ABSTRACT
This chapter looks at the organization of modern futures markets and, in particular, at the structure of trading on futures markets. That is because there is a lot of structure involved in creating and operating an organized futures exchange. Turning to market orders with protection, for a while Globex did not permit classical market orders, such as those we are all familiar with from stock trading. Classical market orders have been replaced by a type of order called market order with protection, which is a classical market order within price bands. Account executives at exchange member brokerage firms transmit these buy and sell orders to 'phone' persons on the exchange floor 'Runners' deliver orders to traders in the appropriate pits on the floor of the exchange.
