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<FONT face="Comic Sans MS"
size=2>Earl,
<FONT face="Comic Sans MS"
size=2>
Yes,
I am well able to read, which is why I asked the question for
clarification.
<FONT face="Comic Sans MS"
size=2>
You stated
that, "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."
<FONT face="Comic Sans MS"
size=2>
However,
in January 2001, in clarification of a post from John Lothian, you stated that,
"b) stop orders, depending on order
handling system deployed by the broker, are held in one of 3 places: a broker
"folder" on the exchange servers, the broker's own servers, or the remote client
computer...."
<FONT face="Comic Sans MS"
size=2>
The point
being that stop orders used to be held at Globex, if required, (not as part
of the order book, but then neither are stop/limits according to the CME
Rulebook), and you stated that stops are held on brokers' computers [or
remote client computers].
<FONT face="Comic Sans MS"
size=2>
So, I'll
repeat my question. Has this [where stops are held] changed? And, if so, do you
know when?
<FONT face="Comic Sans MS"
size=2>
<FONT face="Comic Sans MS"
size=2>Andrew
<FONT face=Tahoma
size=2>-----Original Message-----From: EarlA
[mailto:earl.a@xxxxxxxxxx]Sent: Friday, May 02, 2003 2:13
PMTo: realtraders@xxxxxxxxxxxxxxxSubject: Re: [RT] Stop
OrdersPlease the enumerated description of how Globex
handles various order types... it's all there. I posted it no more than a
hour or two ago.Earl----- Original Message ----- From:
"AndrewN" <tradera@xxxxxxxxxx>To:
<realtraders@xxxxxxxxxxxxxxx>Sent: Friday, May 02, 2003 12:02
PMSubject: RE: [RT] Stop Orders> Earl,>> I
had always understood that, for most brokers, Globex held STOP
orderson> a separate computer and sent them in to the main matching
engine as a> simulated market order when elected. I recall that this
was the subject of> much discussion last year when comparing IB's
method of holding stops onits> own computers versus those of
Globex.>> I note from IB's web site on Globex orders that Globex
has a simulatedstop,> which would be what I 'm referring to. Has
this changed?>> Andrew> -----Original
Message-----> From: EarlA
[mailto:earl.a@xxxxxxxxxx]> Sent: Friday, May 02, 2003 1:36
PM> To: realtraders@xxxxxxxxxxxxxxx>
Subject: Re: [RT] Stop Orders>>> To be clear,
when referring to Stop Limit orders, two prices should be>
specified: Stop price which triggers the order and Limit price
which> specifies the limit for
execution.>> If your order is 10.00/10.00 and price
passes from 10.02 to 9.99 in a> single> trade, your
order is triggered but will not be filled until price trades>
at> 10.00 or higher. I would not hesitate to use a
10.00/10.00 for entry butI> would use either a Stop
Limit with very wide spread or a straight Stop.>
The> choice depends upon order handling at the exchange
being traded.>> Earl>To
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