IB not allowing me to open positions??

Discussion in 'Order Execution' started by huh, Mar 17, 2008.

  1. huh


    What the heck I'm trying to buy to close a short vertical call spread for a profit and I keep getting a message that I can't open new positions because account valuation may be incorrect...Hello, IB you suck, I'm freaking long in my portfolio with one short position and a ton of cash. Of course now I'm waiting to get some help which should take another hour or two on the phone.
  2. huh


    Wow I'm impressed! Just got off the chat with the IB rep and they fixed the problem. Didn't take nearly as long as I expected....I'll eat crow this time, you win IB customer service!
  3. Do not just say it is solved. Explain what was the problem, and how it was solved. This forum is for others to learn from in addition to helping it. Do not be selfish.
  4. huh


    They didn't explain what happened, the guy just got my account info, said to hold on and a couple minutes later had me try again and it was working. I have a feeling that for some reason my account liquidiation fell considerably for like a minute after the open. My guess is that raised a flag or a lock on my account that I had hit a margin call or something even though that wasn't possible. I had on a large (300+) contract mar 570/560/550 put butterfly and remember seeing the 560/550 vertical spread with a misprice because it was showng the value to be .90....not sure how thats possible and the 570/560 spread was still being quoted for around .20. This caused my liquidation value to drop A LOT cause I'm long the 570/560 and short the 560/550. I remember seeing that and wondering what happened then less than a minute later the 560/550 went back to the correct value less than .20 which fixed my liquidation. Of course then I tried to open a trade later on and couldn't cause of this message.

    So I guess the lesson is to be careful cause even if you are long in your account with NO WAY of getting a margin call, some mispricings can still have an effect......