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Re: What Does (E) Stand For?
Yes, that's correct, assuming that you're looking at the electronic (E) contract in your quotes.
The two contracts trade side-by-side during the day, when the live trading pits are open. They are fungible, meaning that you can buy one pit and sell one electronic to offset it. Don't know why anyone but an institution or floor member would do it, since the cost to trade electronically is far cheaper.
Mainly the institutions will use the pit trades, as most of the volume has migrated to the screen (electronic). Still, at the end of the trading day, the electronic (which for FX closes 2 hours after the pit does) will settle based on the last price of the pit for the daily closing price.
Keep in mind that some trading platforms now have the ability to trade both the pit contracts as well as electronic contracts using the same setup. Open ECry is a good example of this. You don't have to call in a pit order, just send it in on the DOM like an electronic order. Very nifty, indeed.
-fs
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