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Sometime back we had a lengthy thread about how different firms handled stops
on Globex2 and how the different methods rated. At the time I mentioned that
PATS Systems held Globex2 stop locally on the user's computer.
While that is still true, it is not the complete story. PATS JTrader and
Delphi resident application versions also route emini S&P and emini Nasdaq
orders directly to Globex2 for stop limits or to the CME Order Manager Server
for regular stops.
Those stops on the OM are actually or better limit orders set to a throttle
determined by the clearing firm member. For ED&F Man, the firm clearing
trades for Price Group clients, that is set to 16 ticks on both mini S&P and
mini Nasdaq. It has been a long time since a stop has not been filled
immediately, particularly since volume has exceeded 100,000 contracts per day
for both.
I know this is an important issue for some of the very respected members of
this list who are veteran online traders. I hope this clarifies this issue.
A demo version of PATS is available at <A
HREF="http://www.pricegroupetd.com/JTrader.html";>
www.pricegroupetd.com/JTrader.html</A> if anyone would like to see for
themselves how this is handled. There is also a link to the user guide for
PATS.
PATS is available from several FCMs, not just ED&F Man or Electronic Trading
Division of The Price Group. It is an Independent Software Vendor from the
U.K. I selected PATS because I think it has one of the best looking and
functional interfaces I had seen and offered much of the functionality
demanded by traders on this and other lists.
Next week we will be deploying a new risk/administration version of PATS
which has market depth for Globex2. Our PATS servers already display market
depth on the CBOT/Eurex a/c/e platform. a/c/e bond volume recently topped 36
percent of daily volume for overall tbond volume for one day, so it is
gaining popularity, especially among the day traders in bonds.
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.
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