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Joe/ Ira
I think I started this thread due the fill I received while in changing a
stop order I had in place when the event occurred.
If I understand the discussion right I may have been lucky since the
original order in there was buy 1299.25stop with a 1300.25 limit. I was in
attempting to change it to 1298.75 stop with a 1299.75 limit, when the
broker straight cancelled it and was re-inputting the 1298.75 (which in
error he typed 1289.75 with a 1290.75 limit and read it back before hitting
enter. I caught the error and as he was correcting it I saw the emini take
off, so I told him to just hit the market button (and was filled at 1316).
>From the discussion that has followed I may have gotten no fill on my
original stop due to the limit and would have been looking at 1360 once I
discovered an unable order? Am I looking at this right?
Again I ask since I am considering IB for emini, did anyone have a stop in
that day and what was their fill? Anyone care to share (I am not interested
in normal trading fills), just ones that would actually filled under those
extreme circumstances.
don ewers
----- Original Message -----
From: "Joe Duffy" <joeduffy@xxxxxxxxx>
To: <realtraders@xxxxxxxxxxx>
Sent: Thursday, January 04, 2001 10:28 PM
Subject: Re: [Fwd: Re:[RT] Market - OEX astro]
> To help "nonsense" from fact, here are some facts....
>
> TOPS really has nothing to do with electronic trading per se in the way
that
> Globex2 or the FIX API do. TOPS is the Trading Order Processing System
owned
> jointly by the CME and CBOT. It is a routing system for orders to all
> exchanges, of which the large majority are open outcry. The order is
called
> to the broker who then enters it into the TOPS system and it is routed and
> fills are routed back automatically. It has in the past been able to
connect
> to the FIX API for e-trading in the nas mini and sp e-mini. However any
firm
> not far behind the technology curve, has already switched away from TOPS
for
> access to the FIX API. In terms of e-trading, if a firm is still using
ORAPI
> (Order Routing API ) instead of FIX API they are behind the technology
> curve.
>
> The FIX API is exclusive to the CME and is specific to e-trading. It is an
> interface that allows brokerage firms or independant software companies
like
> PATS to access the CME electronic OM's (Order Managers). The OM's hold all
> MIT and STOP orders until they are triggered. Unlike open outcry markets
> they must be triggered by an actual trade, not just a bid or ask price.
>
> Orders sent through TOPS are stored on the TOPS OM, NOT the FIX API OM.
> Where it gets tricky, and where you really need someone from the CME to
tell
> you, and I am not sure they would, is that each firm has one or more
servers
> that store that firms order book for globex2. They all connect to the
actual
> trade execution platform. Where the tricky part is, is how each server's
> orders are executed as they are sent to the execution platform. Is one
> server faster? Does checking the orders against prices to see if the stop
is
> executed take enough time that new market orders jump ahead of it? I am
not
> sure.
>
> And to be honest, I think its a red herring. Save a disaster of technology
> malfunction, e-trading is nirvana compared to the pits. I use it
extensively
> everyday, and have never had a bad fill.
>
>
>
>
> ----- Original Message -----
> From: DH <catapult@xxxxxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxx>
> Sent: Thursday, January 04, 2001 10:24 PM
> Subject: Re: [Fwd: Re:[RT] Market - OEX astro]
>
>
>
> > Nonsense. Few brokers are using FIX now and, while interesting reading,
> > what will or may happen someday in the future is irrelevant to the
> > health of our accounts RIGHT NOW. I, for one, appreciate John's efforts
> > to clarify the current mess.
> >
> > So, I'll ask again. Which stop order will get filled first, even if the
> > difference is only milliseconds? One entered through FIX or one entered
> > through TOPS?
> >
> > --
> > Dennis
> >
> > To unsubscribe from this group, send an email to:
> > realtraders-unsubscribe@xxxxxxxxxxx
> >
> >
> >
> >
>
>
> To unsubscribe from this group, send an email to:
> realtraders-unsubscribe@xxxxxxxxxxx
>
>
>
>
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