Tripack - you're correct that the only native Globex order is a limit order, but there is a front end that transforms market orders to limit orders based on CME parameters.
The broker can do the transform (apparently what IB calls simulation) themselves of course if they choose to but the Globex front-end can also do it. What I'm not sure the Globex front end does though is to cancel and reinitiate the order with a new limit price if the price moves beyond the originally transformed limit price without being filled.
The broker can do the transform (apparently what IB calls simulation) themselves of course if they choose to but the Globex front-end can also do it. What I'm not sure the Globex front end does though is to cancel and reinitiate the order with a new limit price if the price moves beyond the originally transformed limit price without being filled.
There has to be some workable solution without resorting to censorship.