Backup Broker to IB

Discussion in 'Interactive Brokers' started by SailorG, Feb 14, 2017.

  1. Lee-

    Lee-

    Maybe a dumb question, but is it possible to set up multiple brokers with the same account at a clearing firm or some other method to achieve the following?

    Lets say you have an open position at broker Z and for whatever reason you can't close a position at broker Z (generic routing issue to broker Z, issue with broker Z's system, static from nylon underwear, take your pick) and you therefore decide to execute the closing trade at broker Y. You want the net result to be no position, not 2 open (and opposite) positions.

    I suppose for equities you could probably arrange a transfer of the long position to the other broker, who may then do some voodoo with the clearing firm to cancel each other out, but that'd probably cost more time and money than it's worth. Probably better to just wait for broker Z to become available again and close both positions simultaneously. Anyway this thread made me think about that as a possible use of a backup broker.
     
    #11     Feb 15, 2017
  2. Robert Morse

    Robert Morse Sponsor

    If you have an account over $500,000 and have a DVP relationship set up, you can execute at the other brokers to close your trade, then DVP the stock to the other broker.
     
    #12     Feb 15, 2017
  3. truetype

    truetype

    I think he's talking about retail-sized accounts, and the answer is basically 'no.'
     
    #13     Feb 16, 2017
  4. NinjaTrader_Ray

    NinjaTrader_Ray ET Sponsor

    #14     Feb 18, 2017
  5. Robert Morse

    Robert Morse Sponsor

    Why do you no longer enable NT with new accounts at Wedbush?
     
    #15     Feb 18, 2017