| USA/Canada: | (800) 454-9572 |  |
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| International: | (310) 859-9572 |
| USA/Canada: | (800) 454-9572 | |
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| International: | (310) 859-9572 |
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Cannon Trading was among the first to offer online futures and commodities trading as early as 1998. Back then, we were offering one of the pioneer online order entries "LeoWeb." At that time, the online commission rate was around $22 round turn + exchange fees and was considered among the lowest in the industry (compare that to our current discount futures trading rates as low as $1.95!) Very few brokers were offering online trading at that time and Cannon was one of the very few brokers featured in a Futures magazine article titled "The Revolution of Online Trading!"
Much has developed since then. Technology advances, exchanges, retail and professional trading all contributed to a much larger volume of trading, mostly in electronic markets.
A few key aspects of online discount futures trading:
Back in 1998 it was pretty much mini sp 500 as the only true electronic market being traded and by that we mean, orders were placed online via the user online order entry interface, the front end was in real time connection with the backend of the clearing firm, the exchange for trading the mini SP was and is Globex which is the electronic CME exchange platform and fills were reported back to the user front end interface automatically. This whole process was done in less than 2 seconds which back then was simply amazing! Traders who traded before the evolution of online trading remember the times when they had to call their broker, who would then verify the order and call the order desk who in turn would hand signal trades to the floor broker and all the way back. The ability to "see the market" and execute trades in such fast manner is the main reason for the rapid development of the online futures and commodities industry.
The result was fast increase in volume, which in turn had exchanges, clearing firms and brokers invest in technology and education. Another result of the increased volume was lower trading and commission costs.
In 2003 the SEC came out with the $25,000 day-trading rule (traders must have a minimum equity of $25,000 in their account to day-trade) that sent many stock day-traders into the field of online futures trading, mostly in stock index futures (mini SP 500, mini nasdaq, mini dow jones, mini Russell).
Today the result of the increased volume, improved technology, lower trading costs and more is a futures industry that has most of its contracts trading electronically. Not only most of the contract are now trading electronically, most of the time the electronic trading volume outdo the "open out cry " volume. Just recently the Chicago Mercantile Exchange Inc. (CME), the largest futures exchange in the world, announced multiple volume records being reached at the exchange during the Feb. 27 trading session, including total daily volume of 13,719,685 futures and options, of which a record 10,926,638 contracts were traded electronically on Globex, representing 80 percent of the total volume.
Today our clients enjoy online trading directly from the charts, ability to place bracket orders, different exit strategies, automated trading and much more.
We hope to continue being front runners in the field of online trading by providing our clients with some of the best front end, connectivity, speed and service to execute the variety of futures contracts available for online trading today.