Atm orders Accepted and Working

[giogio1]

I noticed that when an ATM is running all targets are Working and all stops are accepted.
Why? Does it mean that the Stops reside on the broker server or even the Stock Exchange?, not just my computer?
Thank You.
giogio

[NinjaTrader_Jim]

Hello giogio1,

Thanks for your post.

Orders that are Working are at the exchange. Orders that are Accepted are either at the brokerage or at the exchange. For the case of Stop orders which are Accepted and not Working, you could see this where the Limit order is Working at the exchange and in the order book, but the Stop order is at the broker and will be executed as a market order once the price reaches the stop price.

Please let us know if you have any additional questions.

[giogio1]

Thank you Jim.
Is that because the Stop is an OSO and so it is a complex order and as such can only be handled by the broker? Thus the Exchange only manages pure simple buy/sell orders only?

[NinjaTrader_Jim]

Hello Giogio1,

Generally the exchange will handle Limit orders and Buy/Sell Market orders. Stop orders would reside with the broker to trigger a market order once the stop price is hit. OCO functionality is also generally done on the broker's end.

Please let me know if I can be of further assistance.

[bltdavid]

Hello giogio1,

Thanks for your post.

Orders that are Working are at the exchange. Orders that are Accepted are either at the brokerage or at the exchange. For the case of Stop orders which are Accepted and not Working, you could see this where the Limit order is Working at the exchange and in the order book, but the Stop order is at the exchange and will be executed as a market order once the price reaches the stop price.

Please let us know if you have any additional questions.

Hi Jim, considering your most recent post #4 -- is "at the exchange" still correct for the above?
Did you mean "at the broker"?

[NinjaTrader_Jim]

Hello giogio1,

Thanks for the catch. I have corrected my post to reflect stop orders residing at the broker.

Let me know if you have other questions.