What's the best futures broker for eminis?

that bringgs another question - when the IB stop orders will be placed on Globex ? I thought it should be done by now :-((

 

aliastrader... i wouldn't be offended if you stuck to your usual acronyhm.

let's be clear. IB had problems last week. Anyone using the service knows this is not the norm. If I read the question correctly, it was directed at whether or not a broker does anything with the order besides sending it directly to the exchange.

As for native Globex stops. I thought they were going to be put in last week. I guess they deferred the move due to last weeks problems.

 

def

hi, why don't IB offer a way to get people out of a trade - when the IB system is down - there is no way they leave their own in-house traders hanging?

 

forgot to answer this one earlier.

- depends on certain factors - which exchange, did the exchange report back your position, etc. perhaps orders can and/or are be input via the globex or other exchange supplied terminal but i'm not sure of the procedure. we'll do it in HK but if we had hundreds of calls at the same time, it would be overwhelming.

-. If the prop side system is down, the only way out of a trade is via a floor broker in the open outcry markets and/or via the front end of the exchange system is down. On the prop side there may be a hundred thousand open positions at any time, it is not micromanaged if there is a system problem.

-. in markets that are fully electronic and the link goes down (i recall about a year or so ago in HK, half of the exchange was shut out due to construction that knocked out both main and backup lines), if you want out or in a trade you need to call another broker.

-. someone asked about institutuions. Institutions tend to have more than one broker. If they need out of a trade they typcially will use another front end or broker.

 

Because they don't know your position.

 

not true. just will not guarantee that they know your position. You yourself complain about busted trades and the like.

 

metooxx

i meant when someone is in a trade and knows their position, and just want to get out - so their position should show up in p&l on IBs computer

there may be instances where IB cannot get the information they require, but there may also be instances when they have all the information and it is just the front end which is down

although i can see - that they don't know for sure what someone's postion is as they might have closed a position just as the front end went down, but they might think they had not etc

yep, it is a problem!

 

What do busted trades got to do with what he asked?

I thought he was referring to the system crashes; if you have an order open and the system goes down, are you saying IB now kmows the status of the order?

 

Def,

I have never had a busted future position, are you getting them?

 

yep, that sounds like what he is saying and in many cases i am sure they do, since if a trade happened - it must have got transferred to the p&l, and at any rate the trade would not get done without being checked with the p&l

and in fact there is an important point here - as they could give you the positions as they understand it - without guaranteeing it and give you the choice of what you want to do