It is good to find that other traders see this - so obvious on close observation. I think the 400-500k up MM on IDEAL Pro is Timber Hill, LLC/Interactive Brokers arbitrage trading program.
2 small items for IDEALPRO (and also IDEAL): commissions are now always charged in base currency. This will simplify getting exact positions in both numerator and denominator currencies.(Ex: base=EUR and I trade 300'000 USD in JPY/USD @ 120.00. The commission would be 300K * 120 * 0.00002 = 720 JPY. If JPY/EUR is 150.00, then the EUR commission will be 4.8. ) minimum commissions are $2.50 USD converted to the base currency using the previous night settlement prices as reported on the daily statements. (ex: same principle as above but the commission is checked against a minimum commission in base currency also using prev night settlement rates) The use of previous night settlement prices for commission calculations may result in a slight variance than if real-time prices were used. Sometimes it will be in the client's favor, sometimes against but it will be a totally random process. We chose this method so all orders in a day are charged at the same rate. Item 2 fixes the problem for minimum commission trades where we were charging a higher minimum for CAD trades than for USD because the conversion rates were very stale. Next: position based view easier way to flatten positions new interface
IBj, Can you please say when the above will be coming, especially the position-based view ? Thanks, J.
* new interface: 1-2 weeks, maybe sooner in beta * better position flattening: this is taking more time than planned. 1 month plus/minus but this may slip * position based view: we rolled it out about 2 months ago and had to take it back because many non-FX traders panicked when they saw 'fx positions' in the account window. We are making an upgrade to allow fx positions to be configurably viewable or not, as preferred. Will announce this week and probably available next week. ibj
Thanks, IBj. Will the position view be in the form of fixed lot sizes, similar to typical retail Forex brokers, or simply show the total position in the relevant currency ? J.
IBj - any progress, please : is this likely to appear in Build 865 &, if so, when (as far as I can see, it is not yet implemented) ? J.
IDEAL Pro GBPUSD: 3-4 pip spreads all too common... THAT IS @#$%ING WORTHLESS. WHY NOT 5-7 PIPS WHILE YOU ARE AT IT???? Also, for your rocket quant IT staff: When you are long, P/L should be marked based on the bid. When you are short, P/L should be marked on the offer. IB, @#$%ing amazing. Here is a comment I posted under trading software for you guys: "F that - It just shows the incredible arrogance and complete attitude of IB. They don't give a @#% because they are too worried about getting the latest neon and pastel polo's so that can pop a collar and drink wine spritzer at the country club this upcoming weekend in CT. It is amazing to see customers side with brokers - happy with the state of financial trading software these days. Are you joking? With the amount of notional capital that is traded, the software should be nothing less than absolutely flawless."
IBj, How does IB decide to fill my forex order against another client or send to a bank? Does my order get delayed at IB for a little bit hoping an opposite match comes through? or is there a quote system coming from the bank that gives clients a chance to fill against other clients before giving it to the banks? I dont quite understand how its possible to have a client fill against other client without delaying, unless both orders arrive at the same time, but even in that case the first order would have to wait till the second order is read before they are matched, instead of sending the order straight to the bank on arrival. Any kind of clarification would be very helpful. Thanks.