Beginning May 1, 2003 we will be adding the ability to trade futures and option combinations in IRA accounts. At that time we will make an announcement on where to sign up and the specific new margin rules for these IRA account enhancements. IB is great. Sure, they pass along fees and expenses that we would rather not have to pay, but they do it in a fair manner. Most (all) of the BS fees, rules, etc. are the consequence of "others" and IB probably likes it less than we do. They continually add enhancements and features to their products and keep prices low. I for one am very excited about the futures trading in IRA's.
Discuss IB here and see the following thread to discuss the new fee in general. http://elitetrader.com/vb/showthrea...&threadid=15725
Here is an additional practical problem for IB. they cannot charge the new fee before they can provide full accurate traceable billing information. The information at least needs to include the time, transaction id, and amount of fee for each item debited/credited under the title of new fees. Only a total of the fee in the statement is not good and responsible enough. Write to SEC and NASD to block the new fees, NOW. Actually complain they are already conducting the activity without providing any responsible billing information, which should be prosecuted.
Cancelling and modifying might be two seperate things. Looking at the CBOE fee schedule it does say cancel. I'm not sure what price changes the exchanges will accept. I think the idea behind the exchange rules is that they want to keep orders at the exchange and thus don't care if you modify. I'll need to clarify this as I do not know for sure.