IB retail pit access or not ???

[SideShowBob]

I've never had an account large enough to trade SPs until I started with IB...but they haven't had them. Very interesting.....does the same apply to RL and ER2? What about MD and EMD? That could save me some commissions....I like to leg out of positions....buy one SP then counter with ES contracts until I'm flat....

SSB

 

[alanm]

I understand that they are fungible as far as the CME clearinghouse is concerned. What I'm more interested in, as SSB suggests, is how it will be implemented at IB - whether selling 1 SP or 5 ES on the floor will immediately flatten a +1 SP or +5 ES existing position in terms of buying power/perf bond requirements, account display, etc., flatten it overnight, or be carried as separate positions until you unwind them.

I have experience from a couple years ago with 6E and E7, where, even though they were theoretically fungible, both positions were carried in my account, and I had to liquidate each position separately instead of just letting them offset each other at final settlement.

 

[ids]

Our implementation is:
1. If you buy 1 SP and sell 5 ES futures, you will have all of them in the account. SPAN Margin will be 0 but haircut margin 6*$50 = $300 maintenance will be in effect.
2. If you buy 1 SP on CME and sell it on GLOBEX, the position will disappear.
The same logic is applicable to any double-listed futures.

 

[SideShowBob]

ids does this only apply to ES/SP or also to ND/NQ? Are there any plans to offer other pit traded futures such as RL, MD, etc?

On another note will you be able to close out a long SP / short 5 ES position as a spread (assuming you use Globex)?

SSB

 

[SethArb]

will retail accounts be able to arb SPX and ES
round the clock or only during RTH ?

*( note ... the arb is usually too tight )

 

[ids]

SideShowBob,
1. Same logic works for ND/NQ or any similar pair. We will eventually offer the whole pit. The current list is on our margin page http://www.interactivebrokers.com/en/trading/marginRequirements/margin_amer.php?ib_entity=llc. Look for CME there.
2. Sorry, I do not know.

 

[SideShowBob]

Quote from ids:

SideShowBob,
1. Same logic works for ND/NQ or any similar pair. We will eventually offer the whole pit. The current list is on our margin page http://www.interactivebrokers.com/en/trading/marginRequirements/margin_amer.php?ib_entity=llc. Look for CME there.
2. Sorry, I do not know.

Thanks! You guys should set up an FAQ page with a lot of the answers you posted here. This lack of information is the pits

 

[himself]

Quote from def:


CME floor products (pit) are now available through IB. The first offerings are futures as follows:
1. Euro Dollar IB Underlying: GE Trading Class: ED
2. S+P 500 IB Underlying: SPX Trading Class: SP
3. Live Cattle IB Underlying: LE Trading Class: LC
4. Lean Hogs IB Underlying: HE Trading Class: LH
5. Nasdaq IB Underlying: NDX Trading Class: ND
6. Euro FX IB Underlying: EUR Trading Class: EC
7. Canadian Dollr IB Underlying: CAD Trading Class: CD
8. Japanese Yen IB Underlying: JPY Trading Class: JY
9. Aussie Dollar IB Underlying: AUD Trading Class: AD


WARNING!
Be careful when loading the symbol into the TWS that you do not by mistake elect the electronic Globex based contract, instead of the pit contract. I made that mistake much to my di$may.

 

[ids]

Please, look at CME information at
http://www.interactivebrokers.com/en/trading/exchanges.php?exch=cme&ib_entity=llc
and
http://www.interactivebrokers.com/en/trading/marginRequirements/margin_amer.php?ib_entity=llc
Our current offering is much bigger and all identifiers are clearly presented. If you want to deal with the floor, chose CME, not GLOBEX as an exchange in TWS menu.

 

[slackeral]

Don't go trading the Russell and naz on the floor thru the computer unless you really really have to would be my advice. I dont know about sp but probably the same applies. It is better to call the floor and get quoted a price you will be getting first. I dont know maybe IB can say if they have somone in the riing with one of the electronic terminals or if its a runner bringing it to a broker from a desk. Big difference im sure.