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I have one comment to hat Earl wrote here.
We have had discussions in the past about brokers 'holding' stops on
their own computers, which means they are not held at the exchange.
Instead, the broker's system is monitoring the market, and transmitting
an order to the exchange when the stop is triggered. Broker stops, as
opposed to exchange stops, might not be automatically canceled; it
would depend on the policy of the broker. It would be necessary to
clarify the situation on broker stops with your broker. (I don't know
what you mean by Market orders sitting in broker computers, unless you
are talking about the orders that get caught in the moments between
order entry and transmission to the exchange.) I also think you have it
backwards with regard to Stop Market v Stop Limit orders -- I always
thought Globex held Stop Market orders, but not Stop Limit; you have it
the other way around.
Regards
DanG
EarlA wrote:
<blockquote type="cite"
cite="">
Dan,
Short answer is the elevation in blood pressure!
I don't know what will happen which is why I was reading through the rules.
Unfortunately, the rules don't shed much light on the subject other than to
give impression that, should the order book not be cleared, that there will
be a ton of busted trades.
When Globex went down, I had order working to sell 908.50. I haven't
bothered to send in a cancel because the network is down and it won't be
processed until Globex comes back up. I don't mind if I'm filled, although
it would be great to be filled higher. I don't expect that will happen since
I think that the book will be cleared. I have another order parked which I
will release when a) I know that the order book has been cleared and b)
Globex has reopened.
By clearing the order book, I mean that the PTB at Globex decide to simply
start over with no orders. This would mean deleting all orders in the Globex
computers and probably all resting Stop and Market orders in broker
computers. Keep in mind that only Limit and Stop Limit orders are held in
Globex computers. Other order types are hosted on broker computers and
released to Globex as the quote stream warrants.
If anyone has any better information on how a startup will be handled, would
be great to see it.
Earl
----- Original Message -----
From: "Dan C" <dan.c@xxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Thursday, May 01, 2003 11:30 AM
Subject: Re: [RT] Re: CME GLOBEX down
Earl,
At the risk of looking stupid:
EarlA wrote:
I was just reading through the Globex rules and regulations which can be
accesses at http://www.cme.com/get/support/globex_policies.cfm. I don't
know
how this will be handled, however my guess is that they will clear the
order
book and require that all orders be re-entered. The alternative would be
a
mess.
What does clearing the order book mean? Greatfully, I was not in a
position, but
suppose I was. Lets say for the sake of discussion, I was short at 904.50
just
prior to outage and I had a stop at 905.50, and the inx.x is up about
909.50what
would one expect other than an elevation in Blood Pressure?
Dan
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