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Ah, ha! So the bottom line is that absolutely no functionality or safety is
lost ... if the exchange host supports the order type it will be hosted at
the exchange. Extra functionality (e.g. MIT on bonds) is optional and that
functionality is available using the real time data feed. Assuming the RT
feed is in synch with the trader's chart feed, the order will be fired off
before the trader would normally have time to react, prepare and fire the
order. If the PATS feed lag's the trader's feed, the trader can still
manually fire the order. That sounds good.
Earl
----- Original Message -----
From: <I4Lothian@xxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Saturday, March 24, 2001 1:37 PM
Subject: Re: [RT] Globex2 Stops & PATS System
> 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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