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Thanks Joe, then luck was with me that day not the bad luck I had originally
thought. All of this has been enlightening.
Considering someone filled last night at 1380 on the ES (on news that was
really already out I believe, just confirmed by the 12 fed districts) it
also brings in some new strategy to night trading ala the 32 point Up limit
that exits. Smart move buy someone who had to have a resting sell there for
someone else to be filled at it. Does anyone have Time and says on that 2
minute period, it would be interesting to see the trades as they happened.
Cargill tells me the ND's went limit also and there were 173 on the bid for
a moment?
don ewers
----- Original Message -----
From: "Joe Duffy" <joeduffy@xxxxxxxxx>
To: <realtraders@xxxxxxxxxxx>
Sent: Friday, January 05, 2001 6:46 AM
Subject: Re: [Fwd: Re:[RT] Market - OEX astro]
==========================================
> In my opinion that is exactly how it would have happenned. I believe stop
> loss orders when triggered at say an Interactive Brokers become limit
orders
> to buy or sell with a price limit 16 handles away from trigger price. I
> think individual fims can change that, but I believe that 16 points is the
> CME default procedure (not 100% sure on that, but I believe it is 16
> handles). So your limit would have very, very likely resulted in a 50
handle
> loss, as it would have been "unable" to have been filled within your
limit.
>
> ===========================================
>
>
> > 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.
>
> ============================================
> In my opinion again your fill would have been purely dependant on how many
> orders were in the queue. So on another day with the hypothetical exact
same
> circumstance, you would get a different fill as the order deck would be
> different. But you would have got filled in my opinion BETTER then your
> market order, as it takes seconds for u to speak and on the phone and your
> broker to hit the "market" key. It most certainly takes less then that for
a
> machine to react and to send the order. As I said in another post, imo
this
> is a red herring. I don't have any personal experience with IB, but I know
> of a couple who do, who have zero problems. If there is an axe grind
against
> IB here, or people just looking for something to complain about, this
issue
> is extremely thin fodder. Splitting milliseconds has a ZERO impact on
> whether you can make money trading electronically imo.
> ==============================================
>
>
> > ----- 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
> > >
> > >
> > >
> > >
> >
> >
> > To unsubscribe from this group, send an email to:
> > realtraders-unsubscribe@xxxxxxxxxxx
> >
> >
> >
> >
>
>
> To unsubscribe from this group, send an email to:
> realtraders-unsubscribe@xxxxxxxxxxx
>
>
>
>
To unsubscribe from this group, send an email to:
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