def
Sponsor
one,
what i mean by there are no guarantees in electronic trading is that while the odds are extremely small, at any given time a systemic problem or circumstance could occur that is out of the norm. An extreme example is the case of Eurex when an input error moved the markets and it took Eurex 5 hours to determine that trades under X level would be busted. This doesn't address broker error but again, quite often clients complain that a system is down when in fact, windows crashed, their internet connection was slow, they made an input error, etc. Each case needs to be examined indepentently. Rarely do people complain when a so called error is in their favor. We usually hear the few cases when something went array -especially due to my presence on this forum. It has become a nice whipping board anytime someone is dissastified with the service. MDM still didn't give all the facts. (If he's willing to PM with any backup info, i'd be glad to dig in to get the specifics and give a confirmation- w/o that and the use of some of the terminolgy, i'm not convinced the initial post is not a plant from a competitor or someone with an axe to grind).
lundy's experience is different. we definately had network problems earlier in the year. it probably should have been handled differently on our end. a couple things not mentioned - hopefully I won't get beat up on this but, if you are trading that kind of size, you should have a backup broker. In addition, he mentions 10K a day in commissions. While 40K is huge, the commission savings compared to other brokers at the time were probably far larger. since then things definately have improved. but i don't know all the facts and what I just said doesn't make up for the fact that he was burned by an outage. metoxx's case is 3+ years old. the options exchanges just started multiple listings and sometimes getting info from an exchange was and still is a nightmare. overall, i hope he'd agree that he's been treated fairly over the years.
there is a change occuring on the help desk where a new person is taking over. hopefully he'll be able to implement policies and procedures to speed up and improve the communications between the different groups. This does take time. IB has a larger customer base than most of the DA brokers. The number of clients, funds and volume continues to grow. This hasn't happened by chance. There is so much going on behind the scenes that isn't evident in these postings. The firm does care about its clients. Are there disgruntled clients - yes. However, I've also rec'd PM's from current happy IB traders who have left some of the other firms mentioned about how or why they weren't happy where they were. anyway, hopefully i addressed your issues.
what i mean by there are no guarantees in electronic trading is that while the odds are extremely small, at any given time a systemic problem or circumstance could occur that is out of the norm. An extreme example is the case of Eurex when an input error moved the markets and it took Eurex 5 hours to determine that trades under X level would be busted. This doesn't address broker error but again, quite often clients complain that a system is down when in fact, windows crashed, their internet connection was slow, they made an input error, etc. Each case needs to be examined indepentently. Rarely do people complain when a so called error is in their favor. We usually hear the few cases when something went array -especially due to my presence on this forum. It has become a nice whipping board anytime someone is dissastified with the service. MDM still didn't give all the facts. (If he's willing to PM with any backup info, i'd be glad to dig in to get the specifics and give a confirmation- w/o that and the use of some of the terminolgy, i'm not convinced the initial post is not a plant from a competitor or someone with an axe to grind).
lundy's experience is different. we definately had network problems earlier in the year. it probably should have been handled differently on our end. a couple things not mentioned - hopefully I won't get beat up on this but, if you are trading that kind of size, you should have a backup broker. In addition, he mentions 10K a day in commissions. While 40K is huge, the commission savings compared to other brokers at the time were probably far larger. since then things definately have improved. but i don't know all the facts and what I just said doesn't make up for the fact that he was burned by an outage. metoxx's case is 3+ years old. the options exchanges just started multiple listings and sometimes getting info from an exchange was and still is a nightmare. overall, i hope he'd agree that he's been treated fairly over the years.
there is a change occuring on the help desk where a new person is taking over. hopefully he'll be able to implement policies and procedures to speed up and improve the communications between the different groups. This does take time. IB has a larger customer base than most of the DA brokers. The number of clients, funds and volume continues to grow. This hasn't happened by chance. There is so much going on behind the scenes that isn't evident in these postings. The firm does care about its clients. Are there disgruntled clients - yes. However, I've also rec'd PM's from current happy IB traders who have left some of the other firms mentioned about how or why they weren't happy where they were. anyway, hopefully i addressed your issues.