Hidden Stops on Globex??

Discussion in 'Order Execution' started by pspr, Sep 19, 2003.

  1. pspr

    pspr

    Some people have told me that those on PFG and other platforms can see where stop and limit orders are placed on Globex (E-mini contract). Does anyone know if this is true?

    Wally
     
  2. All you can have is 5 levels of market depth (10 levels on Eurex). Nothing more.
     
  3. pspr

    pspr

    What platform shows 5 levels on Globex? And, does it only show limit orders or does it show where stop limit orders are resting also?

    Wally
     
  4. IB's TWS Market Depth shows 5
     
  5. PetaDollar

    PetaDollar Moderator

    The market depth shows the number of bids and asks 5 levels deep. You can't tell if each one represents a stop-limit or limit order.
     
  6. pspr

    pspr

    I'm still not clear. A limit order below the market would be a Buy order where a stop-limit order below the market would be a Sell order. What I am trying to find out is if these Sell stop-limit orders below the market can be seen by some traders so they can run the stops.

    Wally
     
  7. And you can't tell if its an order to open or to close, and you can't tell if any of the orders seen via market depth will still be working if/when the various price points are hit. There may be a way to 'read' market depth for the e-minis, but if so I have never been able to do so except for attempting to get a tick better exit/entry by watching the current bid/ask size.
     
  8. acrary

    acrary

    This is what it looks like on my platform.
     
  9. pspr

    pspr

    Thanks Acacry. Those look like the bids and offers 5 levels deep. I think that is all that can be seen by anyone. If someone knows different (that stops can be seen also), please let me know.

    Thanks.
    Wally
     
  10. ggg

    ggg

    Nobody but the merc (and your broker or clearing firm, where applicable) can see the stops on GLOBEX. GLOBEX only disseminates 5 levels of quotes based on the limit order book.

    Geez. Traders are so damned paranoid. Just think about it, if stops were visible on the outside, any stop of significant size would get run anytime it got within a couple ticks of the market.

    If you're seriously concerned about your stops being visible to others, don't place them. Besides, they're not real insurance. Plus, for active disciplined traders, manually stopping out will almost always get you a significantly better price than a real one due to lack of foresight by the folks that set up the electronic markets.
     
    #10     Sep 19, 2003