I too almost always route SMART except on a series where there is no market available at ISE. What I have found is that SMART will oftentimes route to PHLX by default when ISE isn't trading that series. I'd just as soon send an order to Bumphuque, Egypt before sending to PHLX. In this instance I'll send direct to a different exchange.
Please educate me about IB
- Thread starter SProbability
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def
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1. you'll have to get that via the account management pages. However, you can download your transaction history into a spreadsheet each day.
2. my main guess for the absence is that there's no need to clog the pipes with this data. (your monthly statements also show the data which again can be converted into a spreadsheet or read by a number of programs).
3. TOS does have very good option executions but so does IB. I'd be shocked/amazed if you get better option executions with TOS over IB. You'll most likely get in and out with the same prices using either service.
4. slippage: see above. did you ask them specifically if their executions are better than IB's? Again, I'd be shocked if they said yes.
5. when you exercise an option, it does not go through until the next day. I.e. if you exercise on thursday, you do not receive the shares until Friday. that's how we handle it. If you can provide a ruling to me that states that you can have immediate access to the shares, I'll be glad to pass it on to our legal group and push for a change in policy. Take the converse: let's assume you get assigned. You only find out about it the following day.
2. my main guess for the absence is that there's no need to clog the pipes with this data. (your monthly statements also show the data which again can be converted into a spreadsheet or read by a number of programs).
3. TOS does have very good option executions but so does IB. I'd be shocked/amazed if you get better option executions with TOS over IB. You'll most likely get in and out with the same prices using either service.
4. slippage: see above. did you ask them specifically if their executions are better than IB's? Again, I'd be shocked if they said yes.
5. when you exercise an option, it does not go through until the next day. I.e. if you exercise on thursday, you do not receive the shares until Friday. that's how we handle it. If you can provide a ruling to me that states that you can have immediate access to the shares, I'll be glad to pass it on to our legal group and push for a change in policy. Take the converse: let's assume you get assigned. You only find out about it the following day.
Q: If I exercise an in-the-money call option, how soon can I sell the stock?
A: As soon as you tell your broker you would like to exercise your right to buy the stock (strictly speaking, given "irrevocable instructions") you are deemed to be a stock owner. Because of the irrevocable nature of the call exercise, you will be buying the stock at the strike price, and you can sell those shares immediately after giving instructions to exercise.
http://www.optionscentral.com/faq/exercise.jsp
I wasn't aware of this.
My own angle was that since the process of exercising an option is irreversible - there is NO RISK to the broker if they reflect this in your account IMMEDIATELY and cancel out any opposite positions you already have (rather than wait till the next day). gaj implied that this is not the case, but didn't explain how there is a risk.
I think such a move will continue IB's tradition of making life easier for the retail trader!!
def, what do you think?
My own angle was that since the process of exercising an option is irreversible - there is NO RISK to the broker if they reflect this in your account IMMEDIATELY and cancel out any opposite positions you already have (rather than wait till the next day). gaj implied that this is not the case, but didn't explain how there is a risk.
I think such a move will continue IB's tradition of making life easier for the retail trader!!
def, what do you think?
mucho apprecio!
might also be worth mentioning that the competition are already doing this.
Also further down on the page quoted by ji90 (2nd para of answer is of pertinent interest):
Q: In order to exercise a put or call, do I have to have cash or stock in my account to buy (in the case of a call) or sell (in the case of a put) the shares of stock that underlie the contract?
A: One way to answer your question is to ask yourself, "Which provides the highest price/lowest cost -- exercising the rights of the option contract OR selling the contract back into the marketplace?"
If you exercise an option, the settlement will be in three business days, just like if you bought or sold stock on an exchange. So for example if you exercised a call and simultaneously sold the equivalent shares of stock, those transactions would offset each other. Assuming the option is in the money there should be no need to post margin for such a set of offsetting transactions. Of course, you will want to check with your brokerage firm to ensure that you are both on the same page regarding this practice.
ji90, thanks again for the info!!!!
Q: In order to exercise a put or call, do I have to have cash or stock in my account to buy (in the case of a call) or sell (in the case of a put) the shares of stock that underlie the contract?
A: One way to answer your question is to ask yourself, "Which provides the highest price/lowest cost -- exercising the rights of the option contract OR selling the contract back into the marketplace?"
If you exercise an option, the settlement will be in three business days, just like if you bought or sold stock on an exchange. So for example if you exercised a call and simultaneously sold the equivalent shares of stock, those transactions would offset each other. Assuming the option is in the money there should be no need to post margin for such a set of offsetting transactions. Of course, you will want to check with your brokerage firm to ensure that you are both on the same page regarding this practice.
ji90, thanks again for the info!!!!
Hi Def,
Any news yet?
Thanks.
Any news yet?
Thanks.