How does Interactive Brokers or Open eCry (or any online broker for that matter) handle spreads. It was my understanding, and I am probably wrong here so please bear with me, that one needed to phone in the spreads. Is this still true? I for one would love to do spread trading on futures, having already done something similar on my little forex account . Anyhow, I would be interested in knowing if these platforms already utilize a spread margin or something similar. Thankyou all.
IB accepts spread orders (entered electronically via their TWS) for some products and tasks its computer with watching the legs. When your spread can be executed, it fires off both sides and gives you both positions. Assuming you are dealing in futures or futures options, the margin required is subject to SPAN, so the true risks of the position are factored into the margin requirement.