Does IB take responsibility? An amazing story
- Thread starter Option Trader
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Quote from zdreg:
lucky for the 90 percent that someone like you and your acolytes, who came out of the closet, decided to enlighten the uneducated hordes who roam without restraint except for the rare good judgement of the moderators.
LOL. Very good.
Seems interesting that your biggest joy is a product of ignorance.
For starters (ROUND I), so you can understand better how this is relevant to YOU, see page 26 of this thread, message by IDS:
1) IB says hundreds or thousands of auto-liquidations occur per day.
2) IB says several cases exist that improper auto-liquidations occur.
Do you think it is the same hundreds or thousands of violators per day?
If an improper liquidation occurs by YOU, will IB reimburse YOU peacefully and easily?
1) IB says hundreds or thousands of auto-liquidations occur per day.
2) IB says several cases exist that improper auto-liquidations occur.
Do you think it is the same hundreds or thousands of violators per day?
If an improper liquidation occurs by YOU, will IB reimburse YOU peacefully and easily?
All in all, this thread was a clear win for IB in my opinion. They demonstrated a caring attitude, technical prowess, and clear understanding of the situation in the face of a rather naive and over-enthusiastic complaint.
To the extent that the thread drags on, it is due to the statistically irrelevant efforts of a one-off customer (if you refute this, where are your brothers in arms?) bemoaning an oddball situation, throwing utopian platitudes against the wall in the increasingly futile hope that something might stick.
Catering to unrealistic fringe users can eat away the profits of most any scale-based business, no matter how well thought out. If only we lived in a perfect world -- one with no tradeoffs at the margin required. Unfortunately we don't, no matter how hard the originator of this thread might wish it were so.
Unsubscribing now.
To the extent that the thread drags on, it is due to the statistically irrelevant efforts of a one-off customer (if you refute this, where are your brothers in arms?) bemoaning an oddball situation, throwing utopian platitudes against the wall in the increasingly futile hope that something might stick.
Catering to unrealistic fringe users can eat away the profits of most any scale-based business, no matter how well thought out. If only we lived in a perfect world -- one with no tradeoffs at the margin required. Unfortunately we don't, no matter how hard the originator of this thread might wish it were so.
Unsubscribing now.
That's actually the best service you can provide to humanity.
Incorrect. The clear win was for the IB customer.
This thread so far has led to IB making corrections & improvements in their algorithms. Also, IB indicated to me on PM that they plan to give Elite Traders some more advanced notice before the auto-liquidations occur--no indication if this means a material difference. Of course some of the flat-footed IB diehards feel quite apologetic and thankful in the aftermath.
Since the auto-liquidate software is designed for IB's convenience, in NO way is IB entitled to more leeway with liquidations at the customer's expense than the ordinary broker.
I indicated before that inappropriate liquidations occurred in this case--which included legs that gave absolutely no benefit to IB, rather increased their "risk" and damaged the customer.
After further review, it seems to me that the liquidations also CAUSED a margin problem, and therefore CAUSED the need for MORE liquidations--albeit IB assured me that the algorithm is highly sensitive regarding margin issues (see page 28).
In short, "WHEN will IB take responsibility"?
You must be impressed with yourself.
Not yet. Only when IB pays the bill.
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