I guess that's how the specialists in NYSE make their money? this is what happens... your buy order at $10 reach the floor, the specialist buys (at $10) - and WAITS to see what happens... if price go south to $9, then you get a fill (at $10)... and if price goes to $11, you also get a fill but at $10 and he pockets the difference ($1)... the longer he waits, the longer he can "let his profit runs" So you get a faster fill when the market go against the trade and a longer fill when the market is in favor because he wants to hang on to *HIS* profitable trade as long as possible when you hit the cancel button, you will get instant fills because he already bought the shares and he needs to get rid of it or end up having an outright position... The point is the longer he waits the more options he has... That's how every floor trader makes money in the pit...
How long does it take IB to make a response? Overnight, of about 20 orders for options, we had mistyped one (said Jan 2007 instead of Jan 2008 in one of the orders and bought 100 options way out of the money by mistake), and within 20 minutes used this service you have mentioned, but have not heard back from IB yet.
Here is more specific information: The purchase was made for Jan 2007 60 calls at $.05, instead of the Jan 2008 60 calls. It was such a bad purchase, that could have bought the 50 calls (or less) for the same $.05. We had followed the guidelines given by IB on this thread at the start of the day and w/in 20 minutes. It is now 2.5 hours after the close, and the account still shows these Jan '07 60 calls. Did/ will IB come to the rescue?
I asked the help desk to search for your ticket. You rec'd two replies from the CS desk. The first stating that they sent a request to the exchange. The second 15 minutes later stating that the exchange will not bust them as a client (ie. public) was on the other side of the trade.
IB Has always been helpful if we have an execution that is clearly outside of the execution curbs. We've also had plenty that we don't contest.........why? Because we fat fingered it, and it was within exchange bounds....but COULD potentially be broken. It was our mistake, a cost of business- and you should take ownership for your mistakes, as well, don't blame anyone but the person who entered the order. If I were IB, I'd close your account. If you can't operate in the markets properly, you cost us all -with increased commisions to cover customer service/complaints/and general manpower it takes to chase down your mistakes. Gain some experience before you start pointing fingers and starting threads showcasing your ineptitude.
I think you are more touchy than IB, and misread the map. I'm sorry that you feel that we don't have much experience in trading or with brokers. I would be surprised if you place the same number of trades. We made two requests with the other two main brokers we trade/ have traded with, and both were honored, one was busted, and the other, the broker took responsbility. With IB our batting, more accidents have happened, and our batting average is zero.
Can you elaborate. We are retail, and sold a stock for about 2-3 times the market value once, and the trade was busted against us without asking us.