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Earl:
Some systems do not use the CME Order Manager server for market orders, but
rather are sending them as orders to sell at 0 or buy some set high number.
The differentiation is probably the newer systems connectivity to the FIX API
versus TOPS, but I am sure there could still be some exceptions.
Regards,
John J. Lothian
Disclosure: Futures trading involves financial risk, lots of it!
In a message dated 6/27/01 9:58:23 AM Central Daylight Time,
eadamy@xxxxxxxxxx writes:
<< No, stop limit order has collar (limit) set by trader while market order is
converted to a limit which is calculated at time of order receipt as a fixed
maximum offset from the last trade. Stop order also has a collar (limit)
which is calculated as maximum fixed offset at time stop is triggered.
I don't know what the current collar is but at one time it was 30 handles.
Theoretically in a fast and volatile market, a stop could be converted to a
limit order which has a limit inside of the current price e.g. sell stop
order at 1200 triggered and sent to Globex as a limit order of 1170 but a
fast market might take price to 1160 before the limit order could be
executed due to order queuing - the limit order would not be executed below
1170. A sell stop limit order entered by trader at 1200 stop with 1165 limit
would have a far higher chance of being executed and filled at a price
closer to 1200.
Earl >>
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