hmm strange, I'm with Open E Cry and never received this "overnight fee" you speak of..
Open E Cry's Day Trade Margins, Do they ever Change?
- Thread starter Bullz n Bearz
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hmm strange, I'm with Open E Cry and never received this "overnight fee" you speak of..
Actually Brown, the majority of the brokers with published rate cards will NOT negotiate. The generalized exception (ie negotiations are welcome), are those that have published rates based solely on volume, ala proactivefutures and vtfutures. But there are non-volume based exceptions too, such as nobletrading.
Firms such as IB, TS, MB, and ET will not negotiate. OEC has (linkless)published rates for "justification" for those clients that don't know better. When/If OEC gets the vast majority of clients on the published rates, they will join the no-negotiate grouping.
Good trading to all
Osorico
If your acct. is >$50k, the overnight fee does not apply according to the rate link.
My oec story ... I placed a buy stop for minn wheat. It gapped above my stop and they didn't fill the order. I thought it was a pit delay and waited until the close, but it never filled. I contacted customer service and they agreed it should have filled and said the traders had left, I'd need to wait until the morning. The next morning they filled me 20 points higher but credited my account for the difference. Of course I'd prefer the original fill, but I can't see many other brokers doing this (at least not discount brokers ... if I was paying $100 per trade I'd expect it).
Still, they need to offer more products....
As a side note IB has the overnight fee as well, but only with unbundled commissions.
Still, they need to offer more products....
As a side note IB has the overnight fee as well, but only with unbundled commissions.
That's an interesting comment b/c I think the massive amount of data and markets to trade through OEC is pretty impressive. I mainly just trade the US indexes, so I guess all those other markets impress me, even though I am not trading them. I think it's nice that they provide a large amount of data feeds to all clients; whereas with some brokers you have to asked for a market to be 'turned on'. And the fact that you can either use their charts (which are ok) or plug their data into something like Multicharts is a nice feature in my opinion. I was running with DTN for data and their data, esp lately as evidenced by a few threads here, was junk. Meanwhile, the FREE OEC feed was fine. Go figure.
I want them to offer as many markets as IB, then I can move more business over......
While I'm complaining I should add that they need at least a delayed feed of the pit data. Tradestation offers that, why not oec?
Have you ever held a grain contract overnight with Ib and their unbundled pricing? I have yet to see the difference. Maybe I am missing something but there is some kind of carry charge or something that is supposed to be charged (or so I thought). I have to see extra fees charged for this---so it must not be much money (maybe I am missing something)
This is exactly how your broker must treat this fill not executed properly in the pit. They have to eat it. One of the downsides of electronic trading is it has let brokers get away with things (in some instances) that there were clear rules for in the pits. By the way, electronic desks generally work the same way. If you call in a stop on say Fimat's E-desk and they screw it up and do the play back---they will give you difference. However, if you enter the order on the machine and something screws up----no dice----even if it is the brokers fault (of course if you are a big customer and a server went out or something they will try to make it up to---but in the case of most traders---you will have to eat it)