Damir's Trading Journal

Correspondence with IB regarding the incorrect fill. Not one word about paying up. So far, anyway:

Dear Trader,

Thank you once again for your patience. The programming department has determined that there was a technical issue that affected modifications on GTC orders. The issue has since been addressed and corrected, and we do apologize for the inconvenience.

You are correct in that a limit order should be executed no worse than the limit price; however, in this instance, due to the technical issue, the multiple revisions were never properly received and thus were not processed as transmitted. Unfortunately, with full electronic systems, there are occasionally technical issues which result in improper transmission, which is what occurred in this instance. Again, the situation has been addressed and corrected.

If you have any further questions, please feel free to contact us again.

Regards,

xxxx
IB Customer Service

==========
To
<help@interactivebrokers.com>

Subject
Re: Incorrect fill

Account No:xxxx
Email:      xxx

Hi, xxxx,

I appreciate your diligence in pursuing this. The order did appear on my screen to have been transmitted, in that it was green. So, I don’t think I should be held responsible for the error. It’s just a small amount of money, but with Limit orders, they are required to be filled at their price or above, yes?

Thanks again, and I’ll be looking forward to hearing from you again with regard to the final resolution.

Regards,
xxxxxxx
==================
on 9/12/03 10:47 AM, help@interactivebrokers.com at help@interactivebrokers.com penned:


Dear Trader,


Thank you for your patience while we continue to investigate the issue.  It appears that the revisions that you attempted to submit on 9/4 were never received by the exchange; thus, the last working price was your revision on 9/3 to 9465.  Hence, this was the execution price.  Our programmers are looking into the details regarding this issue, and we will forward this information to you as soon as it is received.

Once again, we apologize for the delay in responding to your e-mail and thank you for your patience.   If you have additional questions, please feel free to contact IB Customer Service.

Regards,

xxxx
IB Customer Service
==============
To
<help@interactivebrokers.com>

> Account No:
> Email:   

I had an order in to sell x contracts YM Sept 03, for 9469, but it was
filled at 9465. This was at 5:03:26 this morning. Can your people check this
fill, please.
 
You are correct in that a limit order should be executed no worse than the limit price; however, in this instance, due to the technical issue, the multiple revisions were never properly received and thus were not processed as transmitted. Unfortunately, with full electronic systems, there are occasionally technical issues which result in improper transmission, which is what occurred in this instance. Again, the situation has been addressed and corrected.


I will say this once.....THERE ARE NO GUARANTEES


Limit order can be passed by or filled at other prices.


IB is wrong here....

Michael B.
 
Quote from damir00:

long YM @ 9417. hoping to add lower shortly.
More...

I'll Join you in the sub 9400 levels, if we see them, and I havn't nodded off by then...zzz
 
Scalped the YM on the tick chart this morning for about 20 pts. Overall, relatively choppy morning.

Edit: By morning, I mean the first half hour since that's all I traded today.

-FastTrader
 
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