IB - bundled vs unbundled

3)
Do you have a list of exchange which will charge for order modification and/or cancellation?

From the table, I see it list 3 types of orders which incur such charges.

- US Direct API stock orders
- US Direct/Smart TWS + API option orders
- Eurex option and futures TWS and API orders

Any others?


4)
I'm not really sure what Direct / Smart / API / TWS are.

Is Direct / Smart?
Is TWS your Tradestation Platform?
Is API something to do with autotrading?

And it appears to me if I trade US stocks & options, or Eurex option and futures, I will be charged for any modification or cancellation fees, right?

Or not since I'm not an exchange member?

:confused:

Thanks a lot!
 
ddunbar,

No, it's a monthly total. So if you trade 500 during a particular month, you'll be paying the commissions found under the >301 contract tier. It's not pro-rated. It's a monthly cummulative.
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Unfortunately it's not cummulative, as answered by def on 07-08-06 06:33 PM :(

Too bad!


If you're a consummate daytrader, it pretty much makes sense to go unbundled - no carrying charge to worry about. But If you're a position trader doing less than 20k RT a month, it pays to go bundled. But if you mix daytrading with position trading (overnight holds) and you're doing relatively low volume, you're better off choosing bundled.

Also, bear in mind that even at bundled's RT pricing, you can profit off 1 tick in an future or option. IB commissions are very low. Take the E-mini s&P 500(ES) for instance; 1 tick = $12.50. Yet the RT bundled commission is $4.80. Profit: $7.70. Clearly you could scalp. Will $.04 (Unbundled <301) make or break? Nah. But for the HSI, yeah, there's a ~33% difference between bundled and unbundled(<301). And the nightly carrying charge is only $1/day. That gives you a little "breathing" room in the event that you're not flat by day's end a few times.
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Thanks for the excellent advice!
You are so helpful. :)
 
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