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What time did this happen? Around the time it was limit offer at 1060.80?
Are you using Leo Web? If so, the following email from them will explain
what happened.
It doesn't explain why everyone found out after it was too late to do
anything about it.
>>>>
The reason that market orders and stops are not accepted is because;
-To enable you to enter Market Orders and Stops into Globex (E-Mini), our
software must convert the order to a Limit Order. To do this, your Market
Order or Stop price is put into Globex as a limit order at the first Daily
Trading Limit price. -If the market trades Limit Up or Limit Down, the
software at this point can't convert it. The trades that are entered must
be Limit Orders.
>>>>
>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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