IB cheating

Discussion in 'Retail Brokers' started by Maverick2608, Feb 13, 2013.

  1. I received a message that NYSE issues R - Y could not trade due to a technical issue at the exchange.

    Consequently, all my 'market on open' orders at NYSE were cancelled except one.

    'RATE' which had moved significantly against me did not cancel as opposed to e.g. 'RKUS,' which had generated a significant profit but was cancelled eliminating a significant profit.

    In other words:

    SELL RATE at the open: You execute an opening sell order at 9:56:28 (26.5 minutes after the opening) at 10.02 where the price is now 10.30.
    SELL RKUS at the open: You cancel the opening sell order of RKUS at 9:56:28 where the price is now 21.97 versus the opening price of 23.10.

    This is a surefire way to make a lot of money.
  2. Bob111


    make sure you save the logs file and keep the copies in separate directory. fell free to post it here(without private details such account #)this way you will have some proof on the issue. without a proof it's just your words. maybe there is some issues at the exchange after all.
    ask IB for reimbursement. why your order was executed away from market and not handled properly(suppose to be cancelled,if not filled at open(and open time))?
    not clear what you trying to do anyway. sell to close the position or short? either way you had plenty of chances to close the trade with profit :p
  3. Thank you for your reply. I will save the log.

    Below is a more precise description:

    Order: Short RATE at the open
    IB execution: short RATE 26.5 minutes after the opening at 10.02 where the price is now 10.30.
    I tried to cancel the order throughout the 26.5 minutes, but it could not be cancelled.

    Order: Short RKUS at the open
    IB execution: The order is cancelled 26.5 minutes after the opening where the price is now 21.97 versus the opening price of 23.10
  4. Bob111


    i see... in the future- in such event your the best bet is to call trading desk ASAP. not after the fill,before that, but even after-you should be able to dispute the execution if you contact to them within 20 min after the fill. same thing on this particular case-contact IB via ticket system,send them copy of your log files and keep us posted.

    i don't think that IB is cheated on you or it's some sort of "common practice" for them and i'm pretty sure that they will blame the exchange regardless,but i'm interested to hear the outcome.
    it's does looks like a highway robbery.

    Thank you!
  5. zdreg


    i notice that when people accuse IB of chicanery it is usually posters with low posts counts and little trading experience.

    i forget exactly but under certain circumstances you may not get the opening price. perhaps somebody can tell us.
  6. NEWS ALERT: The markets are a risky place.

    You know, just like the racetrack, where the jockey can fall off the horse.
  7. zdreg


    from a number of different sources the opening for rate was $10.10.

    the 1st uptick could have been at$10.02. unless you specified opg you are of luck. i will bet that you entered your order as sell short at market.

    nearly every time somebody accuses IB of cheating it is the poster's error that created the unintended result.
  8. Funny thread. There was no trading in NYSE symbols R - Y at IB today until 9:57am. They sent out a bulletin but not until 9:37 after your marketable orders had sat there unfilled for 7 minutes (and then 20 more after that). Orders in those same symbols got cancelled at 3:43pm yesterday as well...but no bulletin at all on that one. All around they are a great firm that offers stuff no one else does, but these quirks are part of doing business there. I've conditioned myself to expect a cost of 5 - 10k / year for this stuff and have made peace with it (sort of).
  9. zdreg


    i looked at 2minute bar chart 9:30 to 9:32am. and can agree the opening was 10:10 per yahoo finance etc. the low was 10 and the uptick rule wasin effect.
    an execution at $10.02, as 1st uptick seems reasonable. the fact that nyse was not trading it is irrelevant. it was trading somewhere.
  10. The opening NYSE print for RATE was 10.02.
    The opening NYSE print for RKUS was 23.86.

    I'm assuming the OP was using opening orders routed to NYSE so these are the relevant prices.

    I had an order routed to NYSE for SNE before the open. After not receiving the opening print I called IB and after they contacted the NYSE they assured me my order was cancelled. I was able to trade the position immediately on the ECNs.
    #10     Feb 13, 2013