IB stmt over expiry weekend wrong?

K

ktm

I was holding a decent amount of futures option spreads in ES that were deep in the money as of Friday. Knowing they convert to cash, I left them alone. My IB statement just arrived and my account value is down a huge amount according to the statement. After further inspection, it appears that I was not given the cash for the DITM spreads. Looking back over other serial option expirations, there should have been more internal futures transactions to reflect the buying and selling of futures at the strike prices. I will certainly take this up with IB staff once they open, however I was wondering if anyone experienced the same thing or if this was some kind of larger error?

Thanks

ktm
 
update:

After much closer inspection, it appears that none of the internal futures transactions occurred as they should have. I had both spreads and outright options positions that were shown as exercised, however the underlying futures transactions never transpired to move the cash.

I believe this should have been a larger problem. It would seem that anyone holding an (in the money) ES futures option position through expiration would be affected. If you were short in the money options, your account value should have shot up by the amount that should have been debited, and vice versa for those who were long the same.
 
Quote from ktm:

update:

After much closer inspection, it appears that none of the internal futures transactions occurred as they should have. I had both spreads and outright options positions that were shown as exercised, however the underlying futures transactions never transpired to move the cash.

I believe this should have been a larger problem. It would seem that anyone holding an (in the money) ES futures option position through expiration would be affected. If you were short in the money options, your account value should have shot up by the amount that should have been debited, and vice versa for those who were long the same.
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I have the same problems. My ES options are simply "C Ex"ed, there are no correspoding open and settlements. Hard to believe this mistake can happen. :mad:
 
IB must have had a problem since Friday's account statements weren't even available until late this Sunday morning. I haven't noted any errors in mine, but I'm going to recheck it. I wish you luck in getting it straightened out.
 
Same here. All my option positions and expired ones were fine. I wasn't able to get my statement all weekend, there were a lot of things expiring on Friday, and I just thought they were being.
 
Quote from ktm:

I was holding a decent amount of futures option spreads in ES that were deep in the money as of Friday. Knowing they convert to cash, I left them alone. My IB statement just arrived and my account value is down a huge amount according to the statement. After further inspection, it appears that I was not given the cash for the DITM spreads. Looking back over other serial option expirations, there should have been more internal futures transactions to reflect the buying and selling of futures at the strike prices. I will certainly take this up with IB staff once they open, however I was wondering if anyone experienced the same thing or if this was some kind of larger error?

Thanks

ktm
More...

i shorted decent amount of ITM options
my account doubled :D
 
Quote from ktm:

I was holding a decent amount of futures option spreads in ES that were deep in the money as of Friday. Knowing they convert to cash, I left them alone. My IB statement just arrived and my account value is down a huge amount according to the statement. After further inspection, it appears that I was not given the cash for the DITM spreads. Looking back over other serial option expirations, there should have been more internal futures transactions to reflect the buying and selling of futures at the strike prices. I will certainly take this up with IB staff once they open, however I was wondering if anyone experienced the same thing or if this was some kind of larger error?

Thanks

ktm
More...

We're aware of the problem and working to fix it asap. Persons holding US futures options that expired in-the-money on Friday are affected.
 
Quote from cscott:

IB must have had a problem since Friday's account statements weren't even available until late this Sunday morning. I haven't noted any errors in mine, but I'm going to recheck it. I wish you luck in getting it straightened out.
More...
In the 6 years that I have had an account at IB, it has been like this every single options expiration cycle.

In fact, when you asked this question in April 2006, I told you how it worked then.

http://www.interactivebrokers.com/cgi-bin/discus/board-auth.pl?file=/9966/34869.html
 
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