Singing IB's praises -- First pit trade

Discussion in 'Retail Brokers' started by garbo, Nov 27, 2006.

  1. garbo


    Okay, I just gotta share this about IB (and don't think it's because they're going public and I want into the IPO...

    I made my first pit trade ever through IB today. I had opened a EUR futures/futures options position last Wednesday on GLOBEX, long 30 puts and long 15 futures.

    Today I wanted to close it with a decent profit, but I thought I would do a test and see how the pit works (just in case I ever need it in a crisis when GLOBEX is down). I sent one option contract for sale to the pit and expected the worse.

    In fact, however, I got price improvement of one tick! Is that unusual?

    The electronic quote was something like .0049/.0053. I put in an offer to sell at .0050 and the confirmation came back about 2 minutes later at .0051. (There was practically no movement in the underlying during that time.)

    Anyone else have any experience with IB and pit trading?

    I also wanted to check the fungibility between GLOBEX and the pit. As soon as the confirmation came back, my position dropped from 30 to 29 puts immediately. So it does work.
  2. pits giving u a treat to keep u sendin' order to them and rape u good next time.
  3. garbo


    I will keep that in mind before I bend over in the shower again.