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In some markets, there are distinct Stop Market and Stop Limit orders.
Stop Market orders become market orders when triggered. Stop Limit
orders require the determination of an additional price level, and
become limit orders at that price level when triggered.
Regards
DanG
Bill Daniel wrote:
<blockquote type="cite"
cite="">
<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 AM
To: realtraders@xxxxxxxxxxxxxxx
Subject: [RT] Re: CME GLOBEX down
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 <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
http://docs.yahoo.com/info/terms/
> >
> >
> >
> >
> >
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