I never had problem with market order for NQ, ES, YM, ER2 future for the last 2 years at market hours with IB. This is the first time. Waiting for 4.5min to fill is unacceptable. Something must be wrong. I have the datalog on my side for that day. Everthing was normal.
Here is IB¡¯s response today (after the ticket opened for 5 days). There was no answer to my first question: what happened? -------------------------------------------- Interactive Brokers LLC ("IB") received your correspondence datedDecember 16, 2008 regarding the execution of your order to buy 1 NQH9 futurescontract at the market, as an opening transaction. Therein, you state that theexecution of your trade was delayed resulting in a less than favorable price. As such, you request that IB compensate you the amount of the losses. Uponreceipt of your correspondence, the IB Compliance Department reviewed the factsand circumstances surrounding your complaint and provides the followingresponse.In pursuant to the IB Customer Agreement of which you agreed and signed, IBwill not indemnify a customer for missed opportunity at any time. IB reviewsall claims for compensation and we take this seriously; however, we do look atall claims in the context of our Customer Agreement. Please note the followingclause from the IB Customer Agreement:Section 7, Confirmations, Part B states, "Customer agrees to notify IBimmediately by telephone or electronically through the IB website if: i)Customer fails to receive an accurate confirmation of an execution orcancellation; ii) Customer receives a confirmation that is different thanCustomer's order, iii) Customer receives a confirmation for an order thatCustomer did not place; or iv) Customer receives an account statement,confirmation, or other information reflecting inaccurate orders, trades,balances, positions, margin status, or transaction history."IB records indicate that at 15:16:45 EST an execution was reported to your TWSfor the purchase of 1 NQH9 futures contract at 1243.30, during which time youwere logged on the TWS. IB notes that you did not attempt to contact IB until20:22:28 EST, by web ticket. In order to address similar issues in the future,IB asks that you contact us real time (phone or chat) while you are experiencingthe problem.The above mentioned trade was not a closing order. In accordance with IB'sstandard policies and procedures as set forth in the IB Customer Agreement andthe IB Website, it is the decision of IB to deny your compensation request atthis time.
I might have asked what happened first, then asked for compensation once they told you their version of how they screwed it up. It does suck, but if you trade long enough you'll have problems like this from time to time. IB certainly has their share of problems but other brokers do as well. Just be glad it wasn't a closing trade going against you, and write it off under lessons learned (contact them immediately when they f*** up).
I'm a little confused by the audit trail. Was the initial order received by IB or not? There is the 4.5 minute delay before it was acknowledged and assigned an order number. The trail gives a time for the order being sent. Is that from your TWS or from IB? If IB somehow took 4.5 minutes to handle an order after they received it, it seems to me they should take the enormous hit and give you the $100. If the order got hung up somehow before it reached them, I can't see how they are liable or owe you anything. That is the risk you take trading with a bot.
Frankly, all you bot traders have ruined the market, so be glad you don't get reamed more often. And 5 hours is a bit much, don't ya think?
I am 100% right and you are clueless. The OP's piker loss means nothing to me and even less to IB. He had better get a clue if he wants to start taking trades that are winners. P.S. This is very old school, and pretty much common knowledge among professional traders. Don't bother me with replying, as I don't want to waste anymore of my time on ET nOObs.