MB Trading having futures problems !!

C

cajunboy

Problems for last two days started with erroneous overnight positions because their clearing firm, Penson, does not seem to know that YM futures trade until 5 PM EST.
Someone supposedly corrected the problem yesterday, 6/29, but much to my surprise and others I am told, now I have an erroneous position in the opposite direction of the original error.
Account totally messed up, margin calls and cannot trade, but no one seems to be able to determine the screw-up of the original screw-up.
All I get on the phone are people who are going to look into the problem but no one seems to have a clue at this time. I am told they might have an answer today, but hopefully Monday at the latest.

Now that is very comforting to say the least..............
 
Quote from cajunboy:

Problems for last two days started with erroneous overnight positions because their clearing firm, Penson, does not seem to know that YM futures trade until 5 PM EST.
Someone supposedly corrected the problem yesterday, 6/29, but much to my surprise and others I am told, now I have an erroneous position in the opposite direction of the original error.
Account totally messed up, margin calls and cannot trade, but no one seems to be able to determine the screw-up of the original screw-up.
All I get on the phone are people who are going to look into the problem but no one seems to have a clue at this time. I am told they might have an answer today, but hopefully Monday at the latest.

Now that is very comforting to say the least..............
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Really!!!!!!!!!!!!!!!!!!!!!!!!!
 
Sorry to learn about that. Hope things get resolved quickly and satisfactorily.

I'd suggest once things are resolved that you choose a more well capitalized broker who has low commissions like MB. Maybe keep MB as backup.
 
it's funny you mention mb trading. i have accounts with both mb and ib trading and do options only. many times i place the same trade with both. for months now i've noticed my ib trades getting in the middle of the bid/ask and not mb. i've even placed an mb order got no fill cancelled and then reentered on ib and immediately got filled. well the other day i decided to call and confront mb of why this is happening. these were on index options so i figured they all went threw the cboe. well much to my suprise i called mb and they said ib's were going on cboe but there's weren't i said were are they going? they transferred me to another dept and the guy would only say thats proprietery info. i laughed and said you are selling order flow. he snapped back not neccesarilty. this is why mb doesn't charge to cancel orders they're making some order flow payments.
 
ddunbar correct. mb is a great back up broker. ib is far far superior on everything from quote speed to commissions. yesterday when the fed lowered my main futures vendor lagged huge but ib was spot on. overall after being with 20 brokers in 6 years ib is the hands down overall best
 
Quote from bighitter1:

it's funny you mention mb trading. i have accounts with both mb and ib trading and do options only. many times i place the same trade with both. for months now i've noticed my ib trades getting in the middle of the bid/ask and not mb. i've even placed an mb order got no fill cancelled and then reentered on ib and immediately got filled. well the other day i decided to call and confront mb of why this is happening. these were on index options so i figured they all went threw the cboe. well much to my suprise i called mb and they said ib's were going on cboe but there's weren't i said were are they going? they transferred me to another dept and the guy would only say thats proprietery info. i laughed and said you are selling order flow. he snapped back not neccesarilty. this is why mb doesn't charge to cancel orders they're making some order flow payments.
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Transparency at MB Trading in non-existent. Whereas with IB, it's very transparent. They're upfront about nearly everything. Even with their forex trades. You know what bank executed the order or if your trade was handled between customers.
 
yes why is mb hiding were your order is routed?i thought they had to disclose that? same with there stock fills. whats mbtx route? aren't they satisfied with killing people at an outrageous 1 cent a share?why do they also have to make order flow payment? the only reason i have an mb account is i have 500k or so with ib and i don't want anymore there else it'd all be there. whats amazing to me is how can anyone pay 1 cent a share plus sec fee's when ib's .005 a share and no sec fee. to charge twice as much for 500 or less shares is a crime
 
Quote from bighitter1:

ddunbar correct. mb is a great back up broker. ib is far far superior on everything from quote speed to commissions. yesterday when the fed lowered my main futures vendor lagged huge but ib was spot on. overall after being with 20 brokers in 6 years ib is the hands down overall best
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Yeah MB trading,s quotes lag whenever there is a surge in volume in the ES. This affects my order entry as the limit order is placed to sell on the current ask which doesn't happen and I am getting executed on a delayed ask price and paying the spread.

I will have to look at IB for futures, from what I gather they offer 24hr trading, $3.30 RT vs MB,s $4.50 (is this correct) and better platform?
 
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