Here is my email to IB:
xxxxxxx wrote on 03/14/2006 02:09:29 PM:
> Acct name:xxxxxx>
> Date 14 March, 2005
> Client Order ID: 366258183
>
> I read your website about your new service to trade cme pit
> contracts, see attached _screenshot:
>
http://www.interactivebrokers.com/en/trading/exchanges.php?
> exch=cme&ib_entity=llc
> and decided to try the meats.
>
> So, early today I entered an order to sell 2 june Live Cattle at 79.15 stop.
>
> A few hours later, it traded down through that price and when I did
> not get a fill in about 15 _minutes I called up_ 877-442-2757 and
> "Bob" checked on the order. He said that only limit _orders are acceptable.
>
> That is not what I had read on you website, see above attachment,_
> which says that IB _simulates 5 other types of orders including "Stop".
>
> When one then clicks on the highlighted "Stop" one goes to another
> IB page, a screenshot _of which I have attached herewith:
>
http://www.interactivebrokers.com/en/trading/orders/stop.php_
>
> Which defines "stop orders": "Sell Simulated Stop Orders become market _orders
> when the _last traded price is less than or equal to the stop price."
>
> I doubt that I am the first person who entered an order other than a
> limit order for you it _service, and therefore IB knew that the
> information on their website was false and did not _accurately
> reflect the services that you would provide when orders were entered.
>
> You customer service people said there was no way to put the
> position into my account but _that I should email you_ for
> compensation. Because nobody knows whether the live cattle _will
> continue to fall tomorrow, or will rally, the only neutral way to
> compute compensation _therefore is from today's close.
>
> June live cattle closed at 78.55, so my contracts would have been 60
> points in the money.
>
> compensation due:
>
> 2_ contracts X 60_ points X $ 4/pt= $480
>
> Thank you,
>
> xxxxx
>
> Acct #xxxxx
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
_Here is IB response to me:
Dear Trader,
IB would not compensate you based upon incorrect information
on the web site as there is a disclaimer posted to our home page
that basically states that we do not indemnify the information
provided against error or omissions:
_
âDisclaimer
The contents of this Web Site are believed to be reliable, but the accuracy or completeness of any information contained herein is not guaranteed and members of The Timber Hill Group shall not in anyway be liable for any delay in keeping such information current. Members of The Timber Hill Group specifically disclaim all warranties, express or implied, except those derived from its executed Customer Agreements.
Although Interactive Brokers believes that the information provided on these pages is accurate, it provides no warranty with respect thereto. The information may not be suitable for all persons; it should not be relied upon in connection with a particular investor's trading; and, is not intended to be, nor should be construed as, an offer, recommendation or solicitation. Interactive Brokers does not provide investment advice, and it only accepts Customers who have read and understand the relevant risk disclosure documents. The information on this web site is not intended for persons who reside in jurisdictions where providing such information would violate the laws or regulations of such jurisdiction.â
Regards,
John W
IB Customer Service
