Discussion in 'Retail Brokers' started by Cdntrader, Nov 29, 2001.
Read it on IB improvement thread this am from Def.
Way to go IB!
Is this to try and make up for what happened a few days
back when their system went kerplunk?
i couldnt find the post. Could someone set up a link so I can read it . Thanks
i hope i didn't jump the gun. I rec'd an e-mail stating it was going to happen but I thought there would have been some PR sent to clients by now. I got the scoop on the other info correct so lets hope i'm right about this. so until the official word .....
v..77: no idea, that would be a nice spin but i doubt it
Interactive Brokers Cuts Futures Commissions
GREENWICH, Conn., Nov. 29 /PRNewswire/ -- Interactive Brokers ( www.interactivebrokers.com ) will cut the cost of trading US futures from US $2.95 per side to US $2.40 per side, effective December 1, 2001, making IB's retail commission rates for futures one of the lowest in the industry among direct access brokerage firms.
``Thanks to our sophisticated electronic execution and clearing technology, IB can now reduce its US futures commission to only US $2.40 per contract,'' said Tom Ascher, IB Executive Vice President. ``This rate reduction furthers our commitment to delivering speed, value and breadth of coverage to the trading professional.''
IB's new US futures commission schedule, along with its stock commission rate of US $0.01 per share (only half a penny (US $0.005) for each share after 500 in the same order) and its options rate of $1.95 per contract, is targeted to fund managers, professional traders and sophisticated individual clients looking for high-speed execution and worldwide market access. IB professional customers may execute on seven international futures exchanges, all major US stock exchanges, numerous international equity exchanges, five US options exchanges, and seven ECNs (electronic communications networks). Commissions remain the same regardless of whether the customer places a market or limit order. For more information on IB products and commissions, please visit our website at www.interactivebrokers.com .
Interactive Brokers LLC, a global electronic brokerage firm and member of the Interactive Brokers Group LLC (IBG), was formed in 1993 and provides institutions and professional traders execution for stock, options, futures, currencies, and VWAPs. IBG is comprised of electronic brokerage and proprietary trading firms, including Timber Hill, a leading equity options market maker established in 1977. IBG executes trades on more than 40 exchanges and ECNs in 16 countries. Customers may route their orders to a particular market center, or use the firm's intelligent high-speed Best Execution order routing system. IBG's daily trading volume regularly exceeds 200,000 trades. The group employs approximately 430 traders, programmers and support staff located in offices and exchanges throughout the world.
SOURCE: Interactive Brokers LLC
Do limit, stop limit, or stop orders rest on the Globex servers or at IB? I have been told by other traders that IB holds the order until your price is hit and that because of this your order ends up being very far back in the que. If this is true, then that would explain alot. I have much less slippage with my new broker. I used stops with IB and every trade was at least a tick or more off. I talked with a few traders who told me that they were not having slippage problems with stop orders. I decided to try one of the recommended brokers because of bad phone service and the poor fills I was getting with IB. Now that I've switched I have been almost always getting fills at my stop price or better. What a difference. Once in a great while during a really busy market I'll get some slippage. When I add up the slippage I use to get with IB it wouldn't matter if they charged $0.00 per side because it would end up costing at least 10 bucks more on average per trade than my new broker.
FOOLIOSBROTHER- Is your cuurent broker utilizing the patsystems trading platform?
Separate names with a comma.