arabianights
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Yes!!!!!!
Full tick from Monday!
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KillPhil08
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:cheers:
arabianights
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I'm in the pub but someone reliable told me!
arabianights
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Yeah, the announcement was on the monday, I got it garbled due to chinese whispers 
After all if I had a brain there is no way they could have changed it over the weekend as the ISVs couldn't have coped.
After all if I had a brain there is no way they could have changed it over the weekend as the ISVs couldn't have coped.
brucemole
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There's a caveat in the communication from Liffe,
"Members should note that the Exchange will continue to consult with customers and will undertake a further review in due course to determine whether the tick size should remain at 1 basis point."
Would make Liffe look extremely foolish to move it back, but i doubt that wold stop them......any thoughts lads?
"Members should note that the Exchange will continue to consult with customers and will undertake a further review in due course to determine whether the tick size should remain at 1 basis point."
Would make Liffe look extremely foolish to move it back, but i doubt that wold stop them......any thoughts lads?
arabianights
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Liffe ALREADY look foolish
brucemole
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lol, you won't get anyone arguing that one.
The lad that owns our shop had a row with them when this was first muted, told them it would ruin the market and they would be begging locals to come back. They basically told him he didn't know what he was talking about and fcuk off.
He bumped into this Liffe numpty last week in the city, smug as fcuk, no apology though
The lad that owns our shop had a row with them when this was first muted, told them it would ruin the market and they would be begging locals to come back. They basically told him he didn't know what he was talking about and fcuk off.
He bumped into this Liffe numpty last week in the city, smug as fcuk, no apology though
arabianights
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same thing here, what I heard is it was the banks that demanded the change and now they've demanded it back... RBS/HBOS were the biggest traders hehe
arabianights
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presumably because they can't hedge (or in their cases unwind their hedges) when there's no market... or that's my guess...
readyaimfire
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Kind of ironic that since they announced a return to full-tick,Sterling has had some better volume days.
They should have just left it be,it's a dying market anyway,no quality locals dominated by algo-funds.
They should have just left it be,it's a dying market anyway,no quality locals dominated by algo-funds.
Directional
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GETCO is one of them. They are probably the worlds biggest algorithmic trading setup, and account for something like 10% of volume on most exchanges around the world, from what I'd heard...
readyaimfire
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By quality local I mean someone trading in 200+ lot clips who doesn't brick it when they go a couple of ticks offside.The two-bob locals in there at the moment can't handle a half-tick market because there's no size for them to lean on or jump in front of.They're clearly not trading off of price and trying to scum a tick here and there at 6.25 a half-tick is obviously not economically viable.Especially when doing spreads and doubling up the round-trip fees.
One of the biggest algo-funds in Sterling is RSJ Invest,they have been for years,so much so that they have been a DMM for LIFFE in some capacity or other for ages.In mid-2007 they were doing 4% of volume on the WHOLE of Euronext LIFFE,effectively becoming the market's largest single trader.That's your competition,boys.
RSJ INVEST, a.s.
brucemole
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Surely it has to be beneficial for those that remain that a sizeable percentage of locals have left. Effectively most locals are looking for the same ticks as eachother, so more to go around is what I would think.
I don't look at algos and funds as competition, I try to find some value trading around what they are doing.
Never heard of RSJ, I presume they had a large say in the reversion to full tick. What's in it for them?
I don't look at algos and funds as competition, I try to find some value trading around what they are doing.
Never heard of RSJ, I presume they had a large say in the reversion to full tick. What's in it for them?
readyaimfire
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But if too many locals leave then a liquidity crisis is created,which is what has happened so market conditions,depending on your strategy,make it hard to secure that tick.
The algo-funds are really just giant market-makers so even if you don't see them as competition they see you as theirs.They are bid and offered all day in every month and every spread hoping to do trades that you want to do and force you out of your position and then eventually,the market altogether.
Couldn't say if they had anything to do with reversion to full-tick,if I had to guess I'd say the full-tick would be better for them but they are BIG players in Euribor and Eurodollar too which are half-tick so they are perfectly capable of adapting.I actually think they've switched back because so many locals left,more than they could have imagined and they're starting to panic.Combine with their share price collapsing and they're probably worried about getting laid off,believe me,they've done what's best for themselves and self-preservation,not to cheer up some disgruntled locals.
The algo-funds are really just giant market-makers so even if you don't see them as competition they see you as theirs.They are bid and offered all day in every month and every spread hoping to do trades that you want to do and force you out of your position and then eventually,the market altogether.
Couldn't say if they had anything to do with reversion to full-tick,if I had to guess I'd say the full-tick would be better for them but they are BIG players in Euribor and Eurodollar too which are half-tick so they are perfectly capable of adapting.I actually think they've switched back because so many locals left,more than they could have imagined and they're starting to panic.Combine with their share price collapsing and they're probably worried about getting laid off,believe me,they've done what's best for themselves and self-preservation,not to cheer up some disgruntled locals.
