Changing quanity on Globex - back to the end of the line?

Discussion in 'Index Futures' started by TGregg, Feb 22, 2004.

  1. TGregg


    If one changes the number of contracts on an open order already submitted to Globex (via IB), does that order go to the back of the line? Or does it retain it's priority?
  2. End of the line pal ...

    (I believe even changing from a Day order to GTC also bumps one to the end of the line.)
  3. TGregg


    That's interesting. So there is no difference between canceling an open order then submitting a new one for the same quantity, and changing the quantity on the existing order.

    What's even more interesting is if reducing size does this. If so, than one should always submit one lot orders. This would allow one to reduce the "size" of the order, but still retain one's place in line.
  4. nqtrader


    Blue, are you sure about that or are you guessing?

    I'm don't know about Globex but I know for a fact that on CBOEDirect (equity options and single stock futures), reducing the quantity will not bump you the the end of the line.

    Increasing the quantity will send you to the end so you're better off sending in a seperate order for the additional size.
  5. Well, If I must clarify ...

    I took a class for electronic market makers in another market and according to the instruction increasing size and changing from Day to GTC meant one went to the back of the queue (sp?).

    As for Decreasing size on Globex, I just couldn't say for sure. The question came up in class and the instructor either didn't give a clear answer or I wasn't paying attention. That one wouldn't go to the back makes sense but ... nobody said it had to make sense.

    Happy to defer to someone else on answer for decreased order size.
  6. If you reduce the number of contracts, you retain your place. If you add contracts, its the same as a cancel and replace. The entire order goes to the back of the line.

    So if you really need to increase the order size and you are all worried about your place in the queue, then you could submit a second order for the additional contracts, the original number then would retain their place in line.
  7. Good Point....

    Especially when trying to get in on the night session of ES or NQ....(hint: always start with the minumum out of bounds and decide later)

    Michael B.

  8. This seems to make sense, PuffyGums. Do you know of any document(s) that talk about these kind of things?