... customers who have semiconductor index options (SOX) have no positions showing up on their position screen. Can you believe this? But as many already know, when you call them they are not aware (at 8:50 CT) that there is an issue. So you are placed on hold several times. Then you are told they have a "database" problem and "they're working on it". Yet when you first called you will hear a message saying "all IB systems are working normally".
Like so many have claimed on these boards and in brokerage reviews, it is true these guys (in customer service) could CARE LESS about YOU as a loyal customer. I hate to be rude but I guess it's like pulling down a pay check at McDonalds, apparently. Only most of the time you are treated better ordering a big Mac and fries than when you have been a loyal customer for two years, and given IB commission etc.
And you are for sure just a number to IB's arrogant higher-management, in my opinion
I talk with a manager today and he says "we don't warrant our software"! Translated.... they are willing to let a small customer get banged and hide behind some weasel-disclosure that some maggot attorneys write (and I have a law degree from Northwestern and once practiced, so I know the game). My view is a contract or business relationship is only as good as the people involved. You can have all the contracts and disclaimers available under our inane legal system with it's rules and case law, but when there is an issue you really find out the character of the firm you are doing business with.
But THERE IS MONEY ON THE LINE when they have these glitches in their so-called "NON-WARRANTED" software, and because it's not IB's they really do think much about it. The most enraging part of this and why I am so pissed is all of this is from a firm that hypocritically blabs on and on about how they are so oriented to proper RISK managemnt !! Hey Mr. Peterffy how would YOU manage risk when positions are not being shown by one's agent (IB in this case) as an existing open position on the IB screen?
Well I guess in this country, and most particularly in this industry you can get away with just about anything without recourse and with impunity. Just hire enough lawyers to protect you from mistakes, whether inadvertent or not.
Sure when it is THEIR money at risk!
But let there be a problem and these guys could care less about any smaller customer's money. It's like this... today we have a million lawyers and a billion disclaimers to enforce 10 SIMPLE Commandments. One of which is don't knowingly cheat your customer. If you get banged by their error, at least they should be willing to see if the customer is rightully due anything (likely a small sum) for this issue regardless whether your attorneys did their job. This will not set a damaging precedent for IB, or open the flood gates. You'll still be able to keep your corporate jets expensive cars and yachts!
.... be stand-up guys about the issue and try to help smaller customers (meaning not a hedge fund client or 500K individual account or more) that may or may not have incurred some damage by this error. After all IB is not oriented to phoning in an order. So a problem like this has monetary repercussions since realistically one cannot trade if the positions ar not on the screen. And with short/long options on an index its difficult in smaller accounts to lift the long SOX call and hold the short intra-day looking for a swing lower for example.
As I conclude this at 10:37 Chicago time I still do not see my short option positions in SOX 430 June calls appearing on my IB trading screen so I cannot realistically trade them.
I will write more on this later as right now I'm going to take a walk, and not allow IB's periodic issues to ruin a perfectly beautiful day.
Ice
Like so many have claimed on these boards and in brokerage reviews, it is true these guys (in customer service) could CARE LESS about YOU as a loyal customer. I hate to be rude but I guess it's like pulling down a pay check at McDonalds, apparently. Only most of the time you are treated better ordering a big Mac and fries than when you have been a loyal customer for two years, and given IB commission etc.
And you are for sure just a number to IB's arrogant higher-management, in my opinion
I talk with a manager today and he says "we don't warrant our software"! Translated.... they are willing to let a small customer get banged and hide behind some weasel-disclosure that some maggot attorneys write (and I have a law degree from Northwestern and once practiced, so I know the game). My view is a contract or business relationship is only as good as the people involved. You can have all the contracts and disclaimers available under our inane legal system with it's rules and case law, but when there is an issue you really find out the character of the firm you are doing business with.
But THERE IS MONEY ON THE LINE when they have these glitches in their so-called "NON-WARRANTED" software, and because it's not IB's they really do think much about it. The most enraging part of this and why I am so pissed is all of this is from a firm that hypocritically blabs on and on about how they are so oriented to proper RISK managemnt !! Hey Mr. Peterffy how would YOU manage risk when positions are not being shown by one's agent (IB in this case) as an existing open position on the IB screen?
Well I guess in this country, and most particularly in this industry you can get away with just about anything without recourse and with impunity. Just hire enough lawyers to protect you from mistakes, whether inadvertent or not.
Sure when it is THEIR money at risk!
But let there be a problem and these guys could care less about any smaller customer's money. It's like this... today we have a million lawyers and a billion disclaimers to enforce 10 SIMPLE Commandments. One of which is don't knowingly cheat your customer. If you get banged by their error, at least they should be willing to see if the customer is rightully due anything (likely a small sum) for this issue regardless whether your attorneys did their job. This will not set a damaging precedent for IB, or open the flood gates. You'll still be able to keep your corporate jets expensive cars and yachts!
.... be stand-up guys about the issue and try to help smaller customers (meaning not a hedge fund client or 500K individual account or more) that may or may not have incurred some damage by this error. After all IB is not oriented to phoning in an order. So a problem like this has monetary repercussions since realistically one cannot trade if the positions ar not on the screen. And with short/long options on an index its difficult in smaller accounts to lift the long SOX call and hold the short intra-day looking for a swing lower for example.
As I conclude this at 10:37 Chicago time I still do not see my short option positions in SOX 430 June calls appearing on my IB trading screen so I cannot realistically trade them.
I will write more on this later as right now I'm going to take a walk, and not allow IB's periodic issues to ruin a perfectly beautiful day.
Ice
