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I really don't have a bone to pick defending the CME. For anyone interested
if you go to the CME website you will see they very specifically refer to
the "limitations associated with TOPS for electronic trading" and that they
are encouraging all firms to migrate "to the FIX API".
Again this refers specifically to e trading only, NOT the open outcry
markets.
----- Original Message -----
From: DH <catapult@xxxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxx>
Sent: Friday, January 05, 2001 6:43 PM
Subject: Re: [Fwd: Re:[RT] Market - OEX astro]
> > It give you ZERO edge. Please read John's explanation again.
>
> Au contraire. He wrote:
>
> > PATS Systems, which
> > accesses Globex2 through the FIX API, holds the stops on the user's
> > computer.
>
> MY stop order, entered via TOPS, is stored on the CME's computer. YOUR
> stop order is stored on **YOUR PC**. In a price shock, you lose. I would
> guestimate, given typical ping times, that your order would get in the
> queue at least 1/10 second after mine. In computer time, that's an
> eternity and all the orders stored on the CME computer will be ahead of
> you. Early bird gets the fill. If your internet connection goes down
> right then, you are really hosed. Maybe that doesn't matter to you and
> the PATS interface is more important to you for your style of trading.
> It does matter to me.
>
> Different strokes. None of these systems is perfect. The best we can do
> is try to understand the quirks of each and choose our poison.
>
> ps - this isn't just theory. I didn't have a stop working Wednesday but
> I have in previous price shocks and I have always been happy with my
> fills using TOPS. I always try to get my order in way early so I'm first
> in line. It really does make a difference.
>
> I don't see what is so hard to understand about this. Earl clearly
> pointed out the danger of storing stop orders offsite. Some people
> jumped all over him and said it could never happen. Well, it did happen
> to members of this list on Wednesday. Denial is not a river in Egypt.
> :-)
>
> --
> Dennis
>
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>
>
>
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