Market orders on Emini S&P

T

Tea

I have not placed a market order on the emini s&p in a couple of years. Always using limit orders and getting filled at the offer (if buying) and bid (if selling).

Back then it seemed that they use to ding you .25 if you placed a market order vs. a limit. Is this still true?

The reason I am asking is because my order execution system is off by about 2-3 minutes for some reason Patsystem/Refco, and a market order is the only way to go for now.

thank you.
 
Can you place a true market order. I thought Globex only accepted limit orders? Or do you mean the synthetic market order offered by some brokers?
 
No, you will not get dinged. A mkt order is the same as a buy limit ask as far as the fill goes. Technically, it is converted into a buy limit ask plus 4.00. But if the mkt doesn't move you will hit the bid or lift the offer.
 
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