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Ivo: I clear Refco using the LEO order entry system. I enter day orders,
after the market closes, for the next day. I usually wait about 1 hour
after the market closes. I have no problem.
Regards, Jack.
----- Original Message -----
From: "Ivo Karindi" <ivo@xxxxxxxxx>
To: "OmegaList" <omega-list@xxxxxxxxxx>
Sent: Thursday, November 20, 2003 7:55 AM
Subject: Day order entry problems - any opinions?
> Hello all.
>
> We are with Refco using their RefcoExpress, trading based on *daily*
> price data. So obviously our ideal approach would be (and is)
> entering orders for the day before markets open. However, this works
> smoothly only for CME. For all the other exchanges, we used to see a
> lot of errors and rejected orders because (!!!) our order price was
> apparently not in the day's range. Well, if we place an order
> *before* the market opens then obviously it cannot be in the day's
> range and thus the relatively random results in successfully filled
> orders.
>
> In order to overcome this problem, RefcoExpress's tech support told us
> to enter the "Good Through Date" for the orders so they would not get
> rejected and this is what we have been practicing. With the exception
> that in our case the GTD orders are for one day only and will get
> cancelled at the end of the day. Well apparently someone somewhere
> does not like this; they want us to use GTD only when that date is
> further in the future than just the current day, so we have been under
> fire from Refco lately because they want us to stop this practice that
> their own tech support taught us... However, our day orders without
> the GTD date specified still work consistently only for CME and for
> none of the other exchanges...
>
> So I was wondering what some of the other brokers' practice is
> regarding the day orders? Should we expect our day orders to stay
> there for the duration of the trading hours without their price being
> in the day's range or is this an unreasonable expectation from our
> part? What about IB? TS? Others?
>
> TIA,
>
> Ivo Karindi
>
>
>
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