Simple question IBj,an dyou don't have to answer publicly: "Given the circumsances, how would YOU want to be treated if you were the customer ('himself") in this scenario"
I make 150 trades/day with IB... and I agree with Choad. IB is as good as it gets. Complaints about IB are almost always by ** rank amateurs **... Who do not understand that trading is NOT playing some cool video game... But more like setting foot on a battlefield. Rules may or may not apply... and sh*t happens. I make 30,000 trades/year... And there might be some kind of issue with 5% of them. Do I throw a hissy fit 1500 times and waste my energy on blaming someone? Or do I just forge ahead, learn to minimize shrinkage... and make a good living? Grow up or die. rm+
Taken from http://www.elitetrader.com/vb/showt...rpage=40&highlight=ib retail pit&pagenumber=2 I think IB has been forthright about the inherent risks in trading products where human performance is a variable. It's not Globex.
You were trying to open a position, correct? So you didn't actually lose any money, only potential profits. Not quite the same thing. Sh@t happens, fills are busted, there's nothing you can do. Especially when you're pit trading. From what I understand it's not uncommon with pit trading to not know if you were filled until well after the event, mainly so the floor brokers can decide if they want to keep the fill for themselves (if it's profitable) or if they want to give it to you (if it's unprofitable).
You waited at least 15 minutes to call. That's 10 minutes too long. The entire matter has been explained carefully. If you get a bad fill or no fill that you cant explain, you are responsible for calling promptly. To put it another way, the delay makes it look like you are gaming the objection. That's clear right? And the sooner you get a for sure 'out' the sooner you can put that great trade on for real. Right? This is not a game for children in short pants. It's unfortunate that IB had to change policy in midstream, but maybe your complaint should go directly to the exchange floor for cancelling legitimate orders and creating confusion.
I would agree were we talking about an electronic exchange where there is instantaneous communication of a fill. But this was not that. There was no instantaneous communication that would indicate by its non receipt that anything was wrong. In the IB pit situation IB had previously indicated that there would be no such communication. So on what basis could you say that 10 minutes or any special time was the time after which one should be suspicious? Here when I contacted IB the price was still about the stop price, so there could be no "gaming".
This is not true. I have been compensated by IB before due to an IB system error. Looking back at it, it is unclear whether I should have even been compensated for what happened (IB's compensation policy at the time was not as strict as it is now). Overall, IB is the tops.