Can you beleive IB - no SOX options

Discussion in 'Interactive Brokers' started by iceman1, May 23, 2005.

  1. ... customers who have semiconductor index options (SOX) have no positions showing up on their position screen. Can you believe this? But as many already know, when you call them they are not aware (at 8:50 CT) that there is an issue. So you are placed on hold several times. Then you are told they have a "database" problem and "they're working on it". Yet when you first called you will hear a message saying "all IB systems are working normally".

    Like so many have claimed on these boards and in brokerage reviews, it is true these guys (in customer service) could CARE LESS about YOU as a loyal customer. I hate to be rude but I guess it's like pulling down a pay check at McDonalds, apparently. Only most of the time you are treated better ordering a big Mac and fries than when you have been a loyal customer for two years, and given IB commission etc.

    And you are for sure just a number to IB's arrogant higher-management, in my opinion

    I talk with a manager today and he says "we don't warrant our software"! Translated.... they are willing to let a small customer get banged and hide behind some weasel-disclosure that some maggot attorneys write (and I have a law degree from Northwestern and once practiced, so I know the game). My view is a contract or business relationship is only as good as the people involved. You can have all the contracts and disclaimers available under our inane legal system with it's rules and case law, but when there is an issue you really find out the character of the firm you are doing business with.

    But THERE IS MONEY ON THE LINE when they have these glitches in their so-called "NON-WARRANTED" software, and because it's not IB's they really do think much about it. The most enraging part of this and why I am so pissed is all of this is from a firm that hypocritically blabs on and on about how they are so oriented to proper RISK managemnt !! Hey Mr. Peterffy how would YOU manage risk when positions are not being shown by one's agent (IB in this case) as an existing open position on the IB screen?

    Well I guess in this country, and most particularly in this industry you can get away with just about anything without recourse and with impunity. Just hire enough lawyers to protect you from mistakes, whether inadvertent or not.

    Sure when it is THEIR money at risk!

    But let there be a problem and these guys could care less about any smaller customer's money. It's like this... today we have a million lawyers and a billion disclaimers to enforce 10 SIMPLE Commandments. One of which is don't knowingly cheat your customer. If you get banged by their error, at least they should be willing to see if the customer is rightully due anything (likely a small sum) for this issue regardless whether your attorneys did their job. This will not set a damaging precedent for IB, or open the flood gates. You'll still be able to keep your corporate jets expensive cars and yachts!

    .... be stand-up guys about the issue and try to help smaller customers (meaning not a hedge fund client or 500K individual account or more) that may or may not have incurred some damage by this error. After all IB is not oriented to phoning in an order. So a problem like this has monetary repercussions since realistically one cannot trade if the positions ar not on the screen. And with short/long options on an index its difficult in smaller accounts to lift the long SOX call and hold the short intra-day looking for a swing lower for example.

    As I conclude this at 10:37 Chicago time I still do not see my short option positions in SOX 430 June calls appearing on my IB trading screen so I cannot realistically trade them.

    I will write more on this later as right now I'm going to take a walk, and not allow IB's periodic issues to ruin a perfectly beautiful day.

  2. it is now 11:40 Chicago time and IB's crackerjack technical guys were still unable apparently to have the open option positions in SOX 430 calls appear on the screen; meanwhile the SOX has reversed off the lows and I was unable to properly make a decision on closing these and/or rolling and or opening more.

    This is more than a random complaint... this is a disgrace the repeated haughtiness and lackadaisical attitude of their so-called "service" reps that you so often hear on, and the inability for ONE person to know what the F is going on in a customers account and to FOLLOW UP ON IT.

    Must be great to have no pride in your job and/or display litttle palpable desire to help any given customer with a legitimate issue. Just pull down your paycheck if you're not the CEO, or any officer in the firm. I have talked to at least four or five different people and no one knows about this issue, got to repeat the story each time.

  3. just21


    IB are still listing May options, obviously no prices but a bit disconcerting when I logged on.
  4. sprstpd


    Can't you hedge yourself with SMH or something like that? Is it that you can't trade the options - or is it that you just can't see your true position? If you can trade the options, just assume that the database problem will be rectified in the future and that you have a true position on. Is there something stopping you from getting out?
  5. Xenia


  6. you can't see all the positions... and this means with IB's system you cannot trade the options online.

    I take very small positons with IB since 1). I don't trust there sub-optimal marginning and 2) there are too many tmes this kind of b.s. glitch can occur as they continue to add more and more needless stuff to their platform (IMHO).

    I'm not interested in being somewhere and not being ablt to reach a rep when needed to place an order to close only; what if I want to enter again (open) the same options, I'm not with IB to do what I did many years ago.... call a broker. Further when you call IB they know your name and account number of incoming calls, so if they don't want to talk with you, i.e. cause you've been on their case for example, they just DO NOT pick up the phone. NOW... do you think IB's management does anything about this. No they likely could give a sh*t!

    As we speak right now I have been holding for anout 12 minutes Now how the H do you place any viable phone trades that way! Now a guy form tech picks up and he has no idea what I'm talking about.

    Years ago when people actually demanded to be treated right as customers and with some regard, this firm would never have gotten this big with it's obvious rotten support and service... IMHO! Its the sign of the times that a firm with little or no real service orientation can succeed, today. Shows the lower standards of society.


    p.s. back on hold
  7. Xenia


    Now all those sector options alright again.

  8. how many times have u called? and what is it u expect them to do for u?
  9. well its pretty simple.... give a straight answer the first time, be aware of an acute problem like this with popular/major index options (not have to talk with 4+ people and "argue" until they concede there IS a problem), and have ONE person handle the matter... maybe, just maybe... even call the customer back to advise if there will be further problems correcting the issue. Not offer a bunch of evasive double-talk that IB is often (in)famous for... at least from what I have experienced, heard from guys, and read on Et.

    That's all. Not asking THAT much. I know that sounds radical to some.... but to think that years ago in the "old" days the customer was "always right". Anyone old enough to recall that, or care ?


    Today was NOT an extremely busy active day, so there isn't much excuse for not acting on this for hours.... once I called twice/thrice after the open. I haven't asked IB for anything in maybe 6-8 months or more; so it's not like I am a chronic problem customer.

    Just when I do call I expect some professional response .
  10. sprstpd


    When I have a major problem with the way help desk people are handling a problem I have encountered I just go over their heads and e-mail management at:

    I detail the problem I've encountered without getting emotional and it seems to work more often than not. I know it won't help your problem immediately, but on numerous occasions people on high have read my issues and the problem gets sorted out fairly quickly (especially if it is a technical problem like you are experiencing).

    Maybe have a separate options account somewhere else to be able to hedge when this kind of stuff happens?
    #10     May 23, 2005