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In a message dated 98-08-27 17:32:10 EDT, Nchrisc@xxxxxxx writes:
> Now I am not a litigious sort of fellow, (and the $$ I lost due this was
> very
> small) but at some point the CME has got to take responsibility for this
> thing
> that they have created. From what I saw, it appeared as though the
computer
> (or someone ?) pullled the plug on the stop/market subroutine when the
> market
> was in climax selling mode -- I am sure customers lost millions, if not 10s
> of
> millions due to this.
This is not an issue with CME, but with your broker. Until Globex2 is fired
up in Sept. the ONLY type of order that can be placed is indeed a Limit
order. When you place a market order, the broker's terminal operator enters
it as a limit order, hopefully for rapid execution. If your broker accepts a
stop order, it isn't entered, but he monitors the market, and when the price
hits your price, he then enters the order as a limit order to get you out.
This at least is my understanding, both from my broker, and his terminal
operator.
Pete
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