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Steve:
There is no industry wide change. eFutures.com is using the same third party
trading platform as one we offer. Evidently they have decided to disable the
stop functionality.
My guess is the volatility of the last week has caused some stops to not get
filled. Stops on my system, PriceTrade, routed through the TOPS order
routing system will go to the CME Order Manager server and be held there for
execution. I would suspect efutures is the same, but can't tell for sure.
Each clearing member firm sets their OM server stops to a certain limit. At
Man Financial we use 16 ticks for the emini S&Ps and emini Nasdaqs. Other
firms may use different throttles for their stops.
Even with all the volatility I have not had any problems with stops not being
filled. We have seen record breaking trading volumes in these contracts, so
we have had very liquid but volatile trading.
That is not to say that other firms have not experienced instances where
stops were not filled. I would say that it would be a prudent move for a
firm to make traders pick their own limit levels on Globex2 stops, given the
volatility and given the potential liability to them or their clients.
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 9/26/2001 10:00:33 AM Central Daylight Time,
schnake1@xxxxxxxxxxxx writes:
<< This morning i placed my usual stop loss order on efutures website
and it was rejected, so i called and found that they now have to be
placed as stop limit orders which i find inconvenient. Is this
industry wide or just my broker? Prior to today they had a 5 handle
limit on "stop orders" . How are some of you dealing with limit
placement?
Steve >>
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