i had one that got caught up in this. threw a small bid out, just 4.2% below the prior days close. it came back and i dumped it for a point profit. 5 hours later at 2:30 they told me they were busting part of the trade. this after the stock rose $2.50 from where i am now short from. not only did they take away the profits, but i now have a nice loss. someone else makes a mistake, and i lose money over it? very fair.
Htrader, I think you will find that IB makes these decisions only when there is an IB customer on the other side of the trade and they are suppose to base their decision on Nasdaq's criteria. I'm not suggesting IB did anything wrong but if you dig a little deeper this is what you will probably find.
i got few fills outside of nasdaq 15% range, did not cover them because i did expected those trades to be busted. all positions was on my accounts after friday close. today, on middle of the day i call to IB and ask them about those positions,because i receive email about one of them to be busted. i ask- i have couple more, can i close them, without been worried that they going to be busted later today? CS said-all adjustments and busts are been done already on friday after hours, no further action ar notices is expected, you can go head,close them. so -i did. @ 6:30 pm,after market close i got email from IB-all those trades will be busted. nice job, well done again. nothing against IB,because i believe they provide me info,that they know at that moment, but those "another firm" f**rs really got me this time.
I have seen so many posts on ET about IB's systems going down, problems with customer service and tech support- and now this gross incompetence. It makes me wonder- why the hell does ANYONE trade with this monkey shop?? There are much better deals and firms out there for the savvy trader.
Busts are at best a messy business. I do think that IB needs to take the side of THIER customer, and make sure that every effort if made to FAVOR the customer and keep them as informed as possible as to potential outcomes. If that is not the case at the present time, it needs to become so. How about an official response, as all this dirty laundry in public is not good for anyone.
Bastards! This pisses me off because I can see it happening to me too. I occasionally get busts, but nothing as bad as you guys got on this one. There has to be some accountability on this - and not from the little traders like us who do nothing wrong. Unfortunately it would take a hellofa lot of effort to get the rules changed. Ain't gonna happen. The little guy always gets the shaft... Good luck on this. Who knows, maybe justice will prevail? Nahhh.
http://instinetgroup.com/legal/trade_policy.shtml why do we need those rules, if one can go over it so easy? are those rules for everyone or just for little boys and girls? then write it down also, to be make sure, that we are know rules of this sh**ty game. make it public.
What would be even funnier is that after you cover the short the will come back and say that they forget that they did away with the busted sales and now you would be long ....... Not really ha ha funny but I think you get the picture. Happened to me when I put in a limit order to cover a canadian dollar trade. Had the limit in at the high of the day and I called and asked if I been filled. Got no for a answer. Asked them to check the tape cause my price was at the high of the day. Checked and they still said no. Canadian dollar fell for a week straight. I cover on a bounce and get a call from the desk saying that I am long. Asked them way I am getting a call and I coverd that postition. They said it was covered a week ago and was put in wrong account and it is all my fault for not catching it. Told them what I did and the guy treated me like I am in the wrong. Ask them to eat the loss for the long trade and they wouldn't. Covered that and closed the account. Futures suck