Interactive Brokers

This is a discussion on Interactive Brokers within the Brokerages forums, part of the Commercial category; Many thanks Hittfeld. Will be applying for an account later today. I will be able to trade futures and fx's ...

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Old Dec 9, 2008, 4:57pm   #1193
 
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Many thanks Hittfeld.
Will be applying for an account later today.
I will be able to trade futures and fx's on the same account won't I?
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Old Dec 9, 2008, 9:26pm   #1194
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Originally Posted by samuelhogg View Post
Many thanks Hittfeld.
Will be applying for an account later today.
I will be able to trade futures and fx's on the same account won't I?
Well, that`s tricky to answer. Here is, what I understand: For all PRACTICAL purposes its one account, for all LEGAL aspects - and some margin aspects (1:6)- futures and equity for examples are 2 completely different underlying accounts (with separate protection and coverage).

The only problem with IB is: There is only one of èm, whilst I would need a second one for backup.

Regards

Hittfeld
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Old Dec 10, 2008, 4:22am   #1195
 
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Does IB charge for cancelled trades?

For example, there was a post that IB charges when a trade is not filled and is cancelled.
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Old Dec 10, 2008, 12:58pm   #1196
 
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Was this what you were after?

http://www.interactivebrokers.com/en...p?ib_entity=uk
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Old Dec 10, 2008, 6:15pm   #1197
 
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1) If I understand this correctly, the feel is $.12 for each cancel/modification of an order.

2) Busts are $50 to $1000 for each bust request in a month. A big concern is about clearly erroneous executions.
"Customers who receive an execution which they believe to be clearly erroneous and who wish to have IB petition the exchange or merket center to have the trade cancelled on their behalf are strongly encouraged to submit their request... (etc)"

There are posts on ET about IB having posted erroneous trades to customers accounts. According to the posts, when the customers brought this to IB's attention, the accounts were cancelled and none of the costs for the erroneous trades were returned. I don't see why customers should be charged for erroneous executions made by IB and not customers, if that indeed was/is the case. I've since found this thread on ET which helps to clarify IB's position. Forums - Nasdaq Busts and my $11,000 story That sounds fine to me. What I wonder about and as was posted on ET, are trades that have supposedly appeared on customer's accounts out of the blue, i.e. that were not made by the customers. Those sound like freak things that IB would not want to happen, but still it would be nice to see a response by IB, as there was not one by them on that thread.

3) Also could someone clarify about the IB fees for stocks
Maximum per order
0.5% of trade value plus exchange, ECN, and specialist fees
1,000 Shares @ USD 0.50 Share Price = USD 2.50

Does that mean 10,000 shares @ USD 5.00; would cost $250 for each trade?

Last edited by johnlvs2run; Dec 10, 2008 at 6:57pm.
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Old Jan 3, 2009, 4:07am   #1198
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Originally Posted by ibj View Post
We are expecting SIPPs by mid Q1, but possible even by end Q4 on a limited basis.
There will be a communique when the service is "live". We do not have any scheduled plans for ISA accounts because they seem to be generally smaller accounts than SIPPs.
I would appreciate it if you would oblige with an update.

TIA
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Old Jan 3, 2009, 2:14pm   #1199
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ISAs

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Originally Posted by goodtyneguy View Post
I would appreciate it if you would oblige with an update.

TIA
Well done for getting a response from IB on this goodtyneguy.

It's disappointing to hear they're not considering ISAs.

I hope anybody interested in this from IB have voted in their New Features poll:

http://www.interactivebrokers.com/en...l.php?sid=1588

There are 17 votes currently from people interested in ISAs. I couldn't find anything on a search for SIPP!
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Old Jan 3, 2009, 6:41pm   #1200
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Originally Posted by mutantcar View Post

Well done for getting a response from IB on this goodtyneguy.

It's disappointing to hear they're not considering ISAs.

I hope anybody interested in this from IB have voted in their New Features poll:

http://www.interactivebrokers.com/en...l.php?sid=1588

There are 17 votes currently from people interested in ISAs. I couldn't find anything on a search for SIPP!
Thanks for the kind words, in fairness to IB they have consistently replied to queries since this thread started even though I had to bump my original enquiry. In my way of thinking if a company is not prepared to give one the time of day before one becomes a customer then that behaviour is unlikely to change by becoming a customer. That brings me on to your point about the poll, unfortunatley it's only for existing customers.

I think it is easier for them to conform to SIPP requirements because in the main this is probably just an IT issue i.e. developing their IT systems to restricit the activities that can take place within their universal account and electronically integrate with SIPP administrators. Once this becomes acceptable to the administrators they can accept responsibility for compliance issues and legal liability for the regulation of the SIPP.

As I understand it, (and of course I may be wrong)ISA regulation can not be farmed out to an independant administrator similar to the SIPP model. This would leave IB with the only option but to become a registered plan manager with HMRC. From a previous comment here from IB it appears this is something they are not prepared to embark upon. This is a real shame as IMO they would literally corner the market in ISA's based on what they have to offer in comparison to UK plan managers. They would probably have to increase their present fees to pay for the increased costs of structural changes and administration costs. I'd imagine they'd still remain very competitive if one considers IMO the extortionate costs of other ISA plan managers. That's if you can consider any of the UK offerings competitive e.g. who offers level two DMA to NYSE?

It is for the same reasons I expect their SIPP compliant account to be a big hit once it's launched.

Come in IB....
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