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Don:
The answer, as you can see from my reply to Earl, is "all of the above."
If an exchange matching engine (a/c/e, Globex2, Eurex) supports a specific
type of stop or stop limit order, then PATS routes to it. At least for the
exchanges we are connected to so far, a/c/e, Globex2 and I believe Eurex.
Though I am not as well briefed on the Eurex functionality as I rarely trade
it. I hope to be changing that.
PATS will route Globex2 stops to the OM server, just like Leo web or our
PriceTrade will. PATS will route Globex2 stop limits directly to Globex2,
just like PriceTrade. Leo web probably does also, but I am not a user of it
so I don't know all the specifics.
PATS will routes stop orders directly to a/c/e. PATS will also allow you to
created synthetic stop, stop limits and MIT orders hosted on your local
machine. So a trader could put in an MIT order on an Tbond, Emini S&P or
emini Nasdaq, but it would be held on their own machine. I don't have
another system that will do this, so if one of my customers wants this
functionality it is either this or a straight limit order. But choice is
good.
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 10:54:30 AM Central Standard Time,
detomps@xxxxxxxxxxx writes:
<< John,,
dittio I was confused also. I am talkin Emini orders here. I really don't
my stop order to be safely tucked in my server, waiting for a transmitted
price to enter my machine, for the machine to make the calculations and then
to broadcast back to the exchange servers with an order to sell.
If I run PING to to LeoWebs server (as an example). A DSL ping takes about
.125 to .20 seconds, a 56K modem takes about double.
So I have price coming to me, I have price order being broadcast out, then I
know when its busy at the exchange server my order request is put in a
buffer, I have waited over 3 to 4 seconds in very busy markets to get a
confirm back from a market order from Leoweb.
So what is the bottom line about where limit and stop orders are held?
Regards,
Don
>>
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