But if you don't want money back you might want to let sleeping dogs lie for now. Who knows if you owe them a small amount it may not be worth them doing an arbitration to go after you.
Yeah fair point. I have some $ to pursue. It seems they're in little hurry to sort things out with the little guys like me though.
I've received a reply from IB regarding my dispute of the negative balance. They stand by their "right, not obligation" statement and are asking me to make arrangements to deposit into my account in order to cover the negative balance. They further state that if I'm dissatisfied with the resolution of my complaint that I may refer this to the Finacial Ombudsman Service and arbitration through IIROC (Investment Industry Regulatory Organization of Canada). Are there any other Canadian customers of IB that are in a similar situation? I would like to form a group of Canadian clients, if possible, so that we may pursue a more favorable outcome together. My desired outcome is waiving the negative account balance due to misrepresentation of IB and their auto liquidation, in real time, with market orders statements on their websites. Please send me a private message or reply to this thread.
This may be the first and last time I defend IB, but I'd humbly submit that you may get more satisfactory results if you go about this in a different manner. I'm sure you think you're in the right, but trust me, you have very little chance that anyone is going to agree that IB should have prevented your negative balance. The situation is very much akin to those who have a "difference of opinion" with the IRS. Those who go in with a conciliatory attitude, trying to negotiate a payment schedule that they can live with and possibly a reduction but not elimination of the top-line number often get positive results. Not perfect, they still end up paying a good deal of money, but still less than the original number and on a plan that doesn't bankrupt them. Those that go in all guns blazing almost always lose and have to pay the entire top line amount due immediately. This won't work if you talk to the bots at IB in CS, you'll need to specifically reach out to their legal team and find a real lawyer with a law degree to talk to. And this being IB, your results may vary. However a rational company won't insist on immediate full payment from a judgement proof client because they know they can't squeeze blood from a turnip. Probably not what you want to hear, but let us all know how it went a year from now either way.
When IB autoliquidates an ETer, he gets enraged and starts a thread... When IT doesn't autoliquidates an ETer... he gets enraged and starts a thread!
1) Don't pay. F*ck your FICO. Never trade with another reputable shop. 2) Pay your debit. 3) Go to arbitration and lose. 4) Try for a collective solution and lose. 5) Consider the cognitive dissonance associated with looking for a bailout after trading the most idiotic position on Earth. 6) Oanda ate their customers debits. Move there. 7) Stop whining.
What would you have done if you'd shorted XYZ at $12 and ABC corp offers a tender at $50. IB liqs your account at $46 when it opens. They ask you to fulfill your obligation and you bitch that they could have filled you at $44. You have NO ARGUMENT. I am sure that IB would be open to the possibility of pricing your debit at the best price over the lookback period after the SNB decision to unlock. You're still f*cked.
I've decided not to trade European currency pairs, especially with the swiss franc during London sessions. Swiss franc is unpredictably too volatile at times ...lucky that I was not affected...