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Andrew,
I don't have the history. To the best of my knowledge, Globex started with
native Limit orders only and added native Stop Limit orders a couple of
years ago. Order handling for Globex is as described. As far as I know, all
other order types are pseudo order types hosted on broker machines. There
are some pseudo order types which are unique to IB and PATS which are hosted
on the client computer.
Earl
----- Original Message -----
From: "AndrewN" <tradera@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, May 02, 2003 2:45 PM
Subject: RE: [RT] Stop Orders
> Earl,
>
> Yes, I am well able to read, which is why I asked the question for
> clarification.
>
> 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."
>
> 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...."
>
> 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].
>
> So, I'll repeat my question. Has this [where stops are held] changed? And,
> if so, do you know when?
>
> Andrew
>
>
>
> -----Original Message-----
> From: EarlA [mailto:earl.a@xxxxxxxxxx]
> Sent: Friday, May 02, 2003 2:13 PM
> To: realtraders@xxxxxxxxxxxxxxx
> Subject: Re: [RT] Stop Orders
>
>
> Please 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 PM
> Subject: RE: [RT] Stop Orders
>
>
> > Earl,
> >
> > I had always understood that, for most brokers, Globex held STOP
orders
> on
> > 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
on
> its
> > own computers versus those of Globex.
> >
> > I note from IB's web site on Globex orders that Globex has a simulated
> stop,
> > 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
> but
> I
> > 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
> >
>
>
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