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See below for answers.
Earl
-----Original Message-----
From: Neil Harrington <njhprovo@xxxxxxxxxx>
To: 'Earl Adamy' <eadamy@xxxxxxxxxx>; 'List-omega' <omega-list@xxxxxxxxxx>
Cc: leomgr@xxxxxxxxxxxxx <leomgr@xxxxxxxxxxxxx>
Date: Thursday, September 03, 1998 2:31 PM
Subject: RE: More LeoWeb shortcomings
>1. I have heard that the only orders really accepted by the CME for E-Minis
>is limit orders. True?
Many brokers, including mine, accept market and stop orders for the e-mini.
However, it is my understanding that such orders are "not held" i.e. the broker
is not responsible if the computers doing the conversions and price watching
screw up. Perhaps others can shed more light on this.
>2. Why was your supposedly erroneous order of selling at 10000 (100.00)
>limit an unacceptable order. Isn't another way to state a limit order to say
>sell at 100 or better. Isn't 1002.00 better than 100.00?
Globex has a limit to the allowable differential between the order and current
price. I believe that limit is 7-8 points. If the differential exceeds the
limit, the order is rejected.
>3 I know sell limits are usually used when the market is below the limit
>price and vice versa for buys. Is it a bad order if you give a sell limit
>1000.00 and the market is at 1002.00?
See #2
>4. In fact, if you really just want to use market orders, why don't you make
>all your buys Buy at 100000.00 limit, and all your sells Sell at 0.00 limit.
See #2
>Pardon my ignorance on these issues. I have just really used stops, MITs,
>and market orders, and I apparently don't understand the details of limit
>orders.
No ignorance in asking a thoughtful question. I believe the differential limits
are a well-intended filter to eliminate clutter. www.cme.com has buckets of
information regarding the operation of the cme, e-mini, and globex.
>5. Have you used LeoWeb for trading spoo's? Were your fills always
>reasonable, even if the reports may have varied based on the Cubs being up
>or down? Or when the Cubs were down and the orders had to be printed, did
>you notice worse fills as well as reporting back.
Yes, have used LeoWeb for trading spoo, e-mini, and currencies. Executions have
with a couple of exceptions in fast markets, been excellent - delays in fill
reporting seem do not seem to mean delay in execution. CUBS is up or down. Fill
reports are fast except when they are slow because the fill clerk is backed up
entering fills - no, the pit broker is not punching stuff into a hand held.
Confidence when entering/exiting positions is extremely important to my trading.
I have a fair degree of confidence in getting good execution when everything is
up. I don't have confidence in LeoWeb because it is not always up and because
LeoWeb fails to meet my minimum expectations of software usability which
includes catching and reporting obvious errors.
I am told that a new version of LeoWeb will be out in a couple of weeks along
with Globex II and that some of these difficiencies, including failure to report
rejected orders, will be fixed. I'm hopeful it will be better, but am frankly
dismayed by the degree to which the futures order handling software lags the
rest of the securities industry. It's like they had to reinvent everything from
scratch instead of starting with some solid existing designs.
>6. Is LeoWeb connected to the electronic EMini system so that fills are more
>instantaneous?
Yes
>7. Are you happy using LeoWeb even with the Cub problems?
Not really, but maybe I'll be happier with the next round of upgrades.
>| -----Original Message-----
>| From: Earl Adamy [mailto:eadamy@xxxxxxxxxx]
>| Sent: Tuesday, September 01, 1998 2:17 PM
>| To: List-omega
>| Cc: leomgr@xxxxxxxxxxxxx
>| Subject: Re: More LeoWeb shortcomings
>|
>|
>| Here's another LeoWeb shortcoming: switched from the spoo to
>| the e-mini today
>| because of the huge tick size. The fill on entry was as fast
>| as anyone could
>| hope. Held the long position into the last half hour with a
>| price target of
>| 1003. I'd kept the quick order form up with a limit sell
>| order ready and kept
>| adjusting the limit price up as the market moved my way
>| (globex orders must be
>| entered as limit order). When the e-mini hit 1002, I fired
>| off my order to sell
>| at 100000 limit and waited and waited and waited. Rechecked
>| the working orders
>| screen which showed a TOPS id, then noticed that I had
>| entered limit of 10000
>| instead of 100000 (missing zero) so I fired off a Cancel &
>| Replace at 100000 -
>| by now the e-mini was trading above 1003. Nothing happed so
>| I checked the
>| pending screen for the C&R and noted that type showed "Err"
>| but no further info
>| so I waited for the printed copy which showed notation
>| "Error: ORDER NOT OPEN" -
>| no message or alarm of any kind.
>|
>| Picked up phone and called the LeoWeb desk to ask about my
>| order, was told it
>| had been rejected for invalid price. Asked why LeoWeb
>| software didn't notify me
>| and was told they didn't know, but wasn't the first time
>| they'd heard the
>| complaint. Gave them the sell order and was lucky to bail
>| out at 1000 even.
>| Transferred to tech support (a misnomer as this department
>| steadfastly refuses
>| to answer any email) where I was told that the LeoWeb desk
>| is supposed to call
>| the customer when an order is rejected (like the brokers on
>| the LeoWeb desk must
>| have loads of time on their hands in a busy market).
>|
>| So there we have it folks: a system which does not bother to
>| notify the customer
>| when he/she makes the inevitable error in entering a limit
>| price causing the
>| order to be rejected, a system which does bother to ring an
>| alarm and/or display
>| a message when a C&R order is not found, and an order desk
>| which does not have
>| time to call the customer when the system reports an error.
>| The only part of the
>| whole system which worked as it should was the gal on the
>| LeoWeb desk who got me
>| out. Some system! Some software!
>|
>| Earl
>|
>
|