Are Nymex limit orders different from CME?

M

maxima120

I thought Nymex futures (usual ones at least) using same FIFO as say ES.

May be I have hit a mental wall.. but..

I think if in ES say best bid is 1000 and and I place a sell limit order at 900 I will get filled at 1000 anyway (as it is the best available - isnt that what the limit orders are about?).

I normally am carefull with trading platforms but today i accidentally clicked on buy column while i was long .. somewhere way above best ask. and the order was filled at the price i clicked.. not best available.

cant find anything in the rulebooks..

could someone please explain whats so different with nymex?
 
There should be no difference from ES when you're taking liquidity, you sweep whatever is displayed in the book. What was the contract?
 
Quote from maxima120:

I thought Nymex futures (usual ones at least) using same FIFO as say ES.

May be I have hit a mental wall.. but..

I think if in ES say best bid is 1000 and and I place a sell limit order at 900 I will get filled at 1000 anyway (as it is the best available - isnt that what the limit orders are about?).

I normally am carefull with trading platforms but today i accidentally clicked on buy column while i was long .. somewhere way above best ask. and the order was filled at the price i clicked.. not best available.

cant find anything in the rulebooks..

could someone please explain whats so different with nymex?
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Who is your broker, OP?

Did you check Time & Sales?
 
Hmmm.. I thought this is know issue.. let me do that again tomorrow and I will publish the results.

But I am sure it wasnt imagination as the price was like 50 ticks off. Not even HO could jump that far in 1 sec.. I am quite sure it was genuinely filled above best ask.

Broker wont be able to spoof this. Plus I have trusting realtionships with them. I dont think they would do it.. It is big and reputable name (not mirus or anything ;))
 
The last few days the NYMEX distillates have been trading crazier than I recall for years, so it's possible it was just bad timing on a spike.

I would call your broker in the morning and have them check the fill against time and sales, maybe it was just a bad report. These aren't OTC markets so nobody is out to get you.

Good luck!
 
Quote from maxima120:

I know :) this happened first time in almost 4 yrs.. now i am questioning my sanity :)
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In HO and RBOB anything can be possible at times. RBOB was even worse today. During times when not much trading is going on the Bid/offer can drift way way away from the last trade. I haven't been trading them much lately as getting out of decent size positions has been a a bitch. I use stops a lot to exit positions, and in HO and RBOB the slippage can be beyond brutal.

It's not your sanity man.
 
OK. false alarm! :)

it seems I just momentrily got confused when I got fill by mistake and when I looked at the fills I most likely saw order price which was that far away price, but the actuall fill price must have been correct.

I experimented today few times and it seems the limit orders are as they expected - filled at best available price rather than order price..
 
Quote from maxima120:

I thought Nymex futures (usual ones at least) using same FIFO as say ES.

May be I have hit a mental wall.. but..

I think if in ES say best bid is 1000 and and I place a sell limit order at 900 I will get filled at 1000 anyway (as it is the best available - isnt that what the limit orders are about?).

I normally am carefull with trading platforms but today i accidentally clicked on buy column while i was long .. somewhere way above best ask. and the order was filled at the price i clicked.. not best available.

cant find anything in the rulebooks..

could someone please explain whats so different with nymex?
More...




HFTs are blowing u away
 
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