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Noted. Thanks.
Regards
DanG
tradewynne wrote:
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
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