May
24
The Pit, from Victor Niederhoffer
May 24, 2010 |
It is regrettable that the pit is dry as a witches heart with only 15000 contracts trades a day versus the old 100000 and all its trades must now be made for logistic or officious or immediate arbitage profit of 10 points reasons rather than it being the hurly burly take no prisoners den of iniquity that it was (where all trades in a customers favor were taken down ) in the old days when it was not dwarfed 100 to 1 by the electronic market. It is interesting to note that the prices are so outdated in the non-robot market that the swings are often 70 points less on each side during the day.
Jeff Sasmor comments:
For sure it's not the hub it used to be. But it's a lot of fun to listen to (although there are long stretches in the middle of the day where nothing's going on at all). And while I certainly can't speak from any authority on the swings, the prices that I hear called out are usually within a few ticks of the electronic prices seen while listening. Actually I've wondered how they can be so close… Maybe I don't get what you mean by "70 points less on each side."
Anatoly Veltman writes:
Intra-day chart of electronic trade will regularly travel further to each extreme than pit transactions would. Because way fewer transactions will in fact be consummated in open outcry, many extreme prices will never land on pit-contract chart. On May 6th, it was quite possible for someone on the opposite side of the pit to offer at 1060-even (and possibly lower) for split-second; but final chart doesn't show any transaction done below 1060-even. Electronic trades did touch the session-limit level some six handles lower!
Comments
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