new option cancel fees for IB

Maybe the exchanges would be happy if no one (or less) traded options... and just "gave" them a certain % of monies in any given brokerage account. Like a yearly stipend for the honor and privilege of "public" off-floor access to the U.S. options exchanges! Geeez... I thought all were supposed to have equal access to options trading without more punitive rules for changing trades in an effort to get a better fill! But this is the USA. Home of the corrupt, and the brave... or is it the brave corrupt!

The best thing that could happen to the CBOE et.al. would be for it to go under. Would serve the a-hles right.

But this is definitely not an IB issue. Frankly I don't blame them for passing this fee on to customers. And I wish IB well in dealing with all this b.s.

Be sure I am looking into this with a securities attorney... and going to find out what the reasons given by the exchanges for this shoddy b.s. practice. Funny during the roaring BULL market these guys did not assess any fees. No probelmo mon during the bull market?! Now with less participants they're gonna 'punish' the remaining traders.

Be careful exchange bros... don't kill the goose that lays the golden eggs!

Ice:cool:

p.s. gotta change the title of this thread, as it a broader issue than just IB's new policy
 
Quote from qdz3:

Friends who had lots of these fees charged know this exactly.

:p
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That's peculiar since IB's notice says the fees will become effective April 14, 2003.
 
You are ignorant or what? The modification/cancellation fee has been in place for direct orders for quite some time now. The example that I gave above is based on the current situation. The new fee structure will apply to both direct/SMART orders. There are apparently some differences such as reduction/caps need further clarification.

:p

Quote from white17:




That's peculiar since IB's notice says the fees will become effective April 14, 2003.
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A line of atack on this would be the exchanges' inequality in setting cancel fees since we're dealing here with options.... for example, brother A gets the same cancel fee to cancel a 50 lot order on SPX, as brother B is charged for cancelling a 1-5 lot.

I know there are judges, juries and appellate courts who might find this.. uh... a bit untenable!

I:cool:
 
Everything aside, doesn't IB give credits for executed trades in Eurex that counterbalance the debits for cancelled orders? So that if you cancel once or twice and then get filled it all evens out and you pay nothing? Def?
 
friends worry that IB account crackers really like this rule. They get in your account and simply submit cancel submit modify modify cancel submit modify... and your account is wiped out by the end of the day when you logon for the next time.

:p
 
I can't take any more of this asshole ! Please Baron, block this jerk's IP address. This guy belongs back on the Yahoo boards or somewhere in some European socialist shithole where Uncle Ivan can hold his hand through life. Enough of the irresponsible, baseless allegations.
 
Quote from corvus:

Everything aside, doesn't IB give credits for executed trades in Eurex that counterbalance the debits for cancelled orders? So that if you cancel once or twice and then get filled it all evens out and you pay nothing? Def?
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That's the way I understand the memo. It just doesn't go quite far enough in it's explanation.
 
This fellow is an idiot. This fellow was mad since I simply point out he/she was ignorant earlier. You see, this is what this fellow is.

white17, you know what, I got love to have lunatics like you around with IB, from whom I can profit.

:p

Quote from white17:

I can't take any more of this asshole ! Please Baron, block this jerk's IP address. This guy belongs back on the Yahoo boards or somewhere in some European socialist shithole where Uncle Ivan can hold his hand through life. Enough of the irresponsible, baseless allegations.
More...
 
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