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Greetings:
I have a couple of questions to put to the group regarding the entry and fill
of orders.
1) Is an order "time stamped" at the time of entry or at the time it reaches
the floor? In other words, if I place a market if touched order - and by the
time the floor gets the order the market has passed through the price, does
this order become a market order or is it then moot, unless or until the price
pullsback and retouches the price?
Or another exapmle: suppose I place a MIT order and by the time the order
reaches the floor the market has already touched the price and then pulled
back. Is the order dead until the market touches again, or is the order
stamped with the time of entry and filled at market?
The same type of questions can be asked of limit orders. I think you guys get
the drift of my questions. Any assistance is greatly appreciated.
2) Regarding the intra-day futures quotes shown on (for example) Signal: Are
these the bid, the ask or what? Related to this: suppose I place a limit
order or an MIT order and the quote shows the market trading at or through my
price. Isn't it true that just because the quote shows the market trading (or
traded) at my price does not mean that I got filled right? I am not talking
about a situation where the floor broker just did not have time to fill the
order, I am asking about any difference between what the quote is and what is
happening on the floor regarding the reality of bid/ask fills. Does this
quesion make sense? I hope I am clear enough here.
Thank you all.
Sincerely,
Pompatis
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