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Non-Tech : Interactive Brokers / Timberhill -- Ignore unavailable to you. Want to Upgrade?

To: Dan Duchardt who wrote (2449)	1/17/2002 5:38:25 PM
From: rocklobster	Read Replies (1) \| Respond to of 9012

Dan, I would agree wholeheartedly..If I had been caught in a real news event that spiked the market, and had lost 40 points in slippage on a stop, I would have probably been glad that the stop saved me from further losses, but to lose 40 points in slippage on a stop when nothing actually happened, and there was no news at all to account for the spike, and not even really all that much volume is just criminal. i'm sure this situation is criminal in some way... I feel like I was royally screwed, and for Interactive Brokers to act like this kind of spike is normal, reasonable, and to be expected is bad business in my opinion. Now I realize that they are protected by all the small print, and that it was actually Globex where the trade was executed, but Interactive Brokers really has done nothing at all for me beyond a few phone calls to Globex.. they havn't offered me anything at all and not even an explanation of what happened.. It's total bs and I may have to persue the matter legally. My acct was nearly cut in half in that spike.... rok

To: Dan Duchardt who wrote (2449)	1/17/2002 7:51:55 PM
From: OX	Respond to of 9012

welcome to the world of electronic futures trading ;-)

To: Dan Duchardt who wrote (2449)	1/17/2002 9:39:29 PM
From: atto	Read Replies (4) \| Respond to of 9012

It's only my opinion, and it don't count for much, but I consider it a defect in the market structure that permits such anomalies to occur. The only thing Globex could do is come out with new rules stating that no trades can be executed out of range determined by the current value of the underlying index. Other than that option I think what Globex did (not breaking up the trades) was correct. If they do ever break trades, it should always be based on previously published criteria. Clearly part of the problem is that someone apparently forgot to do any arbitrage, or at least didn't do enough of it. And perhaps that is what happened - some big institutional player just turned off their arb programs for a couple of minutes. Of course you can't blame them for anybody's 40 point loss, they're not bound by any rules that force them to participate. Then there is IB. When I type in a stop order, I expect it to trigger at a certain price. Since there is no delay on Globex, the fact that my order would be in a queue should not matter - the execution should be instantaneous. Looking at my T&S data, is see that the price of 1626 was hit for the first time at 11:02:38, and the first time contracts traded at a price of 1666.5 was at 11:02:57. That is 19 seconds, perhaps good enough for E*Trade, but not for a broker that claims to be direct access. Unless of course the delay was Globex' fault. And btw, seems to me that while Rock's trading skills or his use of leverage is outside of the scope of this thread, IB execution quality certainly is not. atto