any recourse for IB order not executed due to their error?

Discussion in 'Retail Brokers' started by gangof4, Jul 12, 2007.

  1. gangof4


    not to sound like another IB hater- but i'm getting there. given the type of client they cater to, the lack of redundancy in their system which allows a server error to bring down TWS and/or their order system 3 consecutive days is just not acceptable in 2007! frankly, it's unbelievable.

    does IB do adjustments when their system fails? i put in a trouble ticket, just want to know what to expect. this isn't the 1st time their issues have cost me, but it's the first time i'm filing a ticket because i am about to close my acct.

    i entered a limit order to close a position in the HSI tonight. quotes were working fine but i didn't get executed when it hit my limit several times- looked and realized it wasn't green in booktrader. tried again, same thing. quickly launched TWS on a different computer and saw trades were orange. called ib hong kong csr- their server was down yet again. i was only down about 20 points @ this point- said to sell- he's not a trader, spends 2 minutes 'pulling up my acct' and asking me 5 security questions, all the while it's moving against me- finally, i said, 'fucking connect me to a fucking trader'. he gets pissed and puts me on hold, then call drops. i call back just as their server is back up (again, no notification on website or in TWS as to any problem, so we're in the dark- again)- down 75 points now. i wait for a bit of a retrace and took the loss of 56 points to mitigate the damage.

    i realize the agreement says basically 'tough shit'- just wondering if they ever make good when their system and their alert system fails. if this wasn't on top of a down >$7m week so far, i'd deal better, but the constant problems lately with servers in asia have cost me too much. the correction i desire amounts to not much more than a day's commissions that i pay IB, so if they don't make some sort of adjustment i will move on.

    servers down in 1997- not good, but it was early days.

    servers down in 2007- unacceptable.