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I don't understand why brokerage firms that currently offer online services still don't get additional INSURANCE about this type of things: you know the use of SIPC is about widespread, why not use additional insurance to cover eventual customer damage by illegal trading activities, security...

Security is a REAL problem nowadays, and it seems that many Online Brokers aren't doing the necessary actions to maintain at least a decent security level. Why? Because they put rules in the Customer Agreement that leave responsibility of ANY trades in the customer account to the customer...

InteractiveBrokers is "self-clearing", too?

Please tell us which products IB should offer in the coming months... For me: 1) EC options (options on EURO/USD futures contracts) 2) CL futures (all crude oil futures on NYMEX, with Nymex Access real-time quotes) 3) CL options on futures Nothing more.

For DEF, please be sure that the trailing log will include the IP number of the originating source of the orders. For security reasons it's important to be able to track down eventual hacking.

Don't think so.

Good for who?? Only for himself. Be sure that this game is not good for investors, traders, and workers.

In my opinion, after the comments released by Greenspan about derivatives, after the comments about "Bye Bye Strong Dollar" (look the Finance section of yahoo.com), it seems that the current US administration wants to discourage trading (any type of trading) and, in general, financial...

Hi Def, we all think IB is reputable and honest, BUT we have now some things that are unacceptable in my opinion. I want to precise that I'm not against IB. I consider IB the best direct access broker in the US, and I'm trading with IB from late '99. However cancel fees need some more...

From what we know, 1.20$ cancel fee is for EACH modification or cancellation, even if the order will stay into the same exchange. Please forget the words: "making a market" ;-)

But I've appreciated your considerations, I'm open to understand different points of view. Life is all that...

ktm, be honest, if you "almost never pay the spread", that means at least 5-10 modifications... Consider the cases when you're unable to obtain a decent fill at all... But now you'll have to pay commissions too... /And only if you're lucky avoiding PHLX and AMEX where your order will be...

ktm, oh my god, have you ever seen an option spread of 1$? It's quite common these days... It's not uncommon to place 8-10 orders (including modifications) to obtain a single decent fill... Or do you like to throw money from your window?

Qdz, the broker you choose to trade (and its commission rate) is really THE DIFFERENCE in trading, from profit to loss! Cancel Fees are a thing bigger than it seems at first glance. Consider a common trader: many people place 80-100 orders/day with only 5-10 executions or even 0 executions...

Yes, I asked their official opinion, still waiting for a reply. I also cited the sources from the IB message board (two threads). Anyway I'm not against IB, I think that IB is a victim too.

So, they're questioning the legitimacy of the fees, too. I'm working on the original letter, reducing the size,revising english and softening the tone, because we already have got some attention. Hope that many other people will send it.

I've received this message from the SEC, too, and have already replied. Let's see what they say.

It seems that complaints about commissions and fees are ranked FIRST on the SEC site: http://www.sec.gov/news/data.htm See also: http://www.sec.gov/complaint.shtml http://www.sec.gov/complaint.shtml Moreover the email address that we used in the letter is exactly what was indicated...

QDZ, as I've said before, we're not making ANY accusation to anyone, nor legal fight. We're just reporting what is happening. Considering this, we must keep our language polite. Eventually even the tone of the SEC letter should be softened, maintaining the subject clear.

ktm, you're right, I know all that. Anyway if they don't want us trading anymore, maybe there are other ways than imposing cancel/modification fees...