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> Limit order at the CME? Is it somehow calculated from the trigger,
or is it input?
+/- your input:
Buy ESM 93000 STPLMT 93500
Buys @ 93000 (trigger) but 93500 is the limit
or say Buy ESM 93000 STPLMT 93000
930 is the trigger AND the limit
--- In realtraders@xxxxxxxxxxxxxxx, Dan Goncharoff <TheGonch@xxxx>
wrote:
> Earl
>
> Thank you for the clarification. I had trouble finding a summary of
> order types on the CME website. You are right that other exchanges
work
> differently, and it was indeed I who got himself twisted around...
>
> How is the limit (as opposed to the trigger) price determined for a
Stop
> Limit order at the CME? Is it somehow calculated from the trigger,
or is
> it input?
>
> Regards
> DanG
>
> EarlA wrote:
>
> >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@xxxx>
> >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
> >>
> >>
> >
> >
> >
> >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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