New IB Customer Agreement

ktm · Jun 14, 2002

I think "putting it in writing" is typical of any customer service organization that is holding your funds.

This protects them from you and you from them. The written explanation means that you have no excuse not to know the rules unless you chose not to read it. The ibhelp rep may not get it right every time, and the customer may misunderstand what they say anyway.

I don't think it's just liability concerns - it's the fear of running into the guy who claims to average 5000 shares per trade and is "shopping around" for a retail broker and thinks IB is expensive. Please.

airspeed · Jun 14, 2002

Originally posted by ktm
I think "putting it in writing" is typical of any customer service organization that is holding your funds.

This protects them from you and you from them. The written explanation means that you have no excuse not to know the rules unless you chose not to read it. The ibhelp rep may not get it right every time, and the customer may misunderstand what they say anyway.

Okay, we seem to be on the same page until you write:

______________

QUOTE: I don't think it's just liability concerns - it's the fear of running into the guy who claims to average 5000 shares per trade and is "shopping around" for a retail broker and thinks IB is expensive. Please.

______________

Pardon me...but I don't get your inference.

Jim

ktm · Jun 14, 2002

my fault...sorry about that...

I thought Spark was here on this thread. This inference was actually to the first post on the prior thread "IB commission not cheap" which is also in the retail forum.

My point was that it's customers like him (who make such arcane statements about policies/procedures) who contribute to the need for everything to be in writing.

Wonderduck · Jun 14, 2002

Originally posted by ktm
my fault...sorry about that...

I thought Spark was here on this thread. This inference was actually to the first post on the prior thread "IB commission not cheap" which is also in the retail forum.

My point was that it's customers like him (who make such arcane statements about policies/procedures) who contribute to the need for everything to be in writing.

Haha.. good point.

jaan · Jun 14, 2002

Originally posted by esc_trader
Def - I know people have asked for fraction of a cent order entry.
What about hidden and reserve ISLD INCA and ARCA (and ARCA discretionary) orders. Any chance of getting these into TWS?

i second that, after being front-run countless times by 0.1 cent improvements on ISLD, and having occasionally scared the sh*t out of the other side with my order size.

- jaan

Wonderduck · Jun 14, 2002

Originally posted by jaan
i second that, after being front-run countless times by 0.1 cent improvements on ISLD, and having occasionally scared the sh*t out of the other side with my order size.

- jaan

What's your order size?

def · Jun 15, 2002

Originally posted by jaan
i second that, after being front-run countless times by 0.1 cent improvements on ISLD, and having occasionally scared the sh*t out of the other side with my order size.

- jaan

they both will be coming, in the works but don't have a date.

dlincke · Jun 15, 2002

Def,

that's great news. However, to make fractional cent pricing really useful it needs to be accompanied by a configurable option in TWS that allows an offset value to be set (e.g. 0.0011) that is automatically applied to the price of every limit order (added for buys, subtracted for sells). It should also be possible to easily ovverride this without needing to reconfigure by manually entering a limit price with full precision (e.g. 50.1200 or 50.1235). I hope this is being taken into consideration.

As for reserve orders and setting of the hidden flag for ISLD orders, I hope it will be possible to enter these types of orders directly from the order line without having to pull up the ticket window.

jaan · Jun 15, 2002

Originally posted by Wonderduck
What's your order size?

up to 3k, which can be very visible on less liquid stocks.

def: thanks!

dlincke: note that for TWS API users (such as myself), the 0.1 cent pricing would be useful without any further changes to TWS.

- jaan

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