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a local is a trader who trades their own account, either entirely of their own money or on a split with a firm
started out on floor
even during floor there was apt (automated pit trader)
as liffe floor closed a few members went off to found arcades and a few sprang up (e.g. sussex)
strategies
majority, but by no means all, locals are trying to earn the bid-offer spread in some fashion
futures V options
(not generally anything more exotic)
calendars (including flies, boxes, etc)
options locals more likely to be taking a punt on one of the greeks and the mannor in which balance book
trend towards automation
can be done from almost anywhere with internet connection