Discussion in 'Order Execution' started by TheStudent, Mar 4, 2004.

  1. I'm assuming that ES orders are executed in the following priority:

    1) price
    2) time stamp
    3) size

    Does anyone know if this is accurate?

    It sometimes takes me forever to get executed when buying on the bid. And I always put my exit orders several minutes in advance.

    Granted that as long as the market makers have positive inventory they are not going to entertain my order, but I would assume that once their inventory runs to zero, I should get filled.
  2. fan27


    Globex uses FIFO (First in first out) and there are no market makers for ES. Go to the CME website for more details.
  3. Thanks for the info, I looked up the CME rules and found provision under Rule 581 for a Globex Market Maker Program - anyone knows what this is?

    Also, I know the order book on Globex is visible to all but the stops are supposed to be invisible (and in trading they do feel that way when I place stops at 'not obvious' locations).

    Does anyone know of any instance where the location of the stops has been compromised?

    Presumably they are stored in a computer location somewhere (or possibly in several locations if the IB has access to that order info as well) and there is a possibility that those locations are not secure.
  4. fan27


    I believe the reason stops are invisible on GLOBEX is because they don't exist. stops are stored on your brokers server and when they are triggered, they are sent to GLOBEX as a Limit order. My understanding is that GLOBEX only deals with Limit orders. Market orders are really limit orders that are dynamic until you get filled (or something like that).
  5. alanm


    GLOBEX does have native stops.