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> Joe/ Ira
> I think I started this thread due the fill I received while in changing a
> stop order I had in place when the event occurred.
>
> If I understand the discussion right I may have been lucky since the
> original order in there was buy 1299.25stop with a 1300.25 limit. I was in
> attempting to change it to 1298.75 stop with a 1299.75 limit, when the
> broker straight cancelled it and was re-inputting the 1298.75 (which in
> error he typed 1289.75 with a 1290.75 limit and read it back before
hitting
> enter. I caught the error and as he was correcting it I saw the emini take
> off, so I told him to just hit the market button (and was filled at 1316).
> >From the discussion that has followed I may have gotten no fill on my
> original stop due to the limit and would have been looking at 1360 once I
> discovered an unable order? Am I looking at this right?
>
==========================================
In my opinion that is exactly how it would have happenned. I believe stop
loss orders when triggered at say an Interactive Brokers become limit orders
to buy or sell with a price limit 16 handles away from trigger price. I
think individual fims can change that, but I believe that 16 points is the
CME default procedure (not 100% sure on that, but I believe it is 16
handles). So your limit would have very, very likely resulted in a 50 handle
loss, as it would have been "unable" to have been filled within your limit.
===========================================
> Again I ask since I am considering IB for emini, did anyone have a stop in
> that day and what was their fill? Anyone care to share (I am not
interested
> in normal trading fills), just ones that would actually filled under those
> extreme circumstances.
============================================
In my opinion again your fill would have been purely dependant on how many
orders were in the queue. So on another day with the hypothetical exact same
circumstance, you would get a different fill as the order deck would be
different. But you would have got filled in my opinion BETTER then your
market order, as it takes seconds for u to speak and on the phone and your
broker to hit the "market" key. It most certainly takes less then that for a
machine to react and to send the order. As I said in another post, imo this
is a red herring. I don't have any personal experience with IB, but I know
of a couple who do, who have zero problems. If there is an axe grind against
IB here, or people just looking for something to complain about, this issue
is extremely thin fodder. Splitting milliseconds has a ZERO impact on
whether you can make money trading electronically imo.
==============================================
> ----- Original Message -----
> From: "Joe Duffy" <joeduffy@xxxxxxxxx>
> To: <realtraders@xxxxxxxxxxx>
> Sent: Thursday, January 04, 2001 10:28 PM
> Subject: Re: [Fwd: Re:[RT] Market - OEX astro]
>
>
> > To help "nonsense" from fact, here are some facts....
> >
> > TOPS really has nothing to do with electronic trading per se in the way
> that
> > Globex2 or the FIX API do. TOPS is the Trading Order Processing System
> owned
> > jointly by the CME and CBOT. It is a routing system for orders to all
> > exchanges, of which the large majority are open outcry. The order is
> called
> > to the broker who then enters it into the TOPS system and it is routed
and
> > fills are routed back automatically. It has in the past been able to
> connect
> > to the FIX API for e-trading in the nas mini and sp e-mini. However any
> firm
> > not far behind the technology curve, has already switched away from TOPS
> for
> > access to the FIX API. In terms of e-trading, if a firm is still using
> ORAPI
> > (Order Routing API ) instead of FIX API they are behind the technology
> > curve.
> >
> > The FIX API is exclusive to the CME and is specific to e-trading. It is
an
> > interface that allows brokerage firms or independant software companies
> like
> > PATS to access the CME electronic OM's (Order Managers). The OM's hold
all
> > MIT and STOP orders until they are triggered. Unlike open outcry markets
> > they must be triggered by an actual trade, not just a bid or ask price.
> >
> > Orders sent through TOPS are stored on the TOPS OM, NOT the FIX API OM.
> > Where it gets tricky, and where you really need someone from the CME to
> tell
> > you, and I am not sure they would, is that each firm has one or more
> servers
> > that store that firms order book for globex2. They all connect to the
> actual
> > trade execution platform. Where the tricky part is, is how each server's
> > orders are executed as they are sent to the execution platform. Is one
> > server faster? Does checking the orders against prices to see if the
stop
> is
> > executed take enough time that new market orders jump ahead of it? I am
> not
> > sure.
> >
> > And to be honest, I think its a red herring. Save a disaster of
technology
> > malfunction, e-trading is nirvana compared to the pits. I use it
> extensively
> > everyday, and have never had a bad fill.
> >
> >
> >
> >
> > ----- Original Message -----
> > From: DH <catapult@xxxxxxxxxxxxxx>
> > To: <realtraders@xxxxxxxxxxx>
> > Sent: Thursday, January 04, 2001 10:24 PM
> > Subject: Re: [Fwd: Re:[RT] Market - OEX astro]
> >
> >
> >
> > > Nonsense. Few brokers are using FIX now and, while interesting
reading,
> > > what will or may happen someday in the future is irrelevant to the
> > > health of our accounts RIGHT NOW. I, for one, appreciate John's
efforts
> > > to clarify the current mess.
> > >
> > > So, I'll ask again. Which stop order will get filled first, even if
the
> > > difference is only milliseconds? One entered through FIX or one
entered
> > > through TOPS?
> > >
> > > --
> > > Dennis
> > >
> > > To unsubscribe from this group, send an email to:
> > > realtraders-unsubscribe@xxxxxxxxxxx
> > >
> > >
> > >
> > >
> >
> >
> > To unsubscribe from this group, send an email to:
> > realtraders-unsubscribe@xxxxxxxxxxx
> >
> >
> >
> >
>
>
> To unsubscribe from this group, send an email to:
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>
>
>
>
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