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-----Original Message-----
From: Visavis <Visavis@xxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Wednesday, October 29, 1997 5:00 PM
Subject: RE: URGENT: EMini S&P 500 fill limit
>At 02:37 PM 10/29/97 UT, Tom Stein wrote:
>>While the following is correct "The main problem here is that the e-mini
>>system does NOT accept market orders, they must be limits."
>>
>
>1. Market Order is available as mentioned in the website of CME, take a
>look at http://www.cme.com/market/globex/ord.html . I just don't know and
>can not find anywhere where it is mentioned.
>
The following is from the CME's E-mini page
Q. How are E-Mini market orders handled on GLOBEX?
A. Because the GLOBEX System requires that all orders must specify a limit
price, market orders can be converted into limit orders at a price at or
above (in the case of a buy order) or at or below (in the case of a sell
order) the last price shown on the GLOBEX System. For market orders that are
routed into GLOBEX from TOPS, the system will automatically convert, for
example, a market order to buy into a limit order at a price four ticks (100
points) above the last price shown on GLOBEX. The new buy order will be
executed at the prices of any resting sell orders in GLOBEX that are at or
better than the buy order's limit price. Any part of such order that is not
filled at the limit price or better will remain as a resting order at such
limit price until filled or cancelled. Please note that there is no
assurance that the order will be filled under this approach.
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