I looked it up ; scroll down to page 7 , where do you see this 5 % gap in the pound/mark ?! http://www.fx-strategy.com/resources/cme_analyzeuro.pdf
If you mean the majors, please state that more clearly in future. I think you misread what I said before. Sorry for any confusion. Please look again. You will see that on the date in question, I am talking about Pound Yen. I don't have a daily historical spot chart going back that far but I can do better. Please phone Christian Siva-Jothy on 020 7016 6450. This is the number for Fulcrum Asset Management LLC in London. He is CEO of a multi billion dollar hedge fund and for many, many years was head of proprietary trading at Goldman Sachs. He can tell you about the drop because he was on the wrong side of it and was down tens of millions of dollars. He loves re-telling the story. I am sure it is noted in several books about Goldman. Just in case you want to make the point that this is not a major, I also attach a study called customer trades and extreme events in foreign exchange. Please note that about 3/4rts of the way down page one, it makes reference to the 10% one day drop in dollar yen in Oct 1998.
Oh Here's a gbp / yen CME chart as well. I don't want to comment any further by the way because I know that currencies, including majors can have major moves on a daily basis although I am very happy to admit it is rare. I merely wanted to point out that it does happen. If you believe it now, okay if not, okay.
I can comment briefly, I've been trading at IMM and Finex also. Limit orders for any currency future will execute at zero slippage at IMM. I've only traded the Dollar Index at Finex, but same story. Exchange fees at both come to less then 4 dollars / round turn. With a competitive broker, total round turn will be in the 10 dollar range. Round turn at 2 pips in the FX market 'free no commission' environment will cost you a minimum of 40 dollars plus whatever real world slippage you suffer since you cannot see the interbank book. BTW, Reuters does offer Dealing 3000 Xtra so you can see the actual interbank depth, but pricing is aimed at institutions. Too expensive for me. Leslie
nick, don't be such an asshole, steve is leveling with you more than anybody would / should... is this the best you can do???