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-- [ From: Larry McBride * EMC.Ver #2.5.3 ] --
> The main problem is that they do not trust the internet. That is why
the point
> of execution is always on THEIR side. So when the Internet goes down
after you
> hit the botton but before they get the message then you are out of
luck.
There were a number of insightful responses, such as this one, to my
note on this subject. The problem that FTG has me alarmed about above
and beyond the internet link, however, is this. Assume that you have
succeeded in getting your order transmitted and acknowledged. You're
using a stop, which FTG supports. You think you're set. Then globex2
goes down. FTG is apparently not concerned with your order, which was
placed 15 minutes ago and routed to Globex2 when it was up. Your only
clue that there is a problem,apparently, is when you don't get a fill
back soon after the market trades through your price. Then you have
the problem of tryind to determine whether you can/should cancel you
previous order and place a new one. Since the CME won't take
responsibility for such problems, apparently the brokers won't either.
As another such example, I am told that not long ago there were day
orders placed into globex2 which in fact were executed erroneously the
next day. But the exchange denied responsibility at their end.
This is apparently why FTG was bypassing globex2 a while ago, but
apparently is using it again. This will probably continue to be an on
again, off again interface. To avoid this kind of problem, one can not
use stops at all and then the problem will be just where others have
described it - at the internet interface.
Good grief, this sure sounds discouraging!
Larry
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