That happened to me with a stop order on NQ futures. I had my TD Ameritrade account open as well and the price on Ameritrade never even dipped as low as IB had given me. IB is required by law to provide the best price available. Read The Flash Boys by Michael Lewis. The whole book is about traders getting ripped off this way.
Well, my IB/TWS always shows the exchange in the trade log, which may be a double confirmation. But his trade log shows blank, which I haven't seen before:
Guru, I didn't see this... yeah, this trade never made it to the exchange. IB defrauded the OP. Wow. I am glad that I stopped clearing IBKR. Whistleblower time.
Details and full information are important in cases like this. IB Pro doesn't sell flow and Eurex option orders are routed directly to the exchange. (there was even a comment in this thread claiming we trade against clients -which we flat out don't). Given the speculation and host of naive, erroneous comments and totally false and deceptive thread title, I thought best to dig in to obtain the details. I first went to T&S on bloomberg - couldn't find anything - no trades which means the trade did not take place on the main order book. I then went to our trade records and we were able to dig up the trade which did indeed take place. The outcome: Assuming I am looking at the one and only trade on that option on the day. I see the order entered as part of a spread/combo as follows: Buy Dec 180 Put Sell Dec 220 Call With a buy limit of 23 which would go directly to the exchanges combo book In short, the issues seems to be that is you entered your order as a credit and not a debit which led to a poor fill on the exchanges combo book. So with these details which I believe accurately depict what happened, will you be kind enough to amend the title of your thread from IB ripping me off to something like IB gave me a better fill by $40?
Wow, if this was a spread then we’ve been duped by the op My own spreads show almost random prices of each leg as if they didn’t matter, as long as the price of the spread is reasonable. I’m not even sure if it’s possible to determine the price of each leg because if I sold you a spread and you bought that spread then none of us could or need to determine the price of each leg. (?)
For the sake of simplicity, I didn't complicate the matter here on ET with Risk Reversal (but fully explained it at the time to IB). That's also why I said I was trading at the market while in fact, I was submitting deep in the money LMT order which should get immediately executed at the market. but let's get to your post and details (i guess many will get lost from here on...) I was indeed closing short RR but that really doesn't excuse IB a bit wrt the problem I was mentioning here - that you are not executing properly for your customers and rip them off in the process. To say that you could rip me 3x more and therefore I should be grateful for 1x rip off is idiotic at best - you, "def", should know better. btw with 3x rip off it would make economic sense for me to go to the exchange for the bust - so maybe there was a reason why you did it the way you did... Of course, I will not change the thread title. And I will not drop the matter as a matter of principle now... bottom line is, it doesn't matter how things work technically if the underlying principle of IB is not strong ethics and "fiduciary duty" to the customer... Technically, there is nothing like a RR product for an almost infinite amount of combination that you can come up with... Even IB defines a RR as a basket consisting of two legs and you charge a commission for the two trades respectively. And show indicative pricing based on a sum of the individual parts. in this specific example you specifically say in the description of this specific RR this: To buy 1 Risk Reversal means: 1: Buy 1 ADS Dec18'20 180 PUT @DTB 2: Sell 1 ADS Dec18'20 220 CALL @DTB Huh? so that's how I would expect you to process it!!! (btw PUT was correctly executed at the offer so all the mispricing happened on the CALL side) now suddenly some BS talk about exchange combo book with completely different pricing than what is readily available on the main book (and shown by TWS market data). and way worse for the client...i have no problem you send it somewhere else than EUREX but that means only for a possible "price improvement"!!! it is like me selling MSFT stock trading at 200 at LMT=100 on SMART and you announce that you actually manage to sell it to some friend of yours and received a full 160 for it - when the market was 200 all the time. what a joke! when you indicate pricing, specify pricing, etc on the underlying market (options), you should be bound to these underlying markets. and not say we sold it somewhere else where btw the prices are completely different (and worse for the client).