Quote from def:
I did send you a PM with contact and further details and while you seem to refer to me as the "special investigator in charge" that is merely something you are assuming.
No, it's not you. I refer to the person who officially took charge of my case, handled and answered my ticket. I filed this case long time ago before this thread. I remember you did tell me that I must resort to the ticket system for specific problems due to regulatory reasons.
You didn't look into my case, did you? You only guessed the possible causes of the problem. You never confirm your guess was the actual cause. I don't understand why you would think you were the investigator in charge when, in fact, you never look into my case.
You talk as if you have great authority on the matter with phrases such as " supposed any limit order whose price is outside 5 price queues would be rejected by the exchange (what a joke!!). Its claim is blatantly wrong."
It is the reply of your staff-in-charge who handled my case. What he said, as you felt, sounds like he has great authority on the matter. Here's what he said on the issue: "According to the our investigation and audit trail of your order, the STOP LIMIT order in question had been triggered correctly, however, once triggered, the LIMIT order submitted had been rejected by the exchange as
the exchange only accept LIMIT price up to 5 price queues and any price through this spread would be rejected."
If he knew the existence of the SLO, why would he said such things? Please clarify if you know what your staff was talking about.
Perhaps you should refer to the HKEX which defines SLO as
I knew everything that you explained here. I remember it was me who gave you the link of the HKEX regarding the order types, which is
http://www.hkex.com.hk/eng/market/sec_tradinfra/tradmech.htm
I also told you in the PM, at that time if your guess was wrong, you should implement my suggested fixes. You agreed that the fix made sense.
So now it seems you totally forget about it, suddenly believe that I know nothing about SLO, and said I should refer to the HKEX page about SLO. How funny!
Furthermore, a SLO has to be at or below the best bid for sell orders which can create further complications in a fast moving market. It isn't as cut and dry as you seem to think.
It's incorrect. It doesn't matter whether the stock is moving fast or slow. You should still submit it as SLO.
First, make sure you understand that I set the limit price well below the market price because I prefer immediate execution. If I want to submit a sell order above the market price (that means I prefer queuing than immediate execution), I will of course not choose SLO, but this was not my case.
Second, a SLO is intended to be used for limit price which is outside 5 price queues. An ELO is intended to be used for limit price which is within 5 price queues. An ELO outisde 5 price queues doesn't make sense because it's subject to immediate rejection. It has no benefit at all.
Third, what if I submit a sell limit order which is 20 ticks below the market price? Based on your current (flawed) system, you still submit it as ELO which is again subject to immediate rejection. But if I use SLO, I get an immediate fill.
Fourth, if the stock really goes lightning fast (when submitting and checking by the exchange, it is 20 ticks below, but some milliseconds later, it's suddenly above the market price), then neither ELO nor SLO will give you an immediate fill.
My local brokers gave me choices so I can decide my destiny. IB doesn't and want to decide on my behalf. I have been using ELO and SLO for so many years. I thought so hard and I couldn't really think of a logical reason why you should use ELO in those cases. Well let's
assume there are a few exceptionally rare cases that ELO may benefit, but this alone still cannot justify the use of ELO because I would incur a loss in the vast majority of cases.
So tell me, what's the benefit of submitting it as ELO all the time?
