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[RT] Globex2 Stops & PATS System



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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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