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Date/Time: Fri, 27 Jan 2023 17:36:38 +0000

Post From: Now Released: Upcoming CME / EUREX Direct Routing

[2021-04-17 21:01:07]
Sierra Chart Engineering - Posts: 104348
One question that has come up, is the obvious danger of an order flowing through to the exchange, without any limitation. No margin check, no position quantity check, no order quantity check.

This cannot happen with the way the order routing is designed but as an extra layer of safety we are going to do the following:

When a new order or order modification reaches what we call the CME trading service client, if it did not pass either a margin check or position quantity check, it will be rejected. At this point, this would be considered a third safety check.

Additional checks to ensure that a Order and Position quantity check is performed.

When a fill is received from the CME gateway for an outright futures contract or a leg of a spread, we will ensure that the position quantity changes. If it does not, this indicates, there is some problem with tracking the position which can then lead to a problem with the position quantity checks effectively not being meaningful. An alert will be generated in this case.

Also for the record, there has not been a known case, where when Sierra Chart is tracking positions fully on its own, that there has been a failure with this.


One example of a problem that arises, when there is not a safety check on orders going to the exchange, is what happened when crude oil went negative and on the interactive brokers platform it was possible for someone just to put an unlimited amount of crude oil orders in, with no restriction. Since the margin always evaluated to zero. As we understood, this cost Interactive Brokers 80 million USD.

This cannot happen with the Sierra Chart direct order routing system, because an order will be rejected unless it passes either a margin check which must be a positive value, or a position quantity check with a preset limit by the firm. And actually a position quantity check is required. Orders will not go through without a position limit being set.
Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy:

For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service:
Sierra Chart Teton Futures Order Routing
Date Time Of Last Edit: 2021-04-24 20:10:02