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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.
Dan,
Check with your FCM.... Earl has it right with all FCMs I know of.
Stop Limits are held by Globex.
--- In realtraders@xxxxxxxxxxxxxxx, Dan Goncharoff <TheGonch@xxxx>
wrote:
> 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:
>
> >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@xxxx>
> >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
> >>
> >>
> >
> >
> >
> >To unsubscribe from this group, send an email to:
> >realtraders-unsubscribe@xxxxxxxxxxxxxxx
> >
> >
> >
> >Your use of Yahoo! Groups is subject to
http://docs.yahoo.com/info/terms/
> >
> >
> >
> >
> >
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