 50%. This means that there's more than a good chance that they are most peoples counterparties - that IMO is a terrible thing. A predatory algo on the other side of everyones trades is absolutely crazy and personally I think the reason behind the drop in numbers in volumes and participants.