VLO- quotes at IB

Discussion in 'Retail Brokers' started by iceman1, Dec 16, 2005.

  1. anyone else getting totally incorrect quotes on front and back month options on VLO? I am showing approx 36 bid for a Jan 55 call after the split today, for example.

    :eek: :eek: :eek: :eek: :eek: HOW ABSURD!

    Any comments as to why this is happening. It is not happenoing at other brokers --- as I have checked

    Sure hope this get corrected SOON as I have open positions in the front month and cant take any action- talk about slippage!! Can you imagine I ahve long Jan 55 puts (110p pre-splt) and I cant sell them since IB ha NO quotes on this split contract series)

    No offense- this is total B.S. for a firm as large and allegedly as sophisticated as IB is thought to be-- to have this probelm on an active stock like VLO - and it is scary as well.

    Also think what it might do to someone's account margin/equity as an IB customer if that customer has naked Jan 55 calls--- for example, and the bid/ask is like 36 dollars instead of a 1.60?? !!

    This also means you cannot take any action to protect their acount until they decide to get around to corecting this quotes since how can you clsoe/open contracts on VLO in this circumstance?

    Why does IB seem to have many problems like this ? Anyone?

    Pull up the quotes and check it for yourself.

    VLO AK
    VLO MK
    VLO XK

  2. D.F.

    I am still showing $36 bid for the VLO Jan 55 calls and no quotes for VLO XK or vlo MK!

    I will log off and on.

    also in case you or anyone is interested - I have now been holding for at least 10+ minutes for your trade desk - to have them close front puts and maybe sell my January 55 puts. No answer.
  3. I just got on the line with a rep. and he says the quotes are incorrect -- and they are still "working on them" . Then when I asked him to get me quotes so I could close a position he couldn't even pull up a quote on a Jan 55 put.

    as as usual -- he was very disrespectful - like I shouldn't be unhappy or disappointed that VLO options quotes are all incorrect on the Friday of triple witch ---

    I would like to close some front month positions as this stock continues to move around- but I can't. I'm really sorry that IB never wants to hear about problems like this - but this is totally UNACCEPTABLE. I didn't cause this problem. Customers are expected to play by the rules- and do what they are obligated to do- but when stuff like this happens- then I have to sit here vulnerable if VLO tanks or rises a lot in later trading -- without being able to adjust or trade any of my options. And I thought IB was so oriented to RISK management- but when they screw up like this - you hear nothing from IB- just let loyal customers dangle by a rope !

    I called Tradestation where I have an account- and they have managed to have the correct quotes on VLO.

    I would like to meet the genius at VLO who decided to split their stock on the Friday of Dec expiration!
  4. def

    def Interactive Brokers

    i just messed up and deleted my post in error.
    i don't know what to say, i have proper quotes as you saw in the screen shot. Have you tried routing an order at the proper price (currently 3.5 at 3.6)?
  5. I am getting hurt by this screw up on the part of my agent/broker IB - as I have long Jan 55 puts that I WANT TO CLOSE- and short Dec 55p that I want to close - but can't ! I also want to sell more Jan 50 or 55c calls - but CANT -- since I am long Jan 60c (Jan 120c pre split ) - but I can't !!

    Meanwhile I am holding on the phone for a trade rep who can execute my trades- but he can't since he can't even pull up a quote apparently. No other business could get away with this - and then get mad at the customers who bring these issues to their attention -- such as in margin issues and with today's quote issues. You guys get mad at me and other customers with legitimate issues and complaints. But its not your money - so what the F do you or IB give a *** ------and I'm sure, David --- that IB will do nothing about this --

    guess it's all TAKE at IB - but let a customer complain and IB resents it.

    Then I gotta sit here and type emails and call IB -- when the market is moving around and I have many open positions in many accounts - that I should be paying attention to.

    Thanks a lot IB - after 20 years I have never experienced stuff like this - with a firm that really could care less. I firm that is always harping about risk management - and yet when they go down -- then they got their legal disclaimers that allow them to do so with impunity-

    how can you close/open options positions on TWS- if no quotes are appearing and/or they are totally incorrect? Tell me that ?

  6. OK

    finally at 9:48 Chicago time- 1 1-2 hours after open- IB has corrected ths issue on VLO- but meanwhile the stock is off its opening high high-- when I would have been able to exit my front month 55p for maybe 40-50 cents less - and then roll into a lower Jan strike.

    I hate to bad mouth IB - since I think I've been loyal customer- and have always credited them with many important innovations and with the lowering of commissions in the industry and other good stuff- - but they gotta be sure cr*p like this on their TWS trade station, does not keep happening in 2006 - since you cannot trade off TWS without quotes appearing.

    And this is very distracting since a trader/customer has to take his attention away from other trades/positions while dealing with this inexcusable error.

    I was in such a GOOD mood today since all my SOX puts and calls expired near worthless in all accounts-- with a SOX settlemnt @ 501.20 -- but this really dampened that mood.

    Hopefully VLO will see some upside later today.

  7. I think I would've done one of the following:

    1) Called the trade desk; barring that option...

    2) Traded VLO share-delta until it was fixed
  8. 3) or simpler, got a secondary (back-up) quote provider in place for days like this.

  9. r/arb- how are you doing?

    great idea for sure- and if I was with a Vtrader or the like- where you didn't have to live with U S margin rules- and with sub-optimal margining -- then funds would not be an issue. But if this happens at your typical retail firm whre they apply absurd US margin rules that have no relationship to portfolio risk or the like- and don't even mirror futures options margining -- then you may find yourself without capital.

    In this case- reviewing my account now that things have settled down- I "perhaps" could have hedged the short (front) puts with underlying. Guess it wasn't my plan to do so- rather, I awoke today with a plan to lift the front 55 puts and hold the back month 55s - and roll into back month 52.50p -- then perhaps sell Jan 55 or 52.50c if VLO caught some upside action. But it looks like the pin is 52.50 - almost 80+ off the h.o.d which occurred when IB had the optons quote problem.

    sickening actually-- despite all the legal mumbo jumbo about how "shit happens"- and how retail brokers are not responsbile for anything! Of course- it just seems to happen more at some firms then at others.

  10. genius

    read what you said!

    what does a quote "provider" have to do with closing options at IB. Do you even have an IB account- or do you just have nothing to do today but make a smart-arse comment. I have quotes up the arse on 4 monitors-- all the quotes I want or could ever need. :eek:

    IF there are no options quotes on TWS workstation- how the f*** do you close or open options, genius? You want to tell me that in case I'm missing something?? :p

    #10     Dec 16, 2005