|
PureBytes Links
Trading Reference Links
|
>From Jim Hamer:
I recently got an interesting "explanation" from the CME about an E-mini fill
on the wild day we had on 10/28. It was explained to me via my broker at RJ
O'Brien.
I placed a limit order to buy 4 at 847.00 - it was trading at 847.00 at the
time. The terminal operator gave us a confirming order number that the order
had been accepted by Globex, we (my broker and I - we were conferencing in
together) then watched our realtime quotes as it traded down to 846.00. The
terminal operator confirmed that he too witnessed it trade down below our
price on his terminal.
When we asked for a confirmation of our fill and he said he didn't have one,
we waited about 40 seconds and he still didn't have one. He then told us he
was getting buried and that he would need to call us back.
Anyway, my broker called me back in 9 minutes and said the order was unable
for 3 of the 4 and we covered the remaining 3 at 954.00. We took our
evidence - the placement time of our order and the official time and sales to
the CME. The evidence showed that my order should have been filled because
it traded through my price over 2 minutes after my order was entered.
They just now responded and said that their "state of the art" Globex system
indeed had some glitches on that day, but that they were not responsible for
the money that was due me. The CME's representative further likened it to a
runner having to take the order to the pit in a fast market and that I should
expect delays like that!!!
So much for the next generation of trading technology.
I am really amazed that the CME would take that attitude.
I want to let everyone know how responsible they are. What is the address of
the CNBC squak box?
-Jim Hamer
|