IB customers lose $88m trading WTI crude

How is that relevant here?

 

You wouldnt be asking such a dumb question if you traded ES during the recent meltdown.

 

Since it sounds like you were, why don't you explain it to me? Make sure not to use words that are too big, I tend to get confused easily.

 

They are too high, maybe not for CL, other futures or forex but for equities, they absolutely are.

 

so far got no advice and plenty of people who called me a liar with no reason.
Below is a scrsht with the trade (bought at 0.01) and another one showing current price of the contract - it’s zero which kind of proves that they never expected it to go below zero and haven’t adjusted neither charts nor orders.

 

Creator,

IB doesn't allow customer to trade futures having physical delivery over the last trading days (or hours, it depends on the underlying commodity/bond):

https://www.interactivebrokers.com/...owcategories=&p=physical&cc=&limit=100&page=1

If I'm not mistaken, at IB, last trading day for CLK0 was April 16 (see joint jpeg, 2 business days before April 20).

Si, it's very strange seeing you able to buy CLK0 on April 20 (sorry, don't know if this fact is of any help for you, but IB allowing you to buy on April 20 was against their own stated rules).

And I know these rules were generally in force, because yesterday, when CLK0 turned finally positive I tried to send an order using TWS, but was unable to send it to the market. Instead, I received a warning about my order not being accepted, according to their "physical delivery futures" rules.

So, speaking about the 88Mln loss, my guess is .............. it comes from IB customers trading CLM0, because nobody could trade CLK0 in April, 20 (and 21) with them.
If my guess is right, the 88Mln loss in not related to negative prices of CLK0, but to the unprecedented volatilty of CLM0.
And this is a bit worrying, as I (as everybody) used to think that IB risk management is able to identify in real time a margin call, and close the position before the account goes negative....

 

the IB customers were trading WTI on ICE Europe.

 

thanks for the reply but ZBZB is right - it was IPE contract

Although my account is indeed terrifyingly negative and I have no idea what to do about that

 

If I remember well, you have to open an official complaint (inside account management).

After they refuse to accept your request, you will have 6 months to go to the Financial Ombdusman in London.

You don't need an attorney, it's an 100% on line procedure, but you have to prove what's happened We all have seen IB not quoting negative prices on April 20 (I speak about Nymex, but suppose ICE was all the same), but to prove it after the fact that was not receiving orders can be complicated.... good luck.

 

Make a complaint. IB did not show negative prices. Market looked locked limit down.