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

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

  1. gangof4

    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.