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There were some problems at the CME this morning and the following message
was sent out:
"This morning at approximately 5:55 CST, the GLOBEX2 interface lost it
connection, which resulted in all FIX, TOPS, and ORAPI orders being queued.
Those orders were rejected and at 7:10 A.M. the queues were reset. The
GLOBEX2 interface is now processing orders normally."
These problems caused some problems with orders flowing to CUBS2 as well.
However, there have been no reported problems since then.
My trading platforms will not allow orders to be placed below limit down
until after the limit restrictions have timed out. Customers make that
mistake all the time, given how frequently we have been limit down in the
nasdaq lately.
As for IB, I will leave that question alone. I don't use the system and am a
competitor. But many problems are not unique to the platform. Trader
education is the key to prevention of problems. IB does make an effort in
that regard.
I also make an effort in that regard. One way is by writing a daily Industry
News e-mail, which includes links to stories from around the industry and
some of my own reporting about the industry. Much of the time it seems I am
reporting about outages, halts and failures of systems, which is probably why
Michael referred to this question to me.
Regards,
John J. Lothian
Disclosure: Futures trading involves financial risk, lots of it! John J.
Lothian is the President of the Electronic Trading Division of The Price
Futures Group, Inc., an Introducing Broker.
In a message dated 2/28/01 10:51:23 AM Central Standard Time,
wl7bdn@xxxxxxxxxxxxx writes:
<< I have had numerous misses in fast markets. I think it may have something
with the locals trading size inside the pit; the large orders have priority
over small lots. This allows the spread to gap away from your order. Kind of
like nasdaq in the bad old days b4 we could see the order book. Everyone
with a globex terminal can see the book.
Maybe Mr Lothian has some info on this.
Michael
>>
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