Death Rays From Space
Posted: Wed Apr 16, 2008 11:38 am
Or something like that. Seems that we've had lots o spikes lately. Meltdowns in Electronic market order-books yielding absolutely not funny fills. Not just in Cotton today where my order enjoyed 21 tics of slip... So much for trading what you test... But in stalwarts as the EBS recently. Other than using limits or trading only on close etc, not many choices for a one man show...
Anyone trade the CGB on ME? I had a situation recently where IB sent a market order and the exchange suposedly converted the order to a limit at the price where any part of the order is executed. I had a balance of many contracts which were not exited untill I came in to my office by which time price had moved 70 some odd points beyond intent. Beware of this potential pitfall... !
--------------------------
On xxxdatexxx for your account an order was submitted to sell xxx CGB June 2008 futures on Stop at xxx.xx. The order was triggered at 0xxxxx:01 and an order to sell x CGB June 2008 at market price was submitted to the CDE exchange. The order received a partial execution, and at xtime sold 1 at xxx.xx.
The balance of the order, to sell x contracts remained at the exchange at a limit price of xxxxxx.
Upon further review, the Montreal exchange has particular rules for handling Market orders.
For reference, please review this link from the CDE exchange's website:
http://www.m-x.ca/f_regles_en/06_en.pdf
See Page 6-21
Content:
"A market order is executed at the best limit that is available on the other side of the market at the moment the order is introduced into the electronic trading system, at the quantity available at this limit. If the order is partially filled, the unfilled quantity is posted at the price which the first part of the order was executed."
Anyone trade the CGB on ME? I had a situation recently where IB sent a market order and the exchange suposedly converted the order to a limit at the price where any part of the order is executed. I had a balance of many contracts which were not exited untill I came in to my office by which time price had moved 70 some odd points beyond intent. Beware of this potential pitfall... !
--------------------------
On xxxdatexxx for your account an order was submitted to sell xxx CGB June 2008 futures on Stop at xxx.xx. The order was triggered at 0xxxxx:01 and an order to sell x CGB June 2008 at market price was submitted to the CDE exchange. The order received a partial execution, and at xtime sold 1 at xxx.xx.
The balance of the order, to sell x contracts remained at the exchange at a limit price of xxxxxx.
Upon further review, the Montreal exchange has particular rules for handling Market orders.
For reference, please review this link from the CDE exchange's website:
http://www.m-x.ca/f_regles_en/06_en.pdf
See Page 6-21
Content:
"A market order is executed at the best limit that is available on the other side of the market at the moment the order is introduced into the electronic trading system, at the quantity available at this limit. If the order is partially filled, the unfilled quantity is posted at the price which the first part of the order was executed."