I have just found this thread I have subscribed to data on January 2 when it was clearly said there is a rebate I went ahead and also checked their fee schedule that doesn't mention any rebate so I started chat with IB representative that no rebate will be paid as it was confusion but they might not charge for January and he advised me to open a ticket and resolve the issue through compensation cometee if I feel not satisfied so basically that's what everyone should do but overall situation is quite disgusting - send 2 email confirming 1 $ data and then remove it without any notice- so it would be nice if someone from IB would comment it anyway full ICE data now costs $1800 per year (ICE US and ICE Europe) from previous $12 per year
Well here is IB's response to my open ticket which I'm not particularly happy with "Unfortunately, due to material changes in our agreement with the Intercontinental Exchange for dissemination of market data we are unable to offer the ICE/NYBOT feed for anything less than $ 75 dollars. I understand that you received a prior communication indicating a different pricing structure that would be available. We apologize for the lack of confusion and clarity in this particular situation, as indicated if you wish to have access to Futures Traded on the Intercontinenta l Exchange and New York Board of Trade it will cost $ 75 USD. If you have any further questions please let us know. Regards, ********** IB Professional Services"
I'm not going to make a stink until I actually see the market data charges hit my statement, but I'll raise bloody hell if it's $75. That means I'm out $300 for Jan/Feb. IB has to make good on the $1 rate for January and February, it's their error. If there's a change going forward, communicate it to customers and give them an option of continuing at $75 from March onward. Editing the market data subscription page after the fact knowing customers got a confirmation page specifically stating a $1 trade or pay rate would be pure bucket shop sleaze. Still hoping IB does the honest thing here, I think their customer service has been moving in the right direction recently. Surely someone from IB has read this thread - what's going on?
Completely unacceptable and unprofessional. First MF Global, now IB joins the party. Wtf? Please could someone from IB look into the matter and post here...
well to be fair, I don't really think it is IB, It is ICE that has set the rates. $75 isn't much for a serious trader, but it prohibits newcomers who are not sure from joining in. hey, a lot of clubs have developed a reputation for exlusivity, by charging high cover charges. NYBOT? I wouldn't know anything about that. It's for the big boys. I'm just a podunk retail punter. globex, forex, that's all I can afford.
Oldtime - You're absolutely correct, but the issue here is not what ICE wants to charge, but IB's communication screwup. A confirmation page came up quoting $1/mo, and that has to be honored until told otherwise. It's no different from retroactively raising your commissions. NYBOT = TF by the way, this is going to hit all the little Russell 2000/TF futures traders.
What I signed up for and agreed to was 1$ per month ICE/NYBOT data fee each month provided I make at least one ICE/NYBOT trade within the month with a fallback to a $75 data fee for the month if I do not make at least one ICE/NYBOT trade within the month. IB has the right to cancel or make changes to the ICE/NYBOT data fee requirement but in doing so IB needs to discontinue clients ICE/NYBOT data service and have each client agree to the changes. IB has changed the terms of the ICE/NYBOT agreement and checked the changed agreement as being agreed to by the clients. Not only did the clients not know of the latest changes to the agreement, the clients did not agree to the changes. To be a legal agreement change, I think IB has to have each client go through the "Account Management - Trading Access - Market Data Subscriptions" approval process and agree to the change.
the only thing I needed it for was DX. I can get 15 minutes delayed for free, and that's good enough. Like I said, the issue isn't IB, at most they get you for $75. The issue is ICE. Sounds like they are desperate. maybe they think they have pricing power. People want to trade Brent and sugar so bad they'll pay anything for the data. Could very well be true, they didn't get where they are by being stupid. As for me, I don't think I am interested at this time, but then again, they weren't making any money off me anyway.
What stings with this $75 fee on the IB side is that it really comes out to $150 per month for all who aren't using "cheap charts" associated with the IB data feed. It seems like "double taxation" with the same data source coming into one PC through two different routings, albeit one is a tick-based and the other time snapshot based. Thank gawd for the CME Fee Waiver Program. I am a very happy CL camper. It's a better contract than the TF anyway. I was 7 years on the ER2 / TF so it's been a very pleasant crossover for me this past 1.5 years.
old time - you misunderstand What is unacceptable is stating the charge will be $1 and then later billing for $75 (x2=$150 for ICE EUROPE and ICE US) Charging $75 or $750 per month is fine provided it is transparent. No issue with exclusivity, but stealing through the back door is not fine. Now I will cancel, but $300 out of pocket? (Jan+Feb)