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NCC;
This doesn't make sense if you can buy it at the market you should be able
to sell it at the market.
I have never heard that a market order can't be place in any market in my
whole life. It can't be that limit orders take precedent over market
orders? Something is wrong here, could you place the order verbally to sell
at the market to your broker? You can go to the CME web page and place
lodge a compliant and they will investigate this. I am sorry this happen to
you or anybody is quite disturbing to hear such a story.
I agree the CME should stand behind your first attempt to exit the market
at the market are offer an explanation. I repeat why a market order can't
be enter yet a limit order can, is the first time to ever hear such a thing.
Robert
Nchrisc@xxxxxxx wrote:
>I wonder if anyone else experienced anything like this today:
>
>1. Electronically, place a market order to buy the emini, get filled.
>
>
>30 seconds later...
>
>2. Oops, missed, sell emini at market, waiting...waiting...waiting...no
>fill...call broker...CME rejected order, don't know why, need to re-enter
>order.
>
>3. Re-enter order...same as above... the market is now 10 S&P points lower
>than when the original order was placed. Broker still has not heard from CME
>why it is rejecting orders...Figure out that that only limit orders are
>accepted, (despite no help form CME)
>4. Finally enter limit order that is accepted -- about 1 point from the low
>and 15 S&P points below where original order placed
>
>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.
>
>I wonder if anyone else had a similar experience?
>
>NCC
>
>
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