Any rough idea when this will be introduced? On line tech support had no idea, previous comment from Def was sometime this month.
Def, I'm still excited about the new margin requirements, but haven't seen anything from IB on it . Is it still supposed to happen today? Thanks in advance.
I asked IB via the online chat and they acted like it was a stupid question. They very clearly pointed out that 4 to1 is for intraday only (I did ask the same thing a couple of different ways) Sure would like to know for sure....
Hey def... is fractional cent order entry under consideration? (I won't tell anyone if you say 'YES') Mr. Toad
No reason not to allow fractional cents. IB is costing it's people money by not allowing it. And I know that's not their intent.
I don't get it. In executions we are give fractional results. So if it can be an output of their system (BUY confirm 10.0098) then why can't it be the input?
4:1 - I get certain information before the help desk and from time to time post it on this site. Rather than asking them about things immediately after I post here in the future, give them a day or two. I rec'd word that 4:1 after hours would go into effect yesterday but maybe I'm off by a day (time zone) or I completely misinterpretted an e-mail. Hopefully it was the former. In any event, I don't know the legal aspects but given what many of you know about the conservative nature of the firm, you can rest assured that it complies with the rules/regulations. Universal: June 15th is the ETA depending on how the beta tests continue to go. For the most part they are fine. However, there are still items to be addressed. Speed: committment to upgrading software and hardware. GTC's are on the globex host. Stops should be sometime in June. Decimals: I don't know. I'll look into it. Question: when Island moves to Supermontage, will they have to revert to two decimals? Thanks for the comments but give pradhan the benefit of the doubt as my original statement could have been clearer.
How do you know? Not that I doubt you, but I would like to increase some of my entry sizes and not have to liquidate at 3:55 if I am over the overnight maintenance requirement. Are you currently over the old limit, or did you receive some confirmation from IB? Thanks
From the IB site under margin requirements (5/30/02): Patterned Day Trader Margin Requirements The NYSE and NASD have imposed rules to limit small investor Day Trading on US stocks. Customers who have made four or more US stock or option day trades (open and close a position on the same security in a single day) within five business days in their account are considered "Patterned Day Traders". "Patterned Day Traders" are required to hold a minimum of $25,000 in "Equity with Loan Value", and therefore those customers without this minimum "Equity with Loan Value" and who have completed three day trades within five business days will not be allowed to enter another trade. This restriction will remain in effect until five business days from the first day trade have elapsed. "Patterned Day Trading" margin requirements are as follows: Initial and Maintenance Purchase: maximum (25% * marginable stock value, $25,000) or maximum (100% * non-marginable stock value, $2,000). Short sale: if last sale price/share >= $17 then maximum (25% * marginable stock value, $2,000), else if $17 > last sale price/share > $5 then maximum ($5 * marginable shares, $2,000), else if last sale price < = $5 then maximum (maximum (marginable market value, $2.50 * marginable shares), $2,000) or maximum (100% * non-marginable stock value, $2,000). Short sale proceeds are applied to cash and the short position is subtracted from equity.