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I wonder what role the CFTC plays in all of this. Don't they have a
regulatory responsibility to insure that whatever order systems are offered
to the public for use in trading actually work?
Earl
-----Original Message-----
From: Michael Stewart <MPST@xxxxxxxxxxxxx>
To: Earl Adamy <eadamy@xxxxxxxxxx>
Cc: Omega <omega-list@xxxxxxxxxx>
Date: Friday, September 25, 1998 8:42 AM
Subject: Fw: E-Mini (Stop) Orders Blocked
>Earl,
>
>CME and Lfg are blaming each other - passing the buck is ok if computers
are
>involved
>Heres my response to CME yesterday -
>
>
>
>
>>Ms Doherty,
>>
>>With respect when we first spoke our discussion regarded Leo users being
>>unable to place orders to trade the mini, specifically myself wanting to
>>sell 4 eminis at a price of 1067 and being unable to do so because my
>>legitimate order was returned by your exchange computer. You told me
>>that there was no problem as far as the CME was concerned and that the
>>problem may be Lfg's. (You did also state that you would look into the
>>matter to "establish what the problem was") I reported this fact to the
>>Omega list who's members have suffered continuosly from the inept trading
>>platform as provided (see forwarded postings) and I included your email
>>address as I understood that you may wish to receive representations
>>directly from those traders who help to pay salaries of exchange staff by
>>way of fees for data and lots traded.
>>
>>The CME system for emini trading malfunctioned today which caused a whole
>>new spate of problems. I'm afraid it is just not good enough for you to
>>redirect my concerns to my broker who (as has been demonstrated from
>>forwarded emails) has been negligent in the extreme in either answering
>>requests or solving continuos problems with regard to emini and Cubs
>>trading. Lfg has consistently blamed the CME and from your initial
>remarks
>>to me today it appears that Lfg's Leo software may be partly to blame.
>>
>>I think you must understand that I along with hundreds of other traders
are
>>really not interested whether it is the CME or Lfg's incompetence to blame
>>for continuos malfunctioning of your electronic trading platforms - WE ARE
>>ONLY INTERESTED IN USING A SYSTEM THAT WORKS. Plainly as your market
>>ceased to exist for 20 minutes you ought to be taking this matter
extremely
>>seriously.
>>
>>Cubs and Tops and Leo problems have continued all year and I'm afraid the
>>management of the whole electronic platform has been inept at best.
>Either
>>there is a concerted attempt by certain members of your exchange to
scupper
>>the move to electronic trading or the management of your team need to be
>>replaced with some urgency.
>>
>>Either way I have suffered losses today as a result of not being able to
>>execute busines s on the CME's trading platform and I intend to establish
>>the CME's responsibility in this matter.
>>
>>Michael Sewart
>>
>>
>>>Mr. Stewart,
>>>Thank you for your calls today. It is very inappropriate for you to
>>>incorrectly quote and represent my discussion with you to your broker.
My
>>>response to you was that I would look into the problem as I was not sure
>>>what the problem was and whether the breakdown was with your firm or the
>>>exchange. In the future, you should continue directing your concerns to
>>>your broker. Your broker is in constant contact with the exchange and
can
>>>assist you in resolving issues and informing you of problems. I
>appreciate
>>>your consideration in this matter.
>>>
>>>
>>>
>>>-----Original Message-----
>>>From: Michael Stewart [SMTP:MPST@xxxxxxxxxxxxx]
>>>Sent: Thursday, September 24, 1998 2:14 PM
>>>To: Kathy Doherty
>>>Subject: Fw: E-Mini Stop Orders Blocked
>>>
>>>
>>>-----Original Message-----
>>>From: support@xxxxxxxxxx <support@xxxxxxxxxx>
>>>To: mpst@xxxxxxx <mpst@xxxxxxx>
>>>Date: 23 September 1998 15:06
>>>Subject: E-Mini Stop Orders Blocked
>>>
>>>
>>>>As of 8:45 am this morning, STOP orders for the E-Mini S&P contract are
>>>>not being accepted. They will be rejected. MARKET and LIMIT orders are
>>>>still being accepted for the E-Mini S&P and are being processed directly
>>>>into GLOBEX.
>>>>
>>>>We hope that the problem can be resolved as quickly as possible but we
do
>>>>not have a time frame at this time. We will keep you updated as we
>>>>receive more information.
>>>>
>>>>
>>>
>>>
>>>
>>
>>
>
>
>
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