Full tick from Monday!

Agree, they couldn't care less about locals. How many locals do you reckon there are trading SS now?
What percentage of the market is locals? I've read 20% but it's always going to be a guess.

Found this on the RSJ website

RSJ PowerFunds

Would love to spend a day in that office, do you think you could get the fund performance from them?
 
I'd guess it's less than 10% locals now,what with one thing and another,they're just not about,especially in Sterling.

You'd probably have to qualify as a serious investor to get the fund's performance.The website gave all the impressive trading volumes but I couldn't find their performance figures.If anyone does know I'd be really interested in that information.
 
brucemole said:
Anyone know who the algo-funds are?
Click to expand...

These guys look like a big outfit too:

TradeLink

Even though it doesn't say on their website that they trade the Sterling,it does say they trade Euribor,Eurodollar and Fixed Income with a "professional model development team of mathematicians,economists and programmers...." and use "statistically based algorithms" and "quantitative models"

They,along with RSJ were recruited to be DMM in the STIRs back in November

http://www.euronext.com/fic/000/039/665/396657.pdf

They are listed as being a DMM in the Sterling Reds so you would think they have a presence right the way down the curve.
 
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Cheers ready.


What's your thoughts on the full tick now? Liffe have said that they are reviewing the situation on an ongoing basis which doesn't rule out a switch back to half does it?
 
They are such a bunch of headless chickens over at LIFFE,I wouldn't rule out anything.They'll probably wait until they recover a good local base and the credit markets thaw and then try the half-tick again!

I don't think the return to full-tick will make much difference.Volumes have picked up a bit lately before the reversion and a lot of people will think they are returning to the market they left a year ago but I wouldn't be so sure.The financial landscape has changed beyond recognition since half-tick was introduced.Most banks have cut back risk,some have gone altogether,locals will have quit or found a different market they are happy in.Traders from overseas will also be affected by the slump in the GBP too making it a less attractive market after rate conversion.

But mainly people don't trust them over at LIFFE,they're too unpredictable and have a history of making bad decisions,despite being warned in advance.
 
I don't think it will make any difference to volumes either, as you said there are bigger issues for traders at the moment with risk being taken off the table across the board.

I'm looking forward to Monday anyway, the last 8 months have been relatively lean.
 
Good effort sticking it out - Best of luck on Monday!

BTW,I'd like to trade the Maria/Erin spread,Maria swings wildly between rough and hot-stuff I'll bet that spread has heavy volatility!
 
I reckon Maria would be into a dirty night of coke, Jack Daniels, all doors open

Erin would be the one you bring home to your mum as a girlfriend/potential wife.

Nice bit of calendar action today arabian, and the order book is small fatter, or am I clutching at straws :)
 
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actually I've done a little bit of white june-sep buying -2s (although I've only managed to get an 18 lot position at any time... don't want to do outrights until I see if it moves the same way as before), I think there might be a paper order selling there... but tbh I'm mostly surfing the net, sod all going on here
 
I did a bit of uu against mm and zz first thing and got long the muz with it.

It's been quiet since then alright
 
The only thing in sht stg that appears to me to have value in it is a far fly that's probably impossible to do, u10/h11/u11. Do you guys look at other stuff like Euribors and/or gilt roll?
 
I'm all LIFFE stirs main market was euroswiss but that's turning untradeable slowly sadly.

Done some gilt rolls today shorting 15s and 14s.
 
Used to do Euroswiss, but, alas, no more of that...

Gilt roll is not fully done cheapening, I think it goes lower for a while yet, 'cause a lot of people still don't wanna take delivery and open interest is still big. You should be able to cover better than here.
 
Only refer to gilts for directional moves of outrights. Euribors sometimes as a cross reference.

What are you looking to do on the u10/h11/u11 ? Where do u see value on that?

I'd be getting long the uzh at 5 and below
 
Hi,

I used to trade the long end as outrights but now doing STIR spreads. Much prefer them. I do have a question though. Why do you leg into the spread. Everytime I leg I find that I might as well just trade the outright as I I will either be a tick up/down on the outright position anyway. Therefore I either trade straight outrights or the spread, not legging. Comments advise would be useful. As I say I have moved from outrights to spreads but would like to know why you boys would leg ....
 
one reason might be in a stagnent market you could buy the bid in one month, sell the offer in another month, take profit for one tick in the middle through an improvement in the spread - although this is less relevant now given the STIRs are actually moving a little bit (apart from Euroswiss)!

Alternatively if you've ****ed up leg out and then you technically haven't taken a loss :p

I mostly trade outrights though, although spreads can be a relaxing bonus
 
clbfjc said:
Hi,

I used to trade the long end as outrights but now doing STIR spreads. Much prefer them. I do have a question though. Why do you leg into the spread. Everytime I leg I find that I might as well just trade the outright as I I will either be a tick up/down on the outright position anyway. Therefore I either trade straight outrights or the spread, not legging. Comments advise would be useful. As I say I have moved from outrights to spreads but would like to know why you boys would leg ....
Click to expand...

Don't do much legging but as Arabian said if it's quiet it can give you a chance to do a spread when it might not otherwise trade. Also as he said it can give you a shot to nothing if you do one side and can lean on decent size on the other.

Not sure if anyone has noticed this but since the half tick came in there have been some non sensical orders especially in the far red and greens. A couple of times I have paid say 2 for a spread in the outrights when it was 2.5 bid in the quarterly. Has happened quite a few times over the past 6 months :)
 
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