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I did have the impression from posts on the IB board that the reason direct-routed orders were $1.95 instead of $1.00 was to cover the cancellation fees. This cancellation fee is no big deal since I rarely direct-route an order (why pay $1.95 instead of $1.00) and when I do it's usually to get...

It's worth taking into consideration. You never know. Of course, other brokers charge so much higher fees for options commissions that they would not need to charge for cancellation fees from the exchanges. The extra fees are already included in their standard commissions.

That's their intent, isn't it, to drive us out of the options market. The $1.20 cancel fee for direct-routed orders is not nearly as obscene as restricting us to only close three trades on the day opened within any five days. This cripples our ability to deal with options.

Tell NASD and SEC your opposition to these restrictions. www.pubcom@nasd.com www.ombuds@nasd.com www.marketreg@sec.gov Each e-mail they get is one more voice of opposition they have to reckon with I assure you they aren't reading these boards or caring the least what points anyone is...

There goes my last holdout of hope for a workable solution

Correct, with one possible exception. Of course I'm not even sure what broker you use, so I don't know what rules they apply. The exception is that since options are non-marginable, if you buy enough options that you are left with less than $25,000 margin equity in your account you may be...

poor kitty! :(

unless you bought on margin

If your account is a margin account you should have no problem. If it's a cash account, unless their policy has recently changed, you won't be able to buy an option priced under $1.00. But if you own an option that has fallen below $1.00 and want to sell it, you can sell it. The...

The new Classifieds topic below this one might be worth posting this in too

SSF should trade after hours if they're going to really be futures.

Citicorp fell on e-mail scandal. The guy who wrote them (two years ago, and no longer with the company) has admitted he made fabricated claims in them. Today's low was $34.30 Will it likely continue lower tomorrow, next week? Or is this a good time to buy?

www.bigcharts.com Click Markets, then Stock Screener

An easy place to start: http://uk.finance.yahoo.com

That would explain it. Thanks

The Interactive Brokers TWS system

I thought the system was designed to prevent electronic placing of orders without human assistance. But if you could create such a program, and it was programmed for SMART order routing (why wouldn't it be?) you still wouldn't get charged. It would just lay on more cancellation fees that IB...

My TWS gives the choice of SMART or CBOE for OEX. Not much reason to use direct route when there's only one exchange choice anyhow! You'd be paying an extra $.95 for nothing :)

It means if you submit an options order routed direct to a specific exchange, then cancel that order, there will be a fee of $1.20 for the cancellation. Each executed order will cancel out one cancel-fee from the same day. So if you get one trade for each cancelled order, there's no fee...

They're not going to charge a cancellation fee for an unexecuted day order. I wouldn't violate the 15 second rule if I waited more than 15 seconds