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How An Order Is Filled in China
How Prices Reach the Quote Board
At the CME, a pit observer, who is an employee of the exchange, stands in the pit with a walkie-talkie.
Dealers on the Futures Market
Hands up and palms facing in are an indication to buy. Various fingers signify various digits, as well.
Dealers on the Futures Market
Chapter 4 Life on the Trading Floor
Dealers on the Futures Market
Dealers on the Futures Market
Amid a steady din of voices crying out bids and offers, various clerks and runners scurry here and there with orders to be filled and orders to be reported.
The Route of Price Data
Bids and offers are made in the pits. Trade occurs A market reporter notes the trade and types key or punches data into the computer.
The Route of Price Data
Data is distributed electronically to main terminal The terminal validates the trade and distributes the data sent back to the pit reporter’s computer Data is distributed to price boards surrounding the pits. Data is made available to press and data services The data provider sells access to the prices
High
Low
Close
Copper Prices in Shanghai Futures Exchange September 18, 2002
-----------------------------------------------------------------
Settle1 Contract Settle1 0210 15040 0211 15100 0212 15150 0301 15200 0302 15240 0303 15320 0304
Dealers on the Futures Market
The pit
At the heart of the open outcry market system is the pit, a circular construction forming just what its name implies: a hole in the trading floor.
The Electronic Trading
The drawback is that unless there are sufficient orders to balance out volatility, price swings may be very large and erratic.
Route of a Phone Order
Copper ces in Shanghai Futures Exchange August 02, 2002
--------------------------------------------Cntrct Settle Open
0208 14770 14800 14800 14780 14770 0209 14820 14850 14860 14820 14820 0210 14870 14870 14930 14870 14870 0211 14970 15000 15030 14970 14970 0212 15060 15090 15120 15060 15060 0301 15160 15180 15210 15150 15160 ---------------------------------------------------
How An Order Is Filled in China
A trader(for example: a copper producer) can phone its brokerage firm in Beijing, then the broker relay the trader’s order to its floor broker who will type the trader’s order into the computer in Shanghai Futures Exchange. The computer will have your order settled in SHFE.
The Electronic Trading
The computerized method of trading relies entirely on orders between sellers and buyers being matched by computer(for example, Shanghai, China).
The Client or broker phones the trading floor Confirmation is reported to the client The order is sent into the pit (either by hand signals or via a runner) The floor broker fills the trade Confirmation is sent back to the trading desk(either by hand signals or via a runner) The order is time stamped The order desk takes the order and time stamps it
Open 15030 15050 15100 15080 15140 15250
High 15040 15090 15140 15200 15250 15310
Settle2 Low Close Settle2 15000 15040 15010 15050 15080 15060 15090 15130 15110 15080 15180 15160 15130 15240 15200 15250 15300 15280
15420 15390 15410 15300 15410 15380
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The Floor Broker
The floor broker, or pit broker, is a member of the exchange who has a business relationship with one or more brokerage firms.
How An Order Is Filled in USA
The trader in Idaho(a state in northwest USA) may call his or her broker with an order to buy one contract of live hogs at the market. That broker then relays the order to a phone clerk on the trading floor.
The pit
The pit
The pit
When a contract month expires, all the other contract months move up, so that, for example, the area that was formerly February copper becomes March copper when the February contract expires, and so forth.
