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Dan,
a) Market orders are pseudo orders and are translated to limit orders using
an offset from the current bid/ask. I can't swear to this, but I believe
that it is the broker's computer which does this translation.
b) The Limit order is native to Globex and is hosted on Globex servers.
c) Stop orders are pseudo orders ... they are held on the broker computer
until the stop price is hit in the broker's data stream, then released as a
Limit order to Globex with an offset from the current bid/ask.
d) Stop Limit orders are native to Globex and are hosted on Globex servers.
Please note that the order types and handling vary from one exchange to
another so what is true for Globex should not be assumed to apply to other
exchanges.
Earl
----- Original Message -----
From: "Dan Goncharoff" <TheGonch@xxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, May 02, 2003 4:02 AM
Subject: Re: [RT] Re: CME GLOBEX down
> 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
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