Erroneous executions from IB software

Discussion in 'Trading Software' started by nixodian, Jun 13, 2011.

  1. nixodian

    nixodian

    I have put in the email sent to IB on this matter, they still have not got back to me, not even an initial response. What do yourselves advise I do or should happen? Basically, I entered a sell stop limit order and a sell limit order occured.

    thanks in advance guys n gals of course

    "Dear IB,
    as you know I have used yourselves for many years despite many shortcomings, particularly the RAM hogging software. "Brand loyalty" has kept me with IB, and admittedly relatively low commissions, though this can be significantly lower. "Brand loyalty" is wearing thin, especially after the TWS made a blatant error in execution.
    In the 4 - 4.15pm period , I had entered a sell stop limit order for 130 call 129 call spread. Stop price was 0.15 and limit price 0.16; this order should never have executed as trade price was in 0.26 to 0.32 region. The software erroneously treated it as a sell limit order, according to Stan M.

    The chat which occurred immediately after incident, luckily with one of the outstanding members of Customer support , Stan M, amongst few others, like Gareth Matthews and Ernest.:
    "..............
    nixon723: Stan , so you do clearly see that i did put in a stop limit order that shouldnt of been executed right?
    Stan M: Based on time and sales, I would agree with you.
    nixon723: not just time and sales. what i clearly inputed in the software!
    Stan M: I will contact you as soon as I hear back from the technicians.
    nixon723: clearly a fault in the software
    nixon723: so Stan will you email or call me?
    Stan M: I will email you.
    nixon723: fine, when? tonight?
    nixon723: in about 4 hours time?
    Stan M: I will contact you as soon as I hear back from the technicians. I do not know how long they will take.
    nixon723: today, right?
    nixon723: this is URENT case, hey the software isnt doing what its suppose to!! if someone pressses all the right buttons to buy, they dont expect to sell
    nixon723: but software sells for them,it dont look good on the software / IB
    Stan M: i am not certain when they will complete the investigation
    nixon723: ok, but l trust you to put the pressure on them right Stan?
    nixon723: like every half hour
    Stan M: I will speak with them initially So they understand the gravity of the situation.
    Stan M: I am writing up the ticket now.
    Stan M: Give me a few minutes and I will give you the ticket number
    nixon723: thanks for understanding Stan, this is almost as serious as it gets, it goes beyond monetary loss,even though l only lost a dollar and commissions, its integrity of software, and service
    Stan M: Ticket #724728 "
     
  2. What was your stop "trigger method" set to for this order?
     
  3. No way to tell what was entered until you look at the Audit Trail. You do have it turned on? Post the relevent time period here and we'll take a look at it.

    You probably just selected limit by mistake...
     
  4. nixodian

    nixodian


    Yes, Stan M of customer service looked at audit trail with me, and indeed he confirmed, the order was put in as a stop limit sell order.

    heres the excerpt of the chat:

    "Stan M: I just expanded the audit trail, and now I see that it was a stop limit order, placed at 16:10:51, but then triggered at 16:11:26 ET.
    nixon723: i understand time zone here is 12 hours ahead
    Stan M: One part of my system was only showing the limit order after the stop was triggered.
    Stan M: Sorry about that.
    nixon723: yes, i clearly remembered putting in aux
    Stan M: Let me check time and sales.
    nixon723: thanks Stan, can this be reversed then
    nixon723: ie yourselves give back spread and put in order i intended
    nixon723: that would only be right
    Stan M: I would need to escalate this for further review.
    nixon723: Stan , so you do clearly see that i did put in a stop limit order that shouldnt of been executed right?
    Stan M: Based on time and sales, I would agree with you."

    what should be done, both on my side and IB's side? I entered a debit bull call spread 129call 130call, at 0.25 and then set a stop limit sell order. it got executed 30 odd secs later, when it should never have been

    thanks
     
  5. Thanks for clarifying. Hope they get that figured out/fixed and make you "whole" again.


    Good trading to all.
     
  6. What was the product? An out of price trade can have happened at any time after market and thus triggering your stop.
    Was it a simulated stop or exchange?
    I highly doubt their soft is wrong.
    Can you clarify what is "130 call 129 call spread" for those in the unknown like me, I know it's a 129-130 bull call spread, I mean, is this an exchange quoted combo or how does that work?
    Can you reproduce this problem?
     
  7. So what happened ? Did they reverse the trade ?