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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: OX who wrote (42370)12/18/2000 9:46:33 AM
From: Patrick Slevin  Read Replies (1) of 44573
 
I copied Earl's letter over to Arc and when they replied they were furious.

Evidently they believe that IB's methodology is not legitimate. To convince myself that Earl is correct I went to IB's Risk Disclosure Statement and found the following,

The GLOBEX system will not accept contingency orders including MIT and STOP orders. Unless
otherwise prohibited by exchange rules, a firm may accept contingency orders from customers. In such
cases, the orders will be handled manually by a terminal operator entering a limit order (or series of
limit orders) when the contingent event occurs. For example, in the case of a stop order, once the stop
has been elected the terminal operator would enter a limit order (or series of limit orders) until the order
is completely filled.


I believe this may be what Earl is referring to, so I copied it back to Arc.

Arc states flatly that this is not the case with them, the order is XMitted straight to Globex.
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