IB has an annoying habit of changing the statement retrospectively. I complained about a bad CASH settlement price they used 233.45 instead of 233.86 a difference of USD200 per futures contract. Next thing I know my original statement does not have the original entries. A later statement shows some CAO transactions. This is akin to fraud. Not to mention if your leverage is high you could get margined out of a position because of a mistake they have made on a locked option position. This behavior is unacceptable. Pity because otherwise they are not a bad broker.
This should not be the case. Please contact customer service and bring the discrepancy to their attention.
Hi Dav I have, the normally take a few days to get back to me. I should mention this is the future on the KOSPI I have had trouble with the cash settlement on this contract before. I'll post here what I hear.
yeah,you r right.print statement is an important task,but it seems that many people just ignore this....
Given that a statement change could be a correction in an error (which this one with KOSPI might be given that dont was arguing with CS about the right way to treat these things) ... Wouldn't you be better off printing your executions on the day? Then you have the raw material to do the calculations. FWIW I compare my ZeroLineTrader executions and calculated costs with TWS's and (other than minor variations because TWS is using the better commission rate) they are the same. Each day both are going into my trade performance improvement spreadsheet. Then I can just compare cumulative capital between the monthly account and my spreadsheet.
So far no reply. But on a different thread DEF of IB basically implies that IB does change statements retrospectively, in complete contrast to what DAV has said above! Quote from DEF, in thread How familiar is this from IB "don't: obviously we rec'd or input a bad settlement price which was subsequently fixed. you weren't the only one who had a position in Korea that settled (I'd reply to your comment about things going against you that isn't it funny that not everyone who had a favorable mark contacted us to point out the error). I also believe that accounting checks in place would have caught the cash differential from the general clearing statements and things would have been rectified. I for one apologize for any inconvenience this caused but overall from what I've seen from other firms and what I'd heard I'd have to say that IB's accounting and accuracy in statements is exceptionally good. In any event, I'm not an expert on the statements but let me try to understand this.... you had an error on your statement with an incorrect settlement price. The statement was then corrected and you're complaining that the statement showing the error is unavailable to download? Why would this upset you - especially since you knew a correction was going to take place."
dont, was there any footnote or remark on the retrospectively changed IB statement regarding when and what was being edited? If yes, then there should not be any issue. Did IB notify you by email that an edited statement was ready--just like IB sends email notifications for daily statement?
don't imply anything from my comments as I am not fully knowledgeable on how the statements are prepared. Out of curiosity though, I did ask why it upsets you if the statement available via the web site was reproduced with accurate information - especially since you knew a correction coming?