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Retail traders who trade over the internet with broker desk for backup would
appear to be at a severe disadvantage with stops held on the trader's
machine. Should anything occur from system crash (common among the large
number of trader computers with Win9x/Me deployed) to software malfunction
and loss of internet connection, the trader who deploys stops for money
management would be stark naked in all open positions. The trader's sole
protection is the ability to log and reference an exchange order reference
prior to occurrence of any stop event.
Earl
----- Original Message -----
From: <I4Lothian@xxxxxxx>
To: <realtraders@xxxxxxxxxxx>
Sent: Friday, January 05, 2001 1:23 PM
Subject: Re: [Fwd: Re:[RT] Market - OEX astro]
> 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.
> When the incoming price feed shows a trade at that price, the order is
then
> sent as an unlimited limit order to Globex2. This was not a bad design
when
> it was being used by a bunch of institutional traders with hard wire
> connections. I think there is a better design for traders connected from
the
> Internet. Though, there are some advantages to having them on your own
> machine for quality assurance reasons. You have all the controls and
> measurements for your system, so you can monitor and control the use of
these
> stops at a greater level.
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