E-mini All-or-None pits

Discussion in 'Index Futures' started by jbob, Jun 17, 2005.

  1. jbob


    I've heard that if your order is over ~30 contracts that your order goes to the E-mini All-or-None pits. What does this mean exactly? Will this slow down your order? Anyone have any experience with trading this larger size on the eminis and the difference between it and trading only 10 contracts for example (speed, fills, slippage on stops,ect...)? Thanks.
  2. Ebo


    Where did you here this?
    You can execute a 100 LOT or bigger on GLOBEX in under a second.
  3. JayS


    You can go to the floor with a AON for the emini but for most people you can get done huge size on the screen. Remember we are talking about AON orders.

    Per CME website:

    During pit trading hours, orders for 31 or more contracts may be traded on an All-or-None (AON) basis via open outcry for the E-mini S&P 500 and E-mini NASDAQ-100 contracts.


    p.s. The CME says the E-mini S&P AON symbol is EG. Look under ticker on this page: http://www.cme.com/trading/prd/overview_ES702.html
  4. It is my understanding that the AON pit is used mainly by institutional traders. Ive asked about this in the past because Ive always suspected that a lot of the volume of YM is done in the pit but Ive never got much information.
  5. jbob


    After looking at the CME site's FAQ, it appears that orders of over 30 contracts must be traded on an AON basis. Therefore, I'm wondering about situations where the offer might be showing 40 contracts, but that 40 is from four people selling 10 contracts each. Could I buy the 40 contracts on the screen immediately? Or, would the order go to the AON pits where it might not find a seller at that price, but in the mean time the little fish are nibbling away at those 40 contracts so I might have missed the opportunity to buy 30 for example.
  6. bigbob


    Up until sometime in 2001(I think), you weren't supposed to execute anything bigger that a 30 lot at a time in the ES. You were supposed to break up the order or send it to the floor to be executed as an all or none order. In 2001 or 2002, they changed it to 200 lots and currently, I think the limit is higher or non-existent. Anything that refers to an order being required to be placed as an AON order is wrong or out of date.