IB: there is a problem with cancellations near the close.

Discussion in 'Retail Brokers' started by Option Trader, Dec 21, 2006.

  1. I am really upset. This is the second day in a row this happened.
    (First report: http://www.elitetrader.com/vb/newreply.php?action=newreply&threadid=83006).
    Two days ago, we cancelled an order AFTER the close, and the order went through the next day at the opening of yesterday. Yesterday, cancelled an order one minute BEFORE the close and the order went through today. No trace of either of the cancellations in the IB system, which might give an inkling as to where to find the problem. Since the order was placed as GTC, the IB system redsubmited the order after midnight, at the start of next day.

    Today, cancelled an order AFTER the close and it stayed as a pending request for cancellation for about 20 minutes before the order disappeared. The IB rep says that happens with cancellations at the close, but he believes it would not have been left as an open order for the next day, because in this case he saw the cancellation request. Ultimately it did cancel today.

    In spite of the low rates and the high interest for credit balances and ease of use of the system, problems occur with the system, and the customer is not believed.
  2. JackR


    What did the TWS audit log on your machine show? Did IB ask you to send it to them?

  3. Are you certain that each cancellation was confirmed by a red-colored confirmation code?

    Do you have your TWS configured to keep cancelled orders displayed on the screen until you clear them, or do you have it configured to remove orders automatically seconds after they are cancelled? This is a very important question, since the latter configuration often results in customer errors, where the customer thinks he saw a red cancellation confirm, but in reality he did not and his order is still active.
  4. Although we have checked "Create audit trail", it only shows outstanding orders and no trace of submitted and cancelled and fills for the day.
  5. WHen pressing "C", the "C" disappeared. Can the "C" disappear and you get no red and no confirmation?

    It does not disappear automatically seconds later, as sometimes it might stay for 10 seconds or more. BTW, where does one check this configuration?
  6. how close to close did you submit your cancel orders?
  7. Two days ago, it was after the close. Yesterday, it was about 1.5 minutes before the close. The stock is NYSE if that also has something to do with it??
  8. sprstpd


    When did you check "Create audit trail"? Before or after this problem occurred? The audit trail should show all order activity including cancels assuming you have it turned on before the event happens.
  9. Before. Never changed the settings from the way they always were.
  10. u can ask reps to check the trails for u if u didnt activated them before today and then tell em to send it to u. of course there may be an issue of trust here but if u dont tell the reps the problems and say that is just to store the data u may not raise questions and create possible conflicts.
    #10     Dec 21, 2006