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John,
Wouldn't an order to sell at 0 violate the banding and collars which are
intended to eliminate those big spikes which occur in emini and not the pit?
Earl
----- Original Message -----
From: <I4Lothian@xxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, June 27, 2001 9:35 AM
Subject: Re: [RT] Fw: FED ANNOUNCEMENT WARNING
> 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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