Can anyone list their recommended broker for futures options? I know IB has some, openecry says they also have them but I don't have much info on them. Other brokers? SSB
I've used Lind and Man. Stay verrrry far away. The fills were pretty good in some markets, but their back office is insane. I closed my account 6 months ago and I still get calls (at 4:40 in the morning) notifying me my orders have been filled. I got a statement confirming a spread trade just this weekend. A few months ago, I got a call asking me whether I wanted to buy or sell 100 of some hog spread (they couldn't read the ticket). I wonder which side would lose more money for the trader who really placed that order. Their accounting system is horribly broken (a long option position was charged to me as both the premium and as a short option position with a present value of 0) Their order ticket system was continually confused. Credit spreads were filled as debits. Oh man... Stick to electronic options. I had many sleepless nights with Man. (Like the time I bought $625 in options, and their backoffice system had the decimal in the wrong place. I got a statement showing a debit of $62,500. I was taking a long-shot bet on the fed changing interest rates, losing $62,500 overnight did not fit my risk profile. Of course, if the fed had moved 25bp, I would have happily demanded they pay me my $2.5M)
Thanks for the advice -- that's *almost* funny. Reminds me of scottrade with my mutual fund trades from years back .. they kept losing them. I definitely plan to stick to electronic options where possible -- I've made some pit trades and watched stop market orders not fill.... SSB