Trades that disappear

Discussion in 'Retail Brokers' started by ron2368, May 13, 2002.

  1. ron2368

    ron2368

    I am using IB and have had this happen 3 times so far.

    I put in an order for a nasdaq stock and the order does not show a fill but it does not allow a cancel .

    So I call IB and am told they must call the exchange to find out but it may take up to 2 weeks to find out if I am filled or the order was lost.( excuse me but what do I do in the meantime?) So the person offers to call me today to let me know what the exchange ( most times its supersoes)says. Most times the IB person never calls back.

    After a day the hanging order goes away and I keep checking my positions. So far I am lucky in that these orders were never filled but I don't want to assume they will not be.

    Is there any effective way to deal with this?
     
  2. agent99

    agent99

    I have some trades I wish would disappear...but we won't go there.

    Sorry, couldn't resist.

    :)

    99
     
  3. Kymar

    Kymar

    Sounds completely intolerable - not to mention weird and ridiculous.
     
  4. bone

    bone ET Sponsor

    That's not good. Use a broker who's an exchange member and has a long term relationship with the Globex system. Look at the CME website.
     
  5. def

    def Interactive Brokers

    If an exchange doesn't acknowledge an order then IB can't tell you what happened. However, I can't believe the help desk can't call the exchange and find out - at worst case by the end of the day clearing cycle. I'll find out more.

    Note Bone: the comment was on supersoes, not globex and IB is a member of all the exchanges.

    ron, if you know who you spoke to, please PM me.
     
  6. brandon

    brandon

    Ron,

    I ve had the same experience with TWS and IB customer service. The only way I have received a reply is being very forceful and somewhat foul.

    Good luck,

    Brandon
     
  7. alanm

    alanm

    When there are a large number of orders hanging, the help desk is reluctant to call the ECN or exchange and run them down simply because they're overwhelmed. In these situations, you don't have to be foul (it doesn't help at all), but you do have to be forceful to get them to call, simply because "the squeaky wheel gets the grease".

    Telling you that they could come back to you with a fill 2 weeks later is pretty ridiculous. My experience with other brokers is that any fills would show up by market opening the next day, since any unmatched trades that show up that night would get followed up on the next morning. In any case, I don't know how they could ever come back to you beyond T+3 settlement.

    On the rare occasion I get a late report, the help desk usually calls me with it within a couple hours. I've never had a situation at IB where I later got a fill that wasn't on that evening's statement.
     
  8. Yep, Another example of why IB should implement a BEST IOC (Immediate or Cancel) Route.

    What would you rather have BEST Price or BEST Execution? I choose BEST Execution. IB's system has a tradeoff. The price improvement algorithm trades off execution speed and reliability for price improvement. I believe that the problem is because sometimes orders are placed using routes that do not support IOC. Therefore the order can hang without IB getting any confirm or cancel.

    A BEST IOC Route would allow the price improvement algorithm to use only routes that support IOC. Of course this would eliminate some routes with a better price but would also have less chance of hung orders.

    Mike
     
  9. vinigar

    vinigar

    Bullfighter,
    What you say makes sense.....and Def whaaaaaaaaaaaaaaaaaaaats going on bud....got any input for us...and no I am not going to knock IB....I am happy. Is what Bullfighter saying correct?:confused:
     
  10. def

    def Interactive Brokers

    i think alanm has it right. not sure about the feasibility of IOC but i'll look into it.
     
    #10     May 14, 2002