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Yes, I spoke today with Rick Reddington at the CME. He's the info guy for
this contract and the guy I suggest those who are interested give a call to
express their opinions.
The exchange is not providing a mechanism to facilitate stop orders. The
current Globex platform does not allow it. They are changing to a platform
in '98 that will allow for the facilitation of stop orders.
I mentioned to him the importance of being able to use stops and he said
there would be mechanisms for this. I asked how so, since he had just said
it couldn't be done. He said it is being left up to the individual FCM's to
place brokers in the pit to run "stop decks", or to accept manual
implementation of the stops at their respective Globex terminals, or for
the individual brokers (such as myself) to accept the stops and watch the
market and enter the orders as market orders. Yeah, that last one is going
to work really well. No broker in his right mind is going to accept the
liability on that one. "Uh, Mr. Client, you know that stop you had on your
long at 947 in the s&p? It was filled at 920 because I was reading the
sports page in the bathroom when it got hit."
I asked if he knew of any FCM's that had plans for such procedures. He did
not. It sure puts a nice spin on things though. Oh, those messy details!!
Regards,
Tom Alexander
----------
> From: TOM142@xxxxxxx
> To: gta3@xxxxxxxxxxxxx; realtraders@xxxxxxxxxxxxxx
> Subject: Re: FUTR- S&P Mini
> Date: Friday, August 15, 1997 12:18 PM
>
> Tom,
>
> Are you sure stop orders will not be allowed. I always thought that not
> allowing stop orders on GLOBEX was just a procedure some companies had
and
> not mandated by GLOBEX. Through my broker who clears through Vision L.P.,
I
> can leave stop orders for currencies overnight trading on GLOBEX. I know
that
> for instance Merrill Lynch has a procedure not allowing stop orders on
> electronic traded systems like GLOBEX. I never understood the reason for
> this. A lot of overseas markets are electronic (London, etc.) and they
accept
> stop orders, so is NASDAQ.
>
> Can somebody clarify my confusion?
>
> Thomas
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