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Non-Tech : Interactive Brokers / Timberhill
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To: cirrus who wrote (2523)1/26/2002 9:49:21 AM
From: Dan Duchardt  Read Replies (1) of 9012
 
cirrus,

The futures contracts at issue here trade on a fully electronic system, Globex, much like the ECNs for stocks or the ISE exchange for equity options. There is no intervention to override automatic execution. I have heard nothing to indicate that the system failed to perform as designed. It apparently just did what it automatically does, but in this case it was hit with an order that took out enough standing orders to trigger an avalanche.

An interesting side bar to this issue is that several months ago IB responded to somebody requesting that trailing stops be implemented in the system. They would not, and cited the potential for exactly this kind of avalanche scenario as their justification for not doing it.

Dan
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