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6E with 4 or 5 digits after the comma
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6E with 4 or 5 digits after the comma

  #1 (permalink)
Trading Apprentice
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6E with 4 or 5 digits after the comma

I've been trading the Euro/Dollar Future (6E). Since yesterday my broker (IB) shows the price in the chart with 5 digits after the comma. Before it was always shown with 4 digits.
Is that a regulation at the CME/Globex?
As a scalper this is quite confusing for me.

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bart007 View Post
I've been trading the Euro/Dollar Future (6E). Since yesterday my broker (IB) shows the price in the chart with 5 digits after the comma. Before it was always shown with 4 digits.
Is that a regulation at the CME/Globex?
As a scalper this is quite confusing for me.

See http://www.cmegroup.com/tools-information/lookups/advisories/ser/files/SER-7425.pdf , https://futures.io/currency-futures/37712-cme-reducing-tick-size-6e-euro-eur-usd-futures-contract-eurusd-futures.html .

"Effective Sunday, January 10 (trade date Monday, January 11), the minimum price increment for the Euro/U.S. Dollar futures will be changed from .0001 to .00005 commencing with the March 2016 maturity and beyond."

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  #4 (permalink)
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MANY THANKS

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  #5 (permalink)
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6E volume dried up?

and has anyone else noticed the volume has considerably dropped off....

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  #6 (permalink)
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tulanch View Post
and has anyone else noticed the volume has considerably dropped off....

I think it may be 1) algos that need adjusting to new regime and 2) caution for 'manual' traders in this initial period


Does anyone else think there may be other reasons out there for the drop in volume?

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  #7 (permalink)
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It seems understandable to me that the volume is less as the DOM now only shows half the distance it did before. If your DOM has ten levels it used to show 0.1 cents above and below the market and now it only shows 0.05 cents. One tick now only covers half the price distance it did before. All other things being equal two ticks would now contain the same amount of buying or selling volume that used to sit at one price level. Having said that, from the CME site, EOD volume for Monday and Tuesday was less than the previous week's corresponding days.

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  #8 (permalink)
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matthew28 View Post
It seems understandable to me that the volume is less as the DOM now only shows half the distance it did before. If your DOM has ten levels it used to show 0.1 cents above and below the market and now it only shows 0.05 cents. One tick now only covers half the price distance it did before. All other things being equal two ticks would now contain the same amount of buying or selling volume that used to sit at one price level. Having said that, from the CME site, EOD volume for Monday and Tuesday was less than the previous week's corresponding days.

True Matt, having said that, market orders seem to be similar to what they have always been regarless of the change, and I am unsure at the moment whether this is something that is going to be adjusted or not, as 50 markets can now move the inside several points, when this would have been previously absorbed.

Have just been watching since this morning as I was away from my desk until now since the changes, but this is what it looks like so far.

Any different observations/comments from those who have been looking at it?

Cheers

Dom

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  #9 (permalink)
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dom64 View Post
True Matt, having said that, market orders seem to be similar to what they have always been regarless of the change, and I am unsure at the moment whether this is something that is going to be adjusted or not, as 50 markets can now move the inside several points, when this would have been previously absorbed.

Have just been watching since this morning as I was away from my desk until now since the changes, but this is what it looks like so far.

Any different observations/comments from those who have been looking at it?

Cheers

Dom

There's now often a 2-tick gap in the bid/ask spread whereas before the change it used to be no gap at all most of the time. Again I suspect it's a matter of algo adjustment.


Last edited by xplorer; January 13th, 2016 at 07:19 AM. Reason: clarification
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  #10 (permalink)
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xplorer View Post
There's now often a 2-tick gap in the bid/ask spread whereas before the change it used to be no gap at all most of the time. Again I suspect it's a matter of algo adjustment.

Thanks. Rather confusing when you've been trading that instrument for years. All the "rules of thumb" I had, all the appreciation of Limits vs Markets, sizes etc own the drain really. Brilliant. Not.

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