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Trading Reference Links
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Some time back John Lothian posted a good piece of info on electronic trading. Perhaps he will post the archieve where it might be found, as I don't recall.
In response to inqueries I received, I checked two : BestDirect & IB ( there are others).
Jason Carter from Best replied that (1) PFGBest has only one line direct to the CME Server ( they have the latest API, I believe), so orders are " at times " backed up "; however, a second line is being installed and Should be Functioning Next week. ( 2) A limit order is received at Best's Server, you account checked for authorization to trade the amount you transmit ( no of cars ) and sent to the CME at the existing price or better, etc. etc. (3) A Market Order is recd / sent the same BUT the " or better " is 15 POINTS.
IB's site Says the Limit price is sent as you see it on the IB Screen, ( called a Workstation and all your info already there and calculated ) or Better. Their Market Order is 10 POINTS. Hope John Lothian verifies this, but believe IB & derivatives of same, use the CUBS system.
With the IB Personal Account, you DO NOT have a fast Desk Back Up. With the Professional, you have your own Broker. - - so check this out. PFG Does Have a responsive Desk.
Hope this of some Help.
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