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comintel
Registered: Jun 2008
Posts: 1077 |
09-04-12 11:24 PM
Quote from surfer25:
Just wondering why are there are fees for canceling or modifying options orders, since stocks don't have them.
Thanks.
I believe that Interactive Brokers does not charge cancellation fees for options spread orders, so that is a way around it.
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donnap
Registered: Sep 2006
Posts: 675 |
09-05-12 08:45 AM
Quote from Daal:
Doesn't BATS routing enable one to bypass cancel/modify fees?
Apparently not. See IB website.
But the fees are negligable on that and several other exchanges.
It's the direct routing comms. that are the killer to that idea.
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1245
Registered: May 2012
Posts: 510 |
09-05-12 11:01 AM
Quote from comintel:
I believe that Interactive Brokers does not charge cancellation fees for options spread orders, so that is a way around it.
IB does not charge cancellation fees for options spread orders, because when you use SMART ROUTE for Complex Orders, your order DOES NOT rest on the COB at the exchange. It rest in their system until they deem it executable. Single orders on the Smart Route make their way to an exchange.
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surfer25
Registered: Jan 2007
Posts: 147 |
09-07-12 12:39 AM
Quote from 1245:
IB does not charge cancellation fees for options spread orders, because when you use SMART ROUTE for Complex Orders, your order DOES NOT rest on the COB at the exchange. It rest in their system until they deem it executable. Single orders on the Smart Route make their way to an exchange.
Does that mean that complex orders submitted via IB smart routing have to match up with a posted bid/ask combination in order to get executed? In other words, no one can see your bid or offer of a complex order submitted via IB and accept it, you just have to wait until some combination of bids and offers matches your price?
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def
Interactive Brokers
Registered: Dec 1999
Posts: 4296 |
09-08-12 02:19 AM
Quote from 1245:
IB does not charge cancellation fees for options spread orders, because when you use SMART ROUTE for Complex Orders, your order DOES NOT rest on the COB at the exchange. It rest in their system until they deem it executable. Single orders on the Smart Route make their way to an exchange.
You do not work at IB and often make inaccurate statements when it comes to routing of option orders and IB. The above is one of them. you're an expert
You are mistaken in your post above.
1. It is correct that IB does not charge cancellation fees for option spread orders.
2. You are WRONG, IB posts combo orders on the COB so they DO rest on the COB at the exchange.
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1245
Registered: May 2012
Posts: 510 |
09-08-12 02:41 AM
Quote from def:
You do not work at IB and often make inaccurate statements when it comes to routing of option orders and IB. The above is one of them. you're an expert
You are mistaken in your post above.
1. It is correct that IB does not charge cancellation fees for option spread orders.
2. You are WRONG, IB posts combo orders on the COB so they DO rest on the COB at the exchange.
Really. I spoke to your trading desk and customers service. Three times. They all told me the same thing. smart route spreads do not rest on the COB at the exchange. You are constantly contradicting your own support team and information on your website. one guy even told me it could not be DMA routed. then when I did it, they told me it would cost $1/per contract rather then the post lower rate.
SO, Your WRONG.
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