The IB losses were on the ICE WTI contract. It stopped trading on Monday and settled to Monday NYMEX closing price. The NYMEX May contract final trade day was Tuesday. https://www.theice.com/products/213/WTI-Crude-Futures
The question to ask is why did CME enable negative prices in April? If they hadn't enabled it, it would never of happened, not even once.
Did anyone try market order if it would go through? Kinda risky as the spreads may be horrendous at the time. But if you must get out you must get out I guess.
Dear MtrGuy I read carefully your post and this exactly what happened to me as well. I also had few contracts of WTI that created a large loss. I actually was looking for advices and help and also I wish to start a collective legal action against IB and CME. I was wondering if you know any blogs, Facebook page where we can join our efforts and energy to collect findings and potentially organise a join legal action against IB and CME if suitable on the above subject. My point and agree with you is that - IB did not show negative price on my system on the trading day, I inserted my purchase at 0.5 usd not knowing the price was already on negative, which did not show in IB trading system. Then IB account showed that my execution made at -0.75 USD and when I tried to sell out to exit immediately, I did not see any actual price as it showed still at above 0.01 USD. - My other platform did not allowed me to purchase the same invest on the same day, same time but why IB did. I only assume that others have enabled not to execute on purchasing at negative price and this way protect the firm and the customers.
To sum up, 3 contracts are involved, 2 are cash settled. On April 20, IB customers could trade either QM May 20 or WTI May 20. Main specifications follow: CL May20 physical delivery, last trading date APR 21 '20 14:30 EST, Nymex, multiplier 1000 QM May20 cash, last trading date APR 20 '20 14:30 EST, Nymex, multiplier 500 WTI May20 cash, last trading date APR 20 '20 19:30 BST, ICE, multiplier 1000 Monday, 20 Apr 2020 Settle: CL May 20: -37.63 QM May 20: -37.63 WTI May 20: -37.63 Monday, 21 Apr 2020 Settle: CL May 20: 10.01
Shocking!! Someone actually lost in trading. And negative numbers. That should be illegal. Somebody ought to pass a law or somtin.
It is all about protecting the Peterfly's Billions. IB customers in aggregate must have massive equity positions. Perhaps Peterfly should take out $7 billion as a dividend. Then he can think more rationally.
Hi Creator, I believe you and I am on the same page with you. I did not see any negative pricing on IB on 20 April. I have lost all my fund as well.They executed on negative price but my account still showing the positive 0.01 USD till the morning of 21 April. I only could think that IB did not have the negative pricing on the platform, which I could not see nor to put an order for negative price to exit. Hope we can cope to send the message to IB and to further investigate the situation.