Is a large sell 'market' order on the globex e-minis submitted as: A) sell ordersize@limit [current bid - (.5 * no bust range)] or B) sell ordersize@limit [current bid] if not completely filled, sell unfilled@limit next best bid, repeat until either order is filled or (.5 * no bust range) is reached ? Followup question, if it were case A, wouldn't that seller be automatically 'first in line' until his order is filled? (since there can't be standing sell limits below the current price). Thanks in advance for your help.
Looks like it's A: http://www.cme.com/files/GlobexRefGd.pdf Dang, that could have been fun. (Sure somebody's already thought of it, though)