Thanks for your post Fbell, its hard to believe a company can takes weeks to respond to current customers. I will be spending some serious amount of time looking to get another provider. Maybe its time to go Prop.
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IB unbundled NYSE fees are wrong starting 10/1/07
- Thread starter fbell50
- Start date
Thanks for your post Fbell, its hard to believe a company can takes weeks to respond to current customers. I will be spending some serious amount of time looking to get another provider. Maybe its time to go Prop.
Quote from IB Salvatore:
The NYSE updated their schedule intra month. This hadn't been their practice previously. The new schedule will be in place for Friday's trading.
We are making corrections to customers affected by the outdated rates.
Nice, at least we know when it will be fixed.
It also sounds like overchanged customers will get a refund.
Quote from 1Reason:
Thanks for your post Fbell, its hard to believe a company can takes weeks to respond to current customers. I will be spending some serious amount of time looking to get another provider. Maybe its time to go Prop.
I've tried Ameritrade, Etrade, Brown, Fidelity and a host of other brokers and for my needs IB is far and away the best. None of the others offers IB's range of order types, solid but quirky API, and a great cost structure. I have found them very responsive to change requests. They have made at least 3 changes I have requested in the past year. I doubt Ameritrade ever made an enhancement I requested in the 7 years they were my primary broker. But, as I said earlier, in terms of addressing actual problems as opposed to requests for enhancement, Ameritrade responded quickly and effectively.
The biggest downside is IB's slow response to non time-critical issues and their failure to provide adequate feedback on an ongoing problem. Another downside is more stuff breaks with IB. I believe this is due to implementing and supporting the widest range of features among the major brokers with a staffing that is minimal to what they are trying to achieve.
You always have to be on the lookout for stuff that has stopped working. For example, about 2-3 months ago MOC and LOC orders on Island would not be accepted. This cost me when I had to execute the next morning at a worse price. They fixed the problem in 2-4 days. I write this stuff off as a cost of doing business with IB.
Iâm glad IB Salvatore gave us an update, but Iâm waiting in suspense to see if all the pricing issues I raised will be handled as I think they should be.
On 11/23 it looks like IB charged my account properly for adding liquidity but still charged .0008/share (not 0/share) for orders executing on the open.
On 11/26 IB is charging my account correctly for orders executing on the open, but has now got adding liquidity wrong. But at least now they are undercharging. All my add liquidity orders were zero, even the sales. Maybe this just means that they didn't calculate the commission and the nightly statement will show a value. If zero commission persists for a few weeks I might get back to even.
On 11/26 IB is charging my account correctly for orders executing on the open, but has now got adding liquidity wrong. But at least now they are undercharging. All my add liquidity orders were zero, even the sales. Maybe this just means that they didn't calculate the commission and the nightly statement will show a value. If zero commission persists for a few weeks I might get back to even.
Here is my days blotter. not that I mind if the numbers for commissions are correct but I doubt they are.
You can see that i was not charged any commission for the NED trades today.
In an effort to lower my commissions i did not route to SMART but rather to ARCA and all the ARCA trades I added liquidity. I guess IF the numbers are right it worked.....LOL (I do not believe they are)
You can see that i was not charged any commission for the NED trades today.
In an effort to lower my commissions i did not route to SMART but rather to ARCA and all the ARCA trades I added liquidity. I guess IF the numbers are right it worked.....LOL (I do not believe they are)
Attachments
Quote from fbell50:
On 11/23 it looks like IB charged my account properly for adding liquidity but still charged .0008/share (not 0/share) for orders executing on the open.
On 11/26 IB is charging my account correctly for orders executing on the open, but has now got adding liquidity wrong. But at least now they are undercharging. All my add liquidity orders were zero, even the sales. Maybe this just means that they didn't calculate the commission and the nightly statement will show a value. If zero commission persists for a few weeks I might get back to even.
upon looking at my trade execution report I do see that commissions where charged but they did not show up in the TWS 'trades' as I uploaded in my last post. You may want to look at the report and see if in fact you were charged.
Quote from 1Reason:
You may want to look at the report and see if in fact you were charged.
Yes, I was charged the commission, but at least the charge (0/share) was correct for add & on the open orders.
BTW, the charges were only wrong for orders that executed on the NYSE. The last time I looked, Arca orders that add liquidity for NYSE stocks get a credit of .0025/share. That's a lot better than 0/share for NYSE executions.
If there was some way to set the default resting spot under SMART I'd experiment with ARCA. I submitted a new feature request to allow this some months ago, but it's a difficult feature to implement so I do not expect it any time soon.
We did a thorough analysis of MOO and MOC orders submitted during the period we applied an out dated NYSE fee schedule. All customers that elected the unbundled fee structure and submitted these order types received corrective credit adjustments. I apologize for the delay. The issue was poorly escalated, however, once the appropriate people were informed, we moved quickly to credit customers affected by this error.
If there are any remaining discrepancies, please pm me.
If there are any remaining discrepancies, please pm me.