Avoid cancellation charges

Discussion in 'Options' started by Option Trader, Nov 9, 2006.

  1. Today we sold about 90 options of PFE. The buyer literally bought one at a time, which I imagine was his way of balancing cancellations versus fills.
  2. so if u have more fills than cancels u get away with it?
    what broker? not ib, innit.
  3. What does this mean? Does that translate to "Not IB, isn't it?" which really doesn't make much sense? Do you use "dag nab it" frequently in your writings?

    Besides, it was me who bought the PFE options. I had to ask myself "Deal or no Deal" 90 times.
  4. in east end they all speak like this...it's called cockney...now it's spreadin' into the whole city, so for us londoners it's not big whoop, we always use innit instead than isn't it. get use to it:D

    and yeah, doesnt necesarly have to translate into isn't it, it's used often as a question mark as well.
  5. Tos charges $1.50-$2.95 per option. IB charges $.75 per option. IB charges a cancellation fee of $1.20 unless you get some number more fills than cancels.

    That being said, cancellation fees stink, but it's not IB that's charging them, it's BOX, PHLX, AMEX, CBOE, and the rest. IB is largely just passing them through.

    Futures Options avoid this mess, thankfully.
  6. Linda must you advertise on every post you make? BTW thinkorswim offers .95 with NO ticket charge to customers doing 20 min contracts.
  7. 1. I think IB cancellation charges vary based on exchange.
    2. There's no telling if IB has any cancellation fees to the exchanges, because the exchange charges based on the broker as a whole. Also, IB charges for cancellations on exchanges that don't charge the broker (e.g. BOX) to the best of my understanding.
  8. Did I understand you correctly? Are you suggesting that IB charges cancellation fees even if you have more fills?
  9. Yes.


    At PHLX, for example, you are charged $1.10 for a cancelled order. You get a credit of $.10 for every filled contract.

    So, if you cancel and replace an order for 5 contracts, you'd owe $.60 in cancellation fees.
  10. #10     Nov 12, 2006