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-----Original Message-----
From: Visavis <Visavis@xxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Tuesday, October 28, 1997 4:59 PM
Subject: GEN: URGENT: EMini S&P 500 fill limit
>
>ReatTraders / Tom Alexander:
>
>Its not a Hello anymore!
>
>I got some BIG problem in the fill of my eMINI S&P500 today. I am short of
>the Emini yesterday, then at around 9:00 CST today (after 30 minutes of
>NYSE opening) I called my broker and ask for the bid/ask price, because I
>found some problems with the internet live quote of the CME Emini Globex,
>then the broker said the bid/ask is at around 860/861. I immediately hit
>the market with a buy # of EMini at the market and wait on the line for the
>fill, after some minutes my broker said I had to tried to call after 10
>minutes because the pit is too busy for the fill report. Then I call back
>4 times one after 30, 60 minutes and 2 and 3 hours but cannot get my fill
>till 2:30 pm CST and got a report of fill for 903.75.
>
>Such an awful fill difference from 861 to 903.75. Is this valid?
>
>I ask the broker about this and said that I got a bad order and rejected
>right away from the electronic trade placing system because the price run
>away from me which if in market order when the current last executed price
>differs for one whole point or $1 (4 ticks of a quarter/$12.50) the system
>automatically rejects my order even if its a MARKET ORDER. is this
>correct? or stated in the EMini information material of CME?
>
>My order was executed at 903.75 because its automatically done by the
>broker because of today's volatility the margin was increased from $2100 to
>$6000 per contract to keep up with my account equity.
>
>Any comment? please...
>
>_____________________________________
>
> Warm Regards!
>
> Visavis
> Visavis@xxxxxxx
>
>_____________________________________
>
The main problem here is that the e-mini system does NOT accept market
orders, they must be limits. Thus, it appears your broker took your "market"
instructions and chased the market up until filled.
Also,be aware that in fast markets like yesterday, quote systems are behind
in reporting the last trade prices. Always use limit orders in fast markets.
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