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Thanks John for clearing things up some more.
> FIX API stops, to my knowledge, are all managed outside of the exchange
> system by the FCMs or ISVs. I don't know the specifics of how these are
> treated and that probably varies from firm to firm. PATS Systems, which
> accesses Globex2 through the FIX API, holds the stops on the user's
> computer.
Okay, that confirms the facts as we know them in Rich's bad fill on the
mini. He had a stop order working through the FIX API and got whacked
for 15 handles of skid. It looks like his stop was held somewhere
outside the CME and submitted (a tenth of a second too late) when it was
elected.
So, John's point is well taken. Your choice of interface and routing
really depends on what you want to do.
Scalpers will want a good fast non-web system for fast fills. They
probably don't care much about stop orders. The FIX API would be a good
choice (although it seems like serious scalpers would would just pop for
the $400 a month and get a Globex terminal.)
Position traders (like me) put a high premium on good fills on stop-loss
orders in price shocks. So, for now, I think I'll stick with good
old-fashioned TOPS. Looks like it is giving me an important edge on a
day like Wednesday. It may be a red herring to some but it's important
to me.
So the question for people to ask their brokers, as Earl pointed out a
while back, is where are stop orders stored? On your computer, the
broker's computer, or the CME's computer? Always good to know these
things. Then, judge for yourself if that matters to you or not.
--
Dennis
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