Can anyone clarify the rules on trading cotton futures (or any limit up/down futures with ICE)? For example when it was limit up the past few days it was my understanding you can place a buy order and you will wait in line behind all the other buy orders until enough sell orders come in at the limit up price for you to be filled. However, I heard the following from Optionsxpress (not my account but an acquaintance trying to go long): <i>"Cotton futures price is up 7.00 for the session and is limit up. This means no additional buy orders are accepted while the contract is in limit up status."</i> This seems to me to be an issue with Optionsxpress not allowing you to place an order, not an issue with ICE. Can anyone confirm this is the case?
Yup. This works correctly with IB - you can place orders, but not above limit up price (if its limiting up).