MBTrading Problems
- Thread starter GTS
- Start date
I happened to be reviewing my MB account for tax purposes and noticed some odd data charges: I did not sign up for COMEX full size quotes but suddenly in Oct 2011 I was charged $61 for it. The charge was reversed the next day (unknown to me). Nothing for November then in Jan 2012 I was again charged $61 for COMDEX - this time it was not auto-reversed.
I also saw a couple of other minor weirdness going on with Nasdaq Level 2, charged out of the blue, reversed, and then charged again - nothing that inspires confidence. I documented the whole mess and opened a ticket with them.
MB customers may want to review their cash history (on the Penson site, Account Information->Cash History) and look for unexpected entries.
I also saw a couple of other minor weirdness going on with Nasdaq Level 2, charged out of the blue, reversed, and then charged again - nothing that inspires confidence. I documented the whole mess and opened a ticket with them.
MB customers may want to review their cash history (on the Penson site, Account Information->Cash History) and look for unexpected entries.
What you explained for the COMEX $61 fees is exactly what happened to me. As of 10/07/11, COMEX full quotes were shown as free on MBT website and in MBT Client Account Market Data Subscriptions. At some point in time after 10/07/11, MBT changed the COMEX fee wording from free to what you now see on their website and also what is now shown in MBT Client Account Market Data Subscriptions. I was signed up for free COMEX free full quotes on 10/07/11 and MBT later changed their wording to $61 for COMEX full and free for COMEX Mini quotes. MBT will most likely charge your account $61 for COMEX full quotes for January and February 2012. I cannot prove to MBT when MBT changed their wording with respect to COMEX fee changes. MBT usually takes the position that MBT never makes mistakes, is always right, and the client is wrong and at fault.
FYI: MBT sent out an e-mail on Wednesday, 11/30/11, informing customers of changes to data feed pricing (see below)
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Dear Valued Customer,
We are writing to inform you that MB Trading has changed its data feed offerings. If you generate at least $25 per month in aggregate commissions across all equities, options and futures accounts per username login you will receive NYSE, AMEX, NASDAQ, Options Data, Futures E-mini data (CBOT,CME,COMEX, NYMEX) for FREE. Otherwise the cost will be $6 per month.
Additionally, we have changed our pass-through charges for full-size Futures contracts. All full-size Futures data, aside from ICE, now cost $61 per month. ICE futures will cost $65 per month.
A quick guide of the changes are below for your convenience.
Market Data Express Indexes (CBOE) $2.00
NASDAQ Level II $10.00
NASDAQ Totalview $15.00
NYSE ArcaBook $10.00
Toronto Stock Exchange $9.50
COMEX (Full Size Contracts) 1/1/2012 $61.00
CME (Full Size Contracts) $61.00
CBOT (Full Size Contracts) $61.00
NYMEX (Full Size Contracts) 1/1/2012 $61.00
ICE Futures US $65.00
ICE Futures US 1/2/2012 $75.00
1. The non-professional Data Bundle is free to clients who generate at least $25 per month in aggregate commissions across all equities, options and futures accounts per username login. Forex activity is not included in this calculation. Applicable commissions will be attributed only to trades that were entered under the username login. For example, a desk trade would not count toward the $25 commission level. Those clients who do not reach the $25 commission level in a calendar month will be charged a $6 per month data fee that will be deducted from the account with the largest cash balance. If the client does have an account with a sufficient cash balance to be charged this data fee the Level 1 Data Bundle will be automatically removed from the account. The client will be responsible to add cash or to liquidate sufficient positions in an account to provide the cash balance sufficient to cover this fee.
2. Requires a funded Futures-enabled account. In order to receive market data for futures, all users must complete the Uniform Subscriber Agreement during the online futures account application or available at this link. This completed document can be faxed (310-388-3115) or emailed to newaccounts@mbtrading.com.
3. All data feeds will be automatically disabled once an account value (including cash and positions) has fallen below $100. Data feeds may be reactivated with additional funding and by emailing support@mbtrading.com.
Good Trading,
MB Trading
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Dear Valued Customer,
We are writing to inform you that MB Trading has changed its data feed offerings. If you generate at least $25 per month in aggregate commissions across all equities, options and futures accounts per username login you will receive NYSE, AMEX, NASDAQ, Options Data, Futures E-mini data (CBOT,CME,COMEX, NYMEX) for FREE. Otherwise the cost will be $6 per month.
Additionally, we have changed our pass-through charges for full-size Futures contracts. All full-size Futures data, aside from ICE, now cost $61 per month. ICE futures will cost $65 per month.
A quick guide of the changes are below for your convenience.
Market Data Express Indexes (CBOE) $2.00
NASDAQ Level II $10.00
NASDAQ Totalview $15.00
NYSE ArcaBook $10.00
Toronto Stock Exchange $9.50
COMEX (Full Size Contracts) 1/1/2012 $61.00
CME (Full Size Contracts) $61.00
CBOT (Full Size Contracts) $61.00
NYMEX (Full Size Contracts) 1/1/2012 $61.00
ICE Futures US $65.00
ICE Futures US 1/2/2012 $75.00
1. The non-professional Data Bundle is free to clients who generate at least $25 per month in aggregate commissions across all equities, options and futures accounts per username login. Forex activity is not included in this calculation. Applicable commissions will be attributed only to trades that were entered under the username login. For example, a desk trade would not count toward the $25 commission level. Those clients who do not reach the $25 commission level in a calendar month will be charged a $6 per month data fee that will be deducted from the account with the largest cash balance. If the client does have an account with a sufficient cash balance to be charged this data fee the Level 1 Data Bundle will be automatically removed from the account. The client will be responsible to add cash or to liquidate sufficient positions in an account to provide the cash balance sufficient to cover this fee.
2. Requires a funded Futures-enabled account. In order to receive market data for futures, all users must complete the Uniform Subscriber Agreement during the online futures account application or available at this link. This completed document can be faxed (310-388-3115) or emailed to newaccounts@mbtrading.com.
3. All data feeds will be automatically disabled once an account value (including cash and positions) has fallen below $100. Data feeds may be reactivated with additional funding and by emailing support@mbtrading.com.
Good Trading,
MB Trading