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<FONT face=Arial color=#000080
size=2>what is a Stop Market Order. That seems like it is
redundant since a Stop Order becomes a Market Order when it is
hit.
<FONT face=Tahoma
size=2>-----Original Message-----From: tradewynne
[mailto:tradewynne@xxxxxxxxx]Sent: Friday, May 02, 2003 10:15
AMTo: realtraders@xxxxxxxxxxxxxxxSubject: [RT] Re: CME
GLOBEX downI 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 <A
href="">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 <A
href="">http://docs.yahoo.com/info/terms/
> >> >> >> > >
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