Has anyone been able to escape IB's price cap?

sprstpd said:
Obviously somebody is able to trade at prices that I cannot during these price capping episodes
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This is the key thing. These price caps are unfair because they do not apply to everyone. IB prides itself to give clients the technology to compete, but in this case, they actively put us at a disadvantage. They reduce their commission revenue, too.

--> IB: replace price caps with a second confirmation pop-up window (to avoid data entry errors) unless and until the industry and exchanges uniformly agree to enforce price caps.
 
freedinner said:
--> IB: replace price caps with a second confirmation pop-up window (to avoid data entry errors) unless and until the industry and exchanges uniformly agree to enforce price caps.
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A well though out compromise that IB ought to consider. Have you put forward this suggestion to IB?

Maybe if we all join forces and combine millions of commission over the years, they would listen.
 
sprstpd said:
Obviously somebody is able to trade at prices that I cannot during these price capping episodes (i.e., I see the prints of people trading at prices that I can't). So if this is a regulatory issue, then each broker apparently can implement their own policy for it.
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Exactly. For a retail broker, the compliance officer will make the decision. And the decision will be ... I don't know about other firms, but I don't want to get inquiries from exchanges about these trades! If you are in a prop shop, they may be able to negotiate these things within reason.
 
JSOP said:
If you really find it bothersome, you can create a ticket in the message centre and ask them to remove it.
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It is a common complaint and I’m sure IB has decided for business or compliance reasons to maintain this policy despite making some customers, including myself, unhappy from being unable to take advantage and lost opportunities in volatile markets. Yes, you can call in or make a chat request to “widen” the price cap, but it’s still a limit, just somewhat less restrictive than before, and takes a few minutes which can be critical.

If you run into this issue often, get a secondary broker who doesn’t have a policy like this, although most have something similar. The difference is that TDA or E*TRADE are trying to prevent some retail fat-finger mistake (which they might feel obligated to reimburse), not IB who caters to pros. You’d think IB would offer an configuration option to turn off the price cap (possibly with a legal release) or a secondary confirmation before allowing the order (“dude that’s 40% below the last trade from yesterday, are you really sure?”).
 
MoreLeverage said:
It is a common complaint and I’m sure IB has decided for business or compliance reasons to maintain this policy despite making some customers, including myself, unhappy from being unable to take advantage and lost opportunities in volatile markets. Yes, you can call in or make a chat request to “widen” the price cap, but it’s still a limit, just somewhat less restrictive than before, and takes a few minutes which can be critical.

If you run into this issue often, get a secondary broker who doesn’t have a policy like this, although most have something similar. The difference is that TDA or E*TRADE are trying to prevent some retail fat-finger mistake (which they might feel obligated to reimburse), not IB who caters to pros. You’d think IB would offer an configuration option to turn off the price cap (possibly with a legal release) or a secondary confirmation before allowing the order (“dude that’s 40% below the last trade from yesterday, are you really sure?”).
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Oh I am out of IB; I have had it with their ridiculous margin, the crappy platform and everything. I am finished and done with them. So glad I left. Good riddance!! I am currently with TOS and Tastyworks. SO MUCH better. Night and day difference!! No more looking over my shoulder to try to find out how much IB extorted more money.
 
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