JTRADER : where to get the last version?

Cdntrader · Mar 4, 2002

Originally posted by craigross
Globex, A/C/E, Access - DO NOT accept market orders, the only orders they accept are limit orders. If you place a market order it must be converted by your firm into a limit order before they can send it to Globex. Most firms will convert it into a limit order "much better" than the current price. For example if you enter an order to buy at the market and the current market price is 1125.00, your firm's (or their system) will send an order to buy at 1130.00 on a Limit. Since this whole process should take less than a second, and assuming the market doesn't do anything crazy, you will get filled at the best offer. That offer should be right around the last trade of 1125.00. Stops are done the same way. Hope this clears it up, but it will probablty only confuse the matter.

What you were talking about refers to pit traded markets.

Craig
ApexFutures.com
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Craig,

What is the relationship between Apexfutures and Inifinity? what does the term DBA(doing business as) mean in real terms?

Who are Apex clients actually dealing with?

craigross · Mar 4, 2002

ApexFutures.com is the online deep discount division of Infinity Brokerage Services. DBA means "other names" company is doing business as. Like General Motors has Cadillac, Pontiac, Chevy, etc.

Clients of ApexFutures.com are "dealing with" employees of Apex and Infinity.

Craig

stevet · Mar 4, 2002

craig ross

you did not confuse it at all - so thank you for your comments

but does the scenario i raised, occur on eurex and liffe?

and if i sent a limit order, instead of a market order, at the price you suggested of 1130, might that get to globex more quickly than a market order, which has to be converted to a limit order?

and is it the broker or the clearer who undertakes the conversion of the market order to a limit order?

craigross · Mar 5, 2002

stevet

I do not know if that is true for eurex and liffe.

If you send a limit order through instead of a market order you may save a millisecond or two, but nothing significant. If you really want to split hairs - it probably takes you an extra second or two to place a limit order on your end, beacuse now you have to pick a price, so any gain in milliseconds is lost.

The conversion takes place with whoever has the server for your platform. In most cases that is the clearinghouse, since the IB neve touches your order.

Craig
ApexFutures.com

FX-Trader · Mar 27, 2002

Shareholder revolt nears climax as patsystems' losses widen

26 March 2002 - Patsystems shareholders are to vote today on a motion by disgruntled former president Thomas Theys aimed at ousting current CEO David Jones and non-executive director Stewart Douglas-Mann. The move comes as the UK-based derivatives software house unveils a fourth quarter loss of Â£6.5 million, more than double the Q4 2000 loss of Â£2.92 million, after writing off unprofitable contracts.

Patsystems' loss before tax for the year to 31 december 2001 rose to Â£15.2 million, against Â£9.2 million for the previous period. The current management team are blaming failures in previous management and boardroom wrangles for the company's failure to take advantage of soaring derivatives volumes and the move away from floor-based to screen trading systems.

David Jones was brought in to replace Jacques de Cock six months ago during a management clear-out which also saw the departure of president Thomas Theys. The former Patsystems president, who owns about 14% of the company, is now leading a revolt to replace Jones with his own appointment Gary Brecka, whose background remains obscure. Theys is supported by Paul Heyward, another ex-employee with 3.4% of the company. They have also nominated Joe Solari, the one-time head of US-based network equipment outfit Cabletron Systems, as a board-level replacement for non-exec Douglas-Mann.

Jones, who has the support of major City shareholders, says the vote is "an unwelcome distraction and is currently causing disruption to the business". He anticipates "substantial costs relating to the management of this issue".
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( from another ET thread )

JayS · Mar 27, 2002

Patsystems UK Quote/Chart

Patsystems Profile

craigross · Mar 27, 2002

From what I heard Pats has a 2 year burn rate right now. In other words if they do not earn another cent (pence) they can survive for 2 more years. Not to mention if they get to a bankruptcy situation I know of many brokerage firms that would love to buy them at a discount.

Craig