MBTrading Problems

[GTS]

Quote from DTrade88:

FYI: MBT sent out an e-mail on Wednesday, 11/30/11, informing customers of changes to data feed pricing (see below)

----------------------------------------------------------------------------------


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
..snip..

Thanks DTrade88. I have all my email setup to go to two different accounts automatically (domain forward), my ISP email and Gmail. A copy of that email does not exist in either location for me so I doubt I received it.

Regardless, it is not clear to me from that email that COMEX full size went from FREE to $61, just that the fee changed from something to $61 on that day.

Interestingly I was charged the first time on 11/16/2011 which is a couple weeks before that email was sent.

Also I was not charged a fee for November so they are clearly screwed up.

 

[Catoosa]

Quote from DTrade88:

FYI: MBT sent out an e-mail on Wednesday, 11/30/11, informing customers of changes to data feed pricing (see below)

----------------------------------------------------------------------------------


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

I have an email account number I use for correspondence only with MBT. I have checked this account and found no such email in the in-basket, spam folder, or trash folder. I do not think MBT sent this email to me.

Market data fee subscription agreements are contract agreements. If a broker changes a market data fee, the broker needs to cancel the existing contract agreement and have the client sign a new contract agreement with the data fee changes. Broker changes to an existing signed market data fee contract agreement is no longer a binding contract agreement.

 

[DHOHHI]

Quote from GTS:

Thanks DTrade88. I have all my email setup to go to two different accounts automatically (domain forward), my ISP email and Gmail. A copy of that email does not exist in either location for me so I doubt I received it.

Regardless, it is not clear to me from that email that COMEX full size went from FREE to $61, just that the fee changed from something to $61 on that day.

Interestingly I was charged the first time on 11/16/2011 which is a couple weeks before that email was sent.

Also I was not charged a fee for November so they are clearly screwed up. [/QUOTE

I have 2 accounts with MB and another account of a friend that I trade and all 3 accounts received an email.

As far as charges hitting your accounts it may be related to the conversion that Penson was doing late last year -- not sure but a possibility.

 

[DTrade88]

MBT's NYMEX data feed is down

Update: After about 15min on hold, was told by an MBT rep that as of yesterday (2/28/12) current NYMEX and COMEX data subscribers had their NYMEX and COMEX data subscriptions terminated (due to confusion surrounding the new pricing) and had to call in to have NYMEX / COMEX subscriptions added back to their account. No e-mail was sent by MBT giving clients a heads-up...

 

[Catoosa]

Quote from DTrade88:

MBT's NYMEX data feed is down

Update: After about 15min on hold, was told by an MBT rep that as of yesterday (2/28/12) current NYMEX and COMEX data subscribers had their NYMEX and COMEX data subscriptions terminated (due to confusion surrounding the new pricing) and had to call in to have NYMEX / COMEX subscriptions added back to their account. No e-mail was sent by MBT giving clients a heads-up...

This is what MBT should have done at the same time they first implemented each of the pricing changes.

Thank you for letting us know.

 

[GTS]

Quote from Catoosa:

This is what MBT should have done at the same time they first implemented each of the pricing changes.

Thank you for letting us know.

Unreal - they haven't bothered to reply to my support ticket that I put in yesterday morning. Thanks for the update DTrade88.

Edit: My account doesn't show any changes yet and even more funny is that I've never signed any agreement for these feeds, my account looks like this:

COMEX Full Size Contracts [ Not Signed ]
NYMEX miNY quotes [ Not Signed ]
CME Mini Data Package [ Not Signed ]

 

[shopster]

Rule no. 1

never trade with a broker from Cal.

the lads are usually at the wedge in Newport, fully stoked, waiting to max out the richter on a 30 ft. narly breaker riding a big gun.

s

 

[Catoosa]

Quote from GTS:

Unreal - they haven't bothered to reply to my support ticket that I put in yesterday morning. Thanks for the update DTrade88.

Edit: My account doesn't show any changes yet and even more funny is that I've never signed any agreement for these feeds, my account looks like this:

I think MBT has been gathering and reviewing all of the information with respect to this market data confusion problem before deciding how to handle their affected clients. Sure looks like you will not be charged for any of the past subject data since you did not sign any data contract agreements.

MBT could apply for and get CBOT and CME exchange waivers for free client market data for the "Electronically Traded" "Full Size" futures contracts. NYMEX, COMEX, and ICE/NYBOT also offer waivers that reduce the data fees on the electronically traded full size products to about a $1.00 a month but CBOT and CME waivers are the most important to obtain. Most futures brokers offer these pass through waivers for their clients with a futures account (TD Ameritrade, Interactive Brokers, Lightspeed, etc.). I think any broker serious about offering futures trading obtains these market data waivers for the electronically traded full size contracts. MBT needs to seek-out and obtain these waivers.

 

[BlueTurtle]

I had an account with MB once, but they didn't let me trade at night. Other firms allowed night trading.

It's like two Coke Machines. One is 50 cents and open 24/7 and the other is 60 cents and you can only buy a can during the hours of 9 am til 4 p.m.

It is now 5 p.m.

Go with IB....but they have flaws as well.

Just not as many

 

[DTrade88]

"Trading temporarily unavailable for accounts..." since 6:30pm EST. Just called trading desk (tech not answering their phones), no ETA from tech when this will be fixed. Almost 30 mintues now and counting.

UPDATE: access to account balances and positions restored at 07:15pm EST after approximately 45 minutes of downtime.