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> It give you ZERO edge. Please read John's explanation again.
Au contraire. He wrote:
> PATS Systems, which
> accesses Globex2 through the FIX API, holds the stops on the user's
> computer.
MY stop order, entered via TOPS, is stored on the CME's computer. YOUR
stop order is stored on **YOUR PC**. In a price shock, you lose. I would
guestimate, given typical ping times, that your order would get in the
queue at least 1/10 second after mine. In computer time, that's an
eternity and all the orders stored on the CME computer will be ahead of
you. Early bird gets the fill. If your internet connection goes down
right then, you are really hosed. Maybe that doesn't matter to you and
the PATS interface is more important to you for your style of trading.
It does matter to me.
Different strokes. None of these systems is perfect. The best we can do
is try to understand the quirks of each and choose our poison.
ps - this isn't just theory. I didn't have a stop working Wednesday but
I have in previous price shocks and I have always been happy with my
fills using TOPS. I always try to get my order in way early so I'm first
in line. It really does make a difference.
I don't see what is so hard to understand about this. Earl clearly
pointed out the danger of storing stop orders offsite. Some people
jumped all over him and said it could never happen. Well, it did happen
to members of this list on Wednesday. Denial is not a river in Egypt.
:-)
--
Dennis
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