GLOBEX GTC Orders - help needed

I’ve read in some of the forums that C2 AutoTrade users do not want system vendors to use GTC orders for Globex futures, because Globex rejects these orders.



Of course I could put a filter on the C2 order-entry screen to insist that all GLOBEX orders be DAY orders.



But, before I do, I want to understand the issue. When I use Interactive Brokers TWS, I personally have never noticed a problem with entering GTC orders for Globex instruments. The orders seem to be accepted.



Could someone please explain whether there is indeed a prohibition against GTC orders on Globex? Is this for all instruments? For some? For orders entered at a certain time of day? Does Interactive Brokers allow it (perhaps simulating GTC through their order-management system) while other brokers do not allow it?



Feedback and help will be appreciated.

http://www.interactivebrokers.com/en/trading/exchanges.php?exch=globex&ib_entity=llc



http://www.interactivebrokers.com/en/trading/orders/gtc.php

https://www.mbtrading.com/gtc.asp

All the links you posted show that GTC orders are fine.



Then why did Walt Rines write on the IMO Forum:



"you are sending stop orders with GTC as time frame, which are REJECTED by globex. Please dont do that."



Anyone know? Walt?



MK

I don’t know why this is an issue. Could that be the IB API problem? If that’s the case then you will have to contact their tech. support.

Matthew,

I don’t KNOW why - I just know that I use Global Futures as my broker, which has a PatSystems back end, and when I have TB hooked up and autotrade running, CME E-mini orders are sent to Globex, and if they are GTC they get a “rejected as invalid” error, which is returned by the Patsystems backend but attributed to Globex - I dont know why or anything beyond this, but it IS frustrating and I do wish you would filter it…

W

Let me talk to Francis about this. It sounds like something which should be dealt with at the TradeBullet level, since it seems to be a broker-specific issue. (I.E. The exchange allows GTC – it’s the broker that doesn’t.)



Will report back here after talking to Francis at TradeBullet. I’m sure there’s a way we can solve this for you and other Global Futures users.

I’ll ask the folks at GF whether GTC limit orders are valid or not.



Francis