Those Nasty New York Commodity Markets

["Tom Cathey" <K1JJ@xxxxxxx>]

This was sent out Tuesday -  Maybe it got lost -----Sorry if it gets posted
twice -  TC
----------------------------------------------------------------------------
-------------------------------------------------------

Hi Everyone -

Today, as usual, I found a large number of bad ticks in the regulars....the
oils, coffee, etc.

I just cannot understand it!  After all these years you'd think they would
put in a little software routine to catch a ridiculously "off the wall" bad
tick as it comes out of the pit.

I envision a minimum wage person sitting in the pit punching in numbers as
he hears them. Everyone makes mistakes, including the CBOT, CME etc.  But
notice the other exchanges RARELY have bad ticks....sometimes for weeks on
end. 

Anyway....here's my assessment of the NY commodity markets:

When a trading friend asks me an "information" type question about New York
commodity markets, and I don't know the answer, I usually say..."just
figure out how they can best screw you and that's the answer".

Example:

Question: How good are the fills coming out of NY?  Ans:  Many times they
will fill you at the top of a move after it happens. Question these bad
fills and you will usually get them to adjust the price without
arguement...(they got caught)

Question:  How good are the quotes coming from the pit ?  Ans: There are
days when you simply give up deleting their bad ticks....sometimes I look
at the next contract coming up (after the server was collecting data for a
coupla months) and am floored by all the bad spike ticks of the past)
"Don't worry, they won't make money no matter what data when send out"

Question:  Are they open or closed during "off"  holidays?     Answer: Of
course they're closed!  Look down the quote window list on an "off" holiday
and you'll see all the NY markets off somewhere at the beach...the heck
with the rest of the world!

Question: Gee, what kind of delay on "delayed" quotes can I expect?  Of
course, another screw job - All the other exchanges give you 10-15 
minutes....NY delays their quotes by a full 30 minutes!
"Let's make SURE they pay for real time"

Question:  What are the exchange fees for quotes?  They are by far the
worst in the industry. While the CME and CBOT have the most active and
liquid markets in the country, the NY Markets have found a way to charge
almost twice as much to do business with the "den of thieves" (as many
traders call them) in NY.

I find it no coincidence that the NY Stock Markets are obviously located in
NY also. Their "market maker" good old boys network is legendary. 

Maybe it's just the obvious cultural difference comparing the Mid-West
commodity markets to the NY ones....but I for one have put up with their
crap for many years now and cannot believe it continues in this day and
age. 

Have others experienced these feelings?  What do they say when asked about
their constant bad ticks?


Tom Cathey