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I do not know what the current order collar is because the CME web pages no
longer deal specifically with this information. However I believe that it
corresponds to the trading limits and that would now be 5% (the 2.5% limit
was removed) with the last adjustment having set the emini at 55 handles. It
is my understanding that Globex will reject an order which specifies a price
outside of the limit i.e. with current price at 1200, a limit order to buy
at 1245 would be accepted while a limit order to buy at 1244 would be
rejected for being outside the limit.
For more information see http://www.cme.com/market/riskman/pricelmt.html
and/or the FAQ which can be accessed from this page.
Earl
----- Original Message -----
From: <CalaxCorp@xxxxxxx>
To: <eadamy@xxxxxxxxxx>
Sent: Wednesday, June 27, 2001 9:55 AM
Subject: [RT] Fw: FED ANNOUNCEMENT WARNING
> Earl:
>
> Assuming the current collar is 30 handles, and looking at your example,
will
> Globex accept a stop order of 1200 with 1165 limit (more than 30 handles)?
>
> Thank you in advance for any response.
> Bill W
>
> In a message dated 6/27/01 7:58:29 AM Pacific 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
> >
> > ----- Original Message -----
> > From: "Michael Ferguson" <wl7bdn@xxxxxxxxxxxxx>
> > To: <realtraders@xxxxxxxxxxxxxxx>
> > Sent: Wednesday, June 27, 2001 8:18 AM
> > Subject: Re: [RT] Fw: FED ANNOUNCEMENT WARNING
> >
> > > Earl,
> > >
> > > A stop-limit order has the same collar, finally, as a mkt order?
> > >
> > > Essentially, just bracketing the spread with limit orders sets your
own
> > > collar and gets the fastest access into the cue?
> > >
> > > Ex: bid 1223 oft 1224
> > >
> > > buy limit 1225 same as mkt with faster processing?
> > > sell limit 1222 ditto
> > >
> > > still learning,
> > >
> > > Michael
> >
>
>
>
>
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