Thanks for all the inputs over the weekend. I'm sorry for not responding over the weekend since I spent some time on a flight and also on other issues. I have had people like def and IBj on this forum PMing me, and I replied this morning. I have been trying to disclose as much information as possible without risking the privacy and security of my account. You can search for my previous posts. So as def *hinted* about the currency situation, here's the scope. I'm a Canadian and I have cash in Canadian dollars. I had one FX position and it was short CAD/USD (which was earning money as USD was rising). If the currency situation is the selling point from IB to rid of any blame, why did it choose to liquidate my assets based in USD, while USD was strong? Wouldn't that just be an endless cycle of liquidation, since I lose even more capital on each liquidation of my PUT options, without helping the currency situation at all? I don't think the currency situation with my CAD cash was dire to begin with, and only after liquidation at bad prices was my account in the hole.
looking forward to seeing IB resolve this....I am an IB customer as well both personally and through a firm.
I agree. It seems that commissions saved work as sort of premiums you receive for shorting fat tails, which historically is not a good bet. IB better fix this
Sorry, but IB's platform hides my FX position from my portfolio by default, so I had to flip to my FX portfolio to see it. As I mentioned, I only had a short CAD/USD in a relatively small amount, which had been open for quite some time (over a year). This is the only FX position I had and I mentioned all of my other positions already. Note that this position was earning money on that day when the market was falling and USD was rising. I hope IB doesn't make the currency a scapegoat for this situation, because it is just obviously wrong to liquidate vertical puts like that any way you see it, especially when the positions should increase the margin for my account as it was an USD asset and the intrinsic value was rising in the falling market.
OK, so you were not long any shares? If true, then I take back what I stated about removing this thread. IB should credit you for the errant liquidation immediately. Furthermore, they need to compensate you for opportunity cost. You had a bear position into a crash.
So IB has opened a ticket to my complaint and has given me a link: http://www.iiroc.ca/English/MemberResources/Brochures/Documents/InvestorProtectionBrochure_en.pdf This is part of the response to the complaint: "Depending on the complexity of this issue, the review process may take several days to weeks. The Investment Industry Regulatory Organization of Canada (IIROC) recommends that a final response be provided within a maximum of 90 calendar days." Now should I wait for them on this, or should I hire an attorney as some has suggested, or take it to arbitration by myself? If they take the full 90 days to give me a response (which may even take longer because 90 days is only a 'recommendation'), I won't have much time to go to arbitration myself and my chances of getting some justice on this issue will be less when the issue is still hot.
since u r talking about 10k, i would ask the atty if he thought you could include his cost in your suit