CANCEL FEES: Letter to SEC

[gerico]

Quote from qdz3:

The lady I spoke with said they are in the process to launch a formal investigation against both legamacy of the fees and the billing process . They need more witnesses.

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.

 

[qdz3]

I hope you didn't laugh at things like legamacy (legitimacy legitimacy legitimacy ). Thank you very much.

Quote from gerico:





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.

 

[qdz3]

Did you speak with S.E.C regarding this? Thanks.

 

[gerico]

Quote from qdz3:

Did you speak with S.E.C regarding this? Thanks.

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.

 

[qdz3]

Yes, brokers are always pathetic low worms in the food chain, but still above the small investors. Remember that some brokers are not just brokers. They think they will benefit from this. we need to ensure they are wrong.

Quote from gerico:




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.

 

[gerico]

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.
This means the common trader will pay 120 USD per day (!!) only to manifest his willing to trade and to make his trading intentions visible. This is the point. The visibility of broker customers' orders.
Is this a FAIR TRADING practice to impose cancel/modification fees?
This is the question that SEC must reply to.

Quote from qdz3:
Yes, brokers are always pathetic low worms in the food chain, but still above the small investors. Remember that some brokers are not just brokers. They think they will benefit from this. we need to ensure they are wrong.

 

[qdz3]

well. what else can I say but leave

Quote from gerico:

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.
This means the common trader will pay 120 USD per day (!!) only to manifest his willing to trade and to make his trading intentions visible. This is the point. The visibility of broker customers' orders.
Is this a FAIR TRADING practice to impose cancel/modification fees?
This is the question that SEC must reply to.

 

[ktm]

Quote from gerico:

Consider a common trader: many people place 80-100 orders/day with only 5-10 executions or even 0 executions.
This means the common trader will pay 120 USD per day (!!) only to manifest his willing to trade and to make his trading intentions visible.

If you actually rountinely practice what you have stated above, I fear you may be a big part of the CAUSE of the exchanges implementing this rule. If you are cancelling that many orders, the "visibility" you say you are fighting for may be a false prophecy, since few people are obviously able to execute against your posted orders. The argument from you to the SEC may turn into a discussion ABOUT you and your trading habits.

 

[qdz3]

WHAT A FACIST. WHY DOES HIS INVESTMENT HABIT HAVE ANYTHING TO DO WITH YOU? DO NOT GIVE ME CRAPPY A88HOLE CAUSES LIKE THOSE FOR THE PDT RULES.

Quote from ktm:



If you actually rountinely practice what you have stated above, I fear you may be a big part of the CAUSE of the exchanges implementing this rule. If you are cancelling that many orders, the "visibility" you say you are fighting for may be a false prophecy, since few people are obviously able to execute against your posted orders. The argument from you to the SEC may turn into a discussion ABOUT you and your trading habits.

 

[qdz3]

Quote from qdz3:

WHAT A FACIST. WHY DOES HIS INVESTMENT HABIT HAVE ANYTHING TO DO WITH YOU? DO NOT GIVE ME CRAPPY A88HOLE CAUSES LIKE THOSE FOR THE PDT RULES. F8CK YOUR MOTHERS, MARKET MAKERS.