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This isn't an issue of 'changing the rules to suit the membership'. This
is what the rules of an electronic exchange typically are. Although the
exchanges try to get participants to perform meaningful checks on orders
before entry, not all firms (or vendors) worry about it very much. Those
that don't make mistakes like this. When it happens, there are rules for
mistrades. They are published, like all the rules. If you don't know
this, and you are trading, then I think you should take the time to
learn the rules, since you don't usually have a human broker to work
with when trading electronically -- you're on your own.
Regards
DanG
ira wrote:
> The thing that no one wants to acknowledge is that the commodity exchanges
> regularly change the rules to suit and benefit their membership. Why you
> are surprised I don't understand.
>
>
> ----- Original Message -----
> From: <schnake1@xxxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Tuesday, February 04, 2003 6:28 PM
> Subject: [RT] Ira T. how does that work? or anyone!
>
>
>
>>So the guy places an order to buy 9000 ESH3 by mmistake, runs it up
>>to 94800 buying, then says oops and the CME decides how to to
>>reconcile, I guess deciding what they can get away with charging all
>>the little guys (me) to offset and console the big guy who made a
>>moronic mistake. And is he responsible for his obligations? And who
>>is selling up there? Can he unload 9000 by 95000?
>>wish I had had a limit sell order at 93025 or so. And if I placed one
>>daily and this happened would I fill or be busted?
>>
>>Steve
>>
>>
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>>
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>>
>
>
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