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> Stop Limits are held by Globex.
This is a carry over from the "old" days. When the mini
1st came out there were no market orders, just limits.
--- In realtraders@xxxxxxxxxxxxxxx, "tradewynne" <tradewynne@xxxx>
wrote:
> 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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