Option Order Cancellation Fees All US exchanges now charge option order cancellation fees. In order to recapture this expense, effective April 14, 2003, IB will charge $1.20/cancelled option order for smart and direct routed option orders. Option order cancellation fees will be REDUCED at the following rates: Direct Orders $.20/executed contract capped at $1.20/executed trade Smart Orders $.25/executed contract capped at $3.75/executed trade
Now the day that I told you comes. IB lovers, jump boat now like I already do. It turned out your efforts to fill their tactical needs and to pay them commissions are not enough for the greed of special interest group. Stop now or you lose all of it. My next prediction is that if some sort of investigation turns out a little fruitful, $1 the commissions will be your oldest sweatiest dream.
This is not a software issue. The thread should be moved right to the retail firm forum right under the IB name. Transfer your cash out before they start to charge outrageous fees or do something to lock that you will never accept or never prepare for.
options is bullshit anyway -with or without all this bullshit fees... in normal marketplace you should not be charged, if you change your mind or if price move against you(which usually happends)))))) thank you
My new business is a chain of grocery stores near all options exchanges and IB headquarters. My staffs are required to charge all customers an extra 125% if they touch my merchants and put them back. Because I, the master, accuse them pollute my merchants with potential decease like SARS, which means the rule is very fair.
vhehn, it does suck and i'll explain more below. qdz, if you had a clue about what you were talking about i'd (and probably most members on this board) would find you mildly amusing. As it is, the only reputation that suffers when you post is yours. back to the fees: - The CBOE chares $1 - The ISE charges $1 - etc (didn't feel like seraching the other exchange web sites). IB charges $1 per contract. Most brokers charge a minimum of $10-20 per option order. Something has to give. IB is in the business of providing great executions but it needs to make money as well. I guess the alternative could be to charge a minimum per trade and subsidize the excess profits from the minimum to cover the cancel fees. Hopefully BOX will be approved soon, they won't succomb to these ridiculous fees and we'll be able to offer a better alternative.
I don't mind what you say to me,def. After all I am a straightforward honest man. When you try to align you IB to other brokers in statements like "Most brokers charge a minimum of $10-20 per option order.", you just invalid all your advertisement (maybe lies) of low cost/secure cleaning/high efficiency/execuse for poor supports etc. The fee is illeagal and should be approved by SEC. They can increase base fees but not add new fees without approval. I think ultimately IB is a victim again like in the case of PDT rules as smart people will leave trading eventually or trade much less.