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It's my understanding that Globex uses a first in first filled
algorithim at any given price which insures a level playing field for
smaller traders. I'm seeing more and more trading in the ACE
(electronic) bonds and I'm wondering if they use the same first in first
filled algorithm or an algorithm weighted by order size which would
favor larger traders? With ACE at the retail level being offered/planned
by a number of updated order entry systems, a FIFF algorithm might
provide better fills to small traders when price is trading at
support/resistance.
Earl
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