What is going on with IB?

Quote from gerico:



I would also like IB to pressure options exchanges to remove these cancel fees, or to reduce them to an acceptable rate. The actual rates are really non-realistic.
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they are...

and they are pushing for BOX which theoretically would eliminate alot of the bullshit that the other options exchanges seem riddled with...

other brokers eat the cancel fee because they charge $10 more per options order (at least)

you should really research the issue before you go balls out on IB
 
Huh? So if I hit a button with my mouse, no cancel fee?

But if I programatically send a cancel through TWS, I get charged?

Okaaaaaaaaaay.... guess ill just have the computer pop
open a dialog box that tells me to cancel the order.
This is a joke right?

peace

axeman



Quote from sprstpd:



No cancel fees for manual orders for stocks.
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If any of you are really serious about cancel fees, STOP TRADING OPTIONS.

If the volume drops enough , they'll get the message.
 
Some people who have something to do with options is gonna be victims of this options shit, maybe some one from both sides. Only destructive punishment can be done because of this asymmetric fair. All will be diminished. That is all.

For good of you and your family, do not, I repeat, do not touch options.
 
"US Direct API stock orders (does not apply to US smart API orders) USD 0.12/Cancel or modify order USD .24/API directed execution "


Are there any brokers that dont charge for update/cancel
and provide API's?

Where do these fee's originate from? Are they being
passed through via IB to us?

peace

axeman
 
Quote from minimi:

I got nickles and dimes of cancel fees that I don't understand at all. How come the cancel fee ends up with sometimes like .95, .25, while .7 other times? Is it possible for these number coming out all for me? Or is there something wrong (worst case, got ripped off?) BTW, I use only one simple order type.

How the hell is it counted and calculated?

Don't blame me that I don't read or keep track things. This is far less clear and clean than it needs to be called as rigid accounting.

By the way, the exchanges do save credit for cancel fees in a period of month not day. Does this mean IB rip us off?

Is it the time to leave, folks? Perhaps the old good days has been gone.

Reference:

http://www.interactivebrokers.com/html/generalAccount/otherFees.html

In Section: Exchange Cancel and/or Modify Order Fees

US Direct/Smart TWS + API option orders USD 1.20/Cancel or modify order Direct Orders: $0.20/executed contract capped at $1.20/executed trade.
Smart Orders: $0.25/executed contract capped at $3.75/executed trade.
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Listen..... nobody likes that the EXCHANGES are unethically charging these fees... and the SEC allows this kind of patent violation of the Consitution (imho).

But....

this has nothing to do with IB!

SO I'm gonna be a good ET brother ... and tell you how to avoid any cancel fees whatsoever showing up ever again on your statements..... K? Ready? :eek: Close your account at IB...... and open it somewhere else to get charged much higher commissions. Then you will not SEE ANY cancel fees; they'll be disguised as higher commission.

Also you might consider reducing the number of orders you need to cancel by waiting for your price before entering it. I know it's a hassle to do that... and I don't like it either as half the time I am settling for less premium rather than modifying. Who knows why? Impatience? Or just not wanting to give cboe etc. any $$, but then you still pay by inferior sells/buys. But anyway... that is another way to say F-U" to the exchanges!

Frankly as for me... I'm looking to cut down on options post-expiry, anyway. Looking at ssf, futures and equities more, with options only supplementing those positions!

Ice:cool:
 
Quote from axeman:

"US Direct API stock orders (does not apply to US smart API orders) USD 0.12/Cancel or modify order USD .24/API directed execution "


Are there any brokers that dont charge for update/cancel
and provide API's?

Where do these fee's originate from? Are they being
passed through via IB to us?

peace

axeman
More...

I've always heard pretty good things about IB, but this is BIZARRE. I don't know of any brokers or firms that charge cancellation fees on stocks (except ETF's and then only for orders on the AMEX). Are there other brokers or firms that do it?
 
Quote from cashonly:

US Direct API stock orders (does not apply to US smart API orders) USD 0.12/Cancel or modify order USD .24/API directed execution "
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Just to clarify that "quote" since it is not complete and a bit misleading:

Cancel FEE:
US Direct API stock orders (does not apply to US smart API orders) USD 0.12/Cancel or modify order

CREDIT toward cancel FEE:
USD .24/API directed execution

So basically if you do not average more than 2 cancels per executed order, there will not be any fees
 
Okay, here I talked about the fee against IB simply for the statement clarity, nothing more. We all know cancel fee is criminal crap imposed by someone perhaps other than IB.

I want for now is two numbers, number of cancel, and credit on my statement. Further detail log of cancel should be available either in statement or in TWS when IB has the capability/resource to do it. Period.
 
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