TASR trade busted on ISE!!!!!!

[Cutten]

Ask them instead of busting the trade, to reprice it to the best bid at the time, or at least to the mid-price at the time of the trade. I.e. you still get your fill (albeit at a slightly less favourable price) rather than being left short the put. If they refuse then I would make very loud noises about lawsuits and negative publicity. Try contacting a few media outlets and get them to take up the case.

Trades should *never* be busted IMO, at the very most they should be repriced to "fair pricing" at the time of the trade.

 

[dgabriel]

Quote from heilbronner:

IB is telling me that my order was filled out of the volatility range.
The whole action stinks.

Have you experience with such an event, dgabriel? I'm really pissed.

What? The filled the order and decided to back away, ex post facto?

 

[candletrader]

Quote from Cutten:

Ask them instead of busting the trade, to reprice it to the best bid at the time, or at least to the mid-price at the time of the trade. I.e. you still get your fill (albeit at a slightly less favourable price) rather than being left short the put. If they refuse then I would make very loud noises about lawsuits and negative publicity. Try contacting a few media outlets and get them to take up the case.

Trades should *never* be busted IMO, at the very most they should be repriced to "fair pricing" at the time of the trade.

Agreed... this is the optimal path...

 

[heilbronner]

But things are even worse . ISE also busted a second trade in TASR options in another account. This was a 95 May put in TASR. I had a buy order @ 9.90 and they busted this trade, too.

What can I do? I mean I placed limit order, and if someone triggers them it's not my fault, IMHO.

 

[heilbronner]

Quote from VOLUME:

They called you two hours later? That is ridiculous.

All bust filings must be made in a timely manner (not 2 hours later).

If it is a substantial amount of money, you should go to arbitration over it.

No one called me. They just booked the position in my IB TWS with a hefty loss and I was just wondering what's going on here.

IB send me an email notification which I didn't notice at once, but this was just at the same time the position was booked into my account.

 

[heilbronner]

Quote from sprstpd:

I have experience with busts on equities (not options). Generally it is out of your control and IB's control whether a particular trade gets busted or not (at least it is for equities). However, if IB seems to just accept the bust without arguing your case, then I would at least send an e-mail to ibmgmt@interactivebrokers.com explaining the whole scenario. Sounds pretty bogus to me. I've had similar things happen to myself and in the end all I can do is take the call, get reamed, complain to the bearer of bad news, hang up the telephone, and then stomp around in a bad mood for the next few hours. It helps to have a punching bag.

If exchanges upheld their erroneous execution policies to the letter, then maybe you would have a fighting chance. However, it has been my experience that the busting process is a scam.

I called IB helpdesk, but I can't say that this was helpful. I think I'm done with IB. You get low commissions and a nice platform and in the end they hammer you with costly busted trades.

That's not OK.

 

[Sanjuro]

That's F***ed up! I would be pissed if I were you.

Maybe def can help look into this.
I really hope you get this resolved and
get something out of your trades.

 

[nitro]

http://www.iseoptions.com/legal/pdf/rules.pdf

Was the option locked or crossed when you entered the trade?

nitro

 

[sprstpd]

Quote from heilbronner:

I called IB helpdesk, but I can't say that this was helpful. I think I'm done with IB. You get low commissions and a nice platform and in the end they hammer you with costly busted trades.

That's not OK.

The thing is, I'm not sure it would be any different at any other brokerage. I.e., it isn't IB's fault that the trade got busted. They are told that it is busted by ISE and they are just relaying the information to you. At least that is what happens with ECNs and equities. That is why it is so frustrating - your brokerage is just a middle-man so you can't chew out the real culprit.

 

[heilbronner]

Quote from nitro:

http://www.iseoptions.com/legal/pdf/rules.pdf

Was the option locked or crossed when you entered the trade?

nitro

Hi Nitro,

sorry but I don't understand what you mean by "locked". The orders were simlpe limit orders.