Globex FIFO question

[Asada]

Is a large sell 'market' order on the globex e-minis submitted as:

A) sell ordersize@limit [current bid - (.5 * no bust range)]

or

B) sell ordersize@limit [current bid]
if not completely filled, sell unfilled@limit next best bid, repeat until either order is filled or (.5 * no bust range) is reached

?

Followup question, if it were case A, wouldn't that seller be automatically 'first in line' until his order is filled? (since there can't be standing sell limits below the current price).

Thanks in advance for your help.

 

[Asada]

Looks like it's A:

Market with Protection
Market orders at CME Group are implemented using a
“Market with Protection” approach. Unlike a
A Stop with Protection order is
triggered when the designated price is traded on the
market. The order then enters the order book as a Limit
order with the limit price equal to the trigger price, plus
or minus the pre-defined protected range. The
protected range is typically the trigger price, plus or
minus 50 percent of the No Bust range for that
product. The order is executed at all price levels
between the trigger and limit price. If the order is not
completely filled, the remaining quantity rests in the
market at the limit price.

http://www.cme.com/files/GlobexRefGd.pdf

Dang, that could have been fun. (Sure somebody's already thought of it, though)