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Earl:
Actually, it is like the best of all worlds. If the electronic trading
platform accepts stops, PATS will send them there. If it does not accept the
type of order you want, say Stop Limits on a/c/e, you have the choice of
creating a synthetic stop hosted on your own machine. I know the locally
hosted order types are not your favorite set up, but some may want to use
them.
a/c/e will accept stops so the stops are routed directly to the a/c/e
matching engine. These stops are not hosted locally.
Globex2 will accept stop limit orders. PATS supports these and routes them
directly into Globex2 to be queued and executed upon election right there.
The CME Order Manager or OM server accepts "stops" on the emini S&P and emini
Nasdaq only. PATS supports routing orders to the OM. The throttle on these
modified limit orders, once elected, is set by the member FCM. For ED&F Man
that is 16 ticks in both the mini contracts.
The locally hosted stops for PATS are designated by an * beside the order
type. So you will see "stop" and "stop*" for eminis.
The trader has the choice of setting their own stop limit and routing the
order directly into Globex2, or they have the option of accepting the
parameters of their FCM and route the order to the OM server. Or they can
create a synthetic stop hosted on their own machine. It is their choice.
For the currencies, traders can send stop limits into Globex2 or host the
stops locally. I don't know this, but I would be looking for the CME to add
the other emini contracts, including currencies to the OM server in the near
future. I will check into this.
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 3/24/01 8:09:13 AM Central Standard Time,
eadamy@xxxxxxxxxx writes:
<< John, I'm not sure if I'm confused or not. The first paragraph indicates
that stops are held on the user's computer with execution subject to the
vagaries of internet and computer reliability. The second indicates that
emini stops are held on exchange computers. Does this mean that the emini
stops are safely stored and tracked on exchange computers while non-emini
(e.g. CME globex currency and ACE bond) stops are held on the user's
computer only?
Earl >>
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