Ask them instead of busting the trade, to reprice it to the best bid at the time, or at least to the mid-price at the time of the trade. I.e. you still get your fill (albeit at a slightly less favourable price) rather than being left short the put. If they refuse then I would make very loud noises about lawsuits and negative publicity. Try contacting a few media outlets and get them to take up the case. Trades should *never* be busted IMO, at the very most they should be repriced to "fair pricing" at the time of the trade.
But things are even worse . ISE also busted a second trade in TASR options in another account. This was a 95 May put in TASR. I had a buy order @ 9.90 and they busted this trade, too. What can I do? I mean I placed limit order, and if someone triggers them it's not my fault, IMHO.
No one called me. They just booked the position in my IB TWS with a hefty loss and I was just wondering what's going on here. IB send me an email notification which I didn't notice at once, but this was just at the same time the position was booked into my account.
I called IB helpdesk, but I can't say that this was helpful. I think I'm done with IB. You get low commissions and a nice platform and in the end they hammer you with costly busted trades. That's not OK.
That's F***ed up! I would be pissed if I were you. Maybe def can help look into this. I really hope you get this resolved and get something out of your trades.
http://www.iseoptions.com/legal/pdf/rules.pdf Was the option locked or crossed when you entered the trade? nitro
The thing is, I'm not sure it would be any different at any other brokerage. I.e., it isn't IB's fault that the trade got busted. They are told that it is busted by ISE and they are just relaying the information to you. At least that is what happens with ECNs and equities. That is why it is so frustrating - your brokerage is just a middle-man so you can't chew out the real culprit.
Hi Nitro, sorry but I don't understand what you mean by "locked". The orders were simlpe limit orders.