IB - notification procedure for busted transcation

Discussion in 'Retail Brokers' started by minimi, May 9, 2003.

  1. minimi

    minimi

    I personally have and also heard a lot of anxiety regarding busted transactions.

    Could IB make it a procedure to use high priority bulletin to notify the involved customers about the busting confirmation in the first place as quick as possible (manually or even better automatically), before using phone calls to contact the customer?

    Thank you.
     
  2. i dont think ib knows right away either. it takes a while for the other party to notify their broker and their broker to notify the exchange and then they notify ib. it all takes time. all i can say is you generaly know when you got a gift and have to be prepared to have it taken away.
     
  3. minimi

    minimi

    Thanks for the suggestion. Sure, if I got a surprise fill, I would know it. But my exeperience told me many transactions would be voided even they were filled in the bid/ask spread. So far I heard no explanation about them but am just forced to accept it. That's why I have this anxiety and wonder if IB can improve the notification speed if possible. Using bulletin first saves a lot of time than making phone contact first. I am a mobile trader.


     
  4. ive never heard of a trade being broken between the b\a spread during market hours. could you give details.why would they.
     
  5. this is classic...99% of the time people bitch about IB's customer service reps not calling back or being dicks...and now someone is bitching about them doing a good job and calling you back once they know about a bust...

    i think IB would prefer to streamline as much as possible and minimize human intervention anyway...i'm sure they would automate it if they could...

    and PS they will call you back at any number you give them...
     
  6. minimi

    minimi

    Well, it certainly happens. Check time & sales records of options traded on CBOE for some examples. The busts are all over the place. Some do not even show up on time & sales.


     
  7. minimi

    minimi

    Come on bugfrider, you are taking this personal. who is actually bitching. is it you? Why every time when I post something about IB, some one like you jumps out to put words or intentions in my mouth? Shame on you!

    I just expressed my opinion about a possible improvement on the procedure. I do appreciate IB representatives call me back.

    Thanks.

     
  8. Been trading for quite a while and have many times bought below bid and traded some really odd prices.

    Maybe 2 busts out of 1000. And one was some jackass on a $3 stock I bought a few shares of 40 cents away from the prev close pre market.
     
  9. minimi

    minimi

    I need to make a point clear. I understand it is very necessary to use phone call to contact the customer, as the customer may not be using TWS. So please stick to the phone contact procedure. It would be nice to make an electronic notification (bulletin or email with brief info) as quick as possible in high priority. And this should not take too much time to delay a phone call.

    Sorry for the confusion if there is any. Thank you very much.
     
  10. Htrader

    Htrader Guest

    IB has used the TWS bulletin before to notify me of a busted trade. Normally, they will call my cell but that time I didn't have it on, and the message came through TWS.
     
    #10     May 10, 2003