IB cancellation fees?

Discussion in 'Options' started by stocon, Feb 17, 2006.

  1. stocon


    Is there a cancellation fee on options if you use their smart exchange?
  2. yes
  3. Is there a cancel fee for combo orders. I checked and didn't see any on my statement but I'm not certain.
  4. stocon


    so a buck twenty for smart and direct, but only a .10 for box? Am I reading that right?
  5. Y, but to route to box it will cost u double.
  6. Yes, and 60¢ at PHLX.

    But using SMART you don't control the destination: if your SMART order is routed to CBOE and working there, and then you cancel, you pay $1.20 ; if it happened to be routed to BOX then you pay 10¢.

    The only way to be guaranteed a 10¢ cancellation is to direct route to BOX in the first place.

    In fact, I'm not sure if, when BOX is at best bid or offer (among other exchanges), your SMART sell or buy order is default routed to BOX.

    In the Flow chart


    it says the order is routed to BOX if it can IMPROVE, meaning there is an auction coming up. But what if BOX is simply best bid /offer among others, with no auction pending ?

    Anyone knows?