Discussion in 'Retail Brokers' started by deadreader, Sep 4, 2003.
Do they charge for cancelled stock orders (Through Island or other ECNs, or supersoes?)
there are no fees charged for stock order cancels/modifies for orders entered in via the TWS.
unless your automated. i think they charge cancels on nyse for automated orders.
hi def, i noticed you replied to thread .i would like to ask you about cancellation fee also. i trade EUREX BUND , ESTX50 and get charged cancellation fee of euro0.50 per canceled order. i spoke with EUREX staff and was told by them they = EUREX do not charge any canc. fee and it is imposed by my broker = IB. could you clarify please ?
While you are here, def, I am assuming once BOX gets started, there won't be any order modification fees for orders routed there. Is that correct?
No, there are no cancelations for automated orders either. There are extra fees for ROUTED orders through the API, but thats completely different issue.
sorry guys, I hit the sack before seeing the last two messages.
eurex: note you get a 2.50 credit for each execution. I'll have to check on that as when it was imposed, they came out with a rule stating that they may charge fees based upon the number of orders and modifications. they would not provide a specific example of when or how they would charge the fees which forced us to take a conservative approach. I do not know if that policy is still in place and I do not know if they have charged us. I will ask though.
BOX: I do not think it is the intention to charge modification fees. However, I am not 100% certain and the best place to ask that question is to the exchange itself. (I'll also restate from other threads that comment letters from guys like yourself to the SEC who support of the rules and believe the exchange will improve options trading in the US are very important). the box webssite is www.bostonoptions.com and I think their email is firstname.lastname@example.org
that my other brokers don't? I've got charged many times by IB now. For example, if I set a stop limit order after entering a trade, I had to modify or cancel that order when I exit the trade. Then I got charged for canceling.
I wonder if this is a catch for IB's low commissions.
there are no fees for stock orders unless they are directed to a specific exchange via an API.
for options, there is no catch. IB charges a $1 per contract. exchanges are charging $1 for modifications and/or cancels. Note that there is a credit for executions. Other firms may not charge but they typically have a minimum ticket charge over $10 and thus have ample room to eat the modification fees.
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