ICE Russell 2000 Stop orders.

[shawnj]

I'm trying to clarify how NT handles stop orders for TF and zenfire (if that matters).

I came across this document from theice.com:

https://www.theice.com/publicdocs/futures_us/exchange_notices/ExNot0808stops.pdf

It states that 2 types of stop orders are "acceptable types":

1) Stop-Limit order - this looks like the normal stop-limit order similar to cme's.

2) “Stop orders with Protection” - this is a new animal to me. By the description, it sounds like a stop order that the exchange adds on the limit part in essence turning it into a stop-limit order.

If I send a TF stop order from NT does it go to the ICE exchange and become a "Stop order with Protection" and as such is it held at the ICE exchange?

thanks,
shawnj

[NinjaTrader_Ben]

Hello,

It will be sent as a Stop order. What they do with it at the exchange is something you will need to discuss with them.

This link will help you with where orders reside:

http://www.ninjatrader-support2.com/vb/showthread.php?t=5349

[momtic]

Hi

I use Patsystems......just a quick question, when I place an order such as a Buy Stop, is my order working at the exchange or do some brokers hold the orders at their end

Thanks

Momtic

[NinjaTrader_Kyle]

Hello momtic,

Thank you for your post.

In the case of PATSystems, the following applies:
Orders in a state "Working" are at the exchange.
Orders in a state "Accepted" are locally simulated on your PC.
OCO (One Cancels Other) functionality is simulated on your local PC.

[jp_kettunen]

Two questions relating to stop and stop limit orders and Patsystems:

1) Are open stop and stop limit orders always in a state "accepted" when everything is 'ok', irrespective of the broker or data provider used?

2) Let's presume that I am using Patsystems and that I have an open position protected by a stop order. If I now lose connection, or if I deliberately switch off my computer and leave the position open, what happens to my locally simulated stop order? Does it disappear, leaving the position unprotected?

JP

[NinjaTrader_Jason]

Hello jp_kettunen,

1. Orders that have an 'Accepted' status are locally simulated on your PC. If order have a 'Working' status they reside at the exchange.

2. If you would close NinjaTrade or get disconnected, orders with an 'Accepted' status will not execute if their price is met. They would execute if they reside at the exchange.

[jp_kettunen]

Ok, understand the messages, thanks. But is there anyone with practical experience in trading with Patsystems-based broker(s) who could now tell where the stop and stop limit orders will actually reside, i.e. are they always simulated on PC (accepted), or always on the exchange (working), or does it depend on the broker, weather, or something else?

[NinjaTrader_Kyle]

Hi jp_kettunen,

Thank you for your reply.

For a clear picture of where these orders are likely to reside, it would be best to contact your broker. They should be able to tell you exactly what status these orders are likely to be in once submitted.

[jp_kettunen]

Believe or not, it is extremely difficult to get clear answers from MF Global (I have tried to be as precise as possible)...

Must presume that with MF Global / Patsystems order types not supported by the exchange are simulated on the user PC, not on their servers. Have decided not to open a live account with them solely for the purpose of testing this conjecture.

Btw: CME Globex seems to support also stops (with protection) and stop limits (cf. http://www.cmegroup.com/globex/files/SDKiLinkCore.pdf). Does that mean that if I trade e.g. ES, my stop orders, if accepted, should eventually reach the 'working' status with all brokers and data feeds?!?!

JP

[NinjaTrader_VinceB]

Hi JP,

Yes, you are correct in understanding. This is listed as well in the link Ben provided in his first response.

[momtic]

Hi

I was think of trying to trade TF the mini Russel again I use patsysyem

When I place an order its in a state "Accepted" locally simulated on my PC. Once I place an order I phone my broker to see if they can see an order their end, "but they can not"........However, they can see my orders on the YM mini Dow..as they are held at the exchange.
When I place an order on TF I always always get slipped, If it was held at the exchange, I would have a much better chance of not getting slipped on every order.

The questions is, is there anyway around this, for my order to be held at the exchange? or maybe can you recommend a provider who can do this..I want to trade the TF. but I can not with orders "Accepted" locally simulated on my PC

Thanks
momtic

[NinjaTrader_VinceB]

Hi,

Best is to select a provider where the orders aren't residing on your machine. You can pick from here:

http://www.ninjatrader-support.com/vb/showthread.php?p=27076#post27076