Interactive Brokers

This is a discussion on Interactive Brokers within the Brokerages forums, part of the Commercial category; thanks gc1. have you done this type of transaction yourself? And did it work ok?...

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Old May 22, 2008, 2:03pm   #1006
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thanks gc1. have you done this type of transaction yourself? And did it work ok?
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Old May 22, 2008, 2:21pm   #1007
gc1
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Not for actual conversions, but all the time for position adjustments (e.g. realising P/L in GBP instead of USD for GBP/USD or instead of JPY for GBP/JPY by having slightly differing buy and sell quantities, which results in TWS showing a small position which is then zeroed).
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Old May 24, 2008, 11:11am   #1008
 
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Hi to all I'm new here and I'll start with a basic question that I couldn't find on this thread:

Did any of you enabled the "Secure Transaction Program"?
In simple words how this works?
Should I enable it (I'm still in the middle of the initial deposit process)? Hacking problems are really being reported from IB accounts?

Best Regards.
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Old May 24, 2008, 11:34am   #1009
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Quote:
Hacking problems are really being reported from IB accounts?
Really ? Where have you seen or heard of this as it is of major concern if this is happening ?


Paul
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Old May 24, 2008, 12:14pm   #1010
 
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Really ? Where have you seen or heard of this as it is of major concern if this is happening ?


Paul

Hi Paul, I know my english is bad
I wasn't making a statement I'm just questioning if this is being a problem and may be the reason for IB generalize this security method that initially was only available for > 100,000$ accounts and if small account should enable it also.
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Old May 24, 2008, 1:00pm   #1011
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I have not heard of any security breaches with IB but I guess there must have been some somewhere. Each time you login you have a random number generator that asks you for two 3 digit passcodes that you get from a special card sent your home. It certainly makes it more difficult for hackers who may already have your login and password using keylogging viruses.

It is pretty good in my view compared to other trading platforms.


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Old May 24, 2008, 1:29pm   #1012
 
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The programme is pain in the back. If you are stupid enough to answer phishing email then no security programme will help.

I opted-in hoping that it may speed up login process somehow but in fact it makes things very difficult. You have to spend a minute of your time to log in to TWS and your account management. It is a gimmick currently. I opted-out same day I received 'security card'. It is a printed card with bunch of numbers and you have to have it with you and input - username, password and then 2 groups of random numbers from that card which you have to find amongst a hundred of these...

I dont see why it could be required anyway.
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Old May 24, 2008, 6:25pm   #1013
 
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Thanks for the answers.
So, it's a card (credit card type I supose) ??!! I've seen images of a kind of a calculator machine (hardware stuff) that can be seen here.
Well if it's a card it's not so bad, my homebanking use the same technique, the only diference is that I only need it to make payments, wire transactions, etc, but on TWS since everything can "hurt" your money it makes sense that it should be asked right on the login process.

Better enable it than regret in the future not have done so.

Last edited by davidmoliv; May 24, 2008 at 6:31pm.
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Old May 24, 2008, 8:29pm   #1014
 
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Quote:
Originally Posted by davidmoliv View Post
Thanks for the answers.
So, it's a card (credit card type I supose) ??!! I've seen images of a kind of a calculator machine (hardware stuff) that can be seen here.
Well if it's a card it's not so bad, my homebanking use the same technique, the only diference is that I only need it to make payments, wire transactions, etc, but on TWS since everything can "hurt" your money it makes sense that it should be asked right on the login process.

Better enable it than regret in the future not have done so.
Well of course if you feel this way you'd better get one...
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Old May 25, 2008, 12:36pm   #1015
 
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I could not find this in the TWS manual. But where can I see the amount (and percentage) of stocks being shorted of a specific company (not options but stocks being shorted).

Let's say, I wanted to investigate amount of stocks being shorted of Bear Stearns in the past months.
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Old May 25, 2008, 12:37pm   #1016
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Originally Posted by Toxico View Post
I could not find this in the TWS manual. But where can I see the amount (and percentage) of stocks being shorted of a specific company (not options but stocks being shorted).

Let's say, I wanted to investigate amount of stocks being shorted of Bear Stearns in the past months.
You can get this from Yahoo finance for US stocks on the key statistics page for a stock eg

CSCO: Key Statistics for CISCO SYS INC - Yahoo! Finance
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Old May 25, 2008, 2:08pm   #1017
 
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Or directly from
Nasdaq Short Interest
and
The Top 100 NYSE Short Positions

This information is released each 15 days for nasdaq and I think once a month for NYSE.

Last edited by davidmoliv; May 25, 2008 at 2:13pm.
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Old May 25, 2008, 3:45pm   #1018
 
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I knew about Yahoo, but this information is to much outdated (like 1 month). I do not trade on nasdaq but thanks for the link.

But I'm sure there must be some way to see this in the TWS workstation, no?
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Old May 25, 2008, 10:50pm   #1019
 
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Trader Workstation
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Old May 26, 2008, 5:58pm   #1020
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Quote:
Originally Posted by davidmoliv View Post
Thanks for the answers.
So, it's a card (credit card type I supose) ??!! I've seen images of a kind of a calculator machine (hardware stuff) that can be seen here.
Well if it's a card it's not so bad, my homebanking use the same technique, the only diference is that I only need it to make payments, wire transactions, etc, but on TWS since everything can "hurt" your money it makes sense that it should be asked right on the login process.

Better enable it than regret in the future not have done so.
TOPIC = Secure Transaction Program

As the architect of IB security, I am in no doubts that everybody should have some kind of security system for any sensitive access. It isn't just about phishing attacks; it is about a pool of very, very smart and focussed computer experts using mass spectrum data harvesting techniques to gather information that passes through compromised networks. A computer security firm did a 24 hour simulation and gathered something like 14000 login IDs in a 24 hour period. Many of these were not sensitive (for example logins to email, or news sites) but still it is something to consider.

Unless you are as expert, and as focussed as these people are, they will have the advantage. For now, there are enough naive people in the world who think internet computing is safe enough, or worse do not even understand how not-safe it is. Lots of low-hanging fruit (read "possible victims") for the hackers. Wireless hotspots, internet cafes, hotels, a myriad of other networks are all sources of exposure. Anywhere that someone else can see your data traffic even if ostensibly to pass it on.

SSL does not protect you (look up man-in-the-middle attacks on Google). The only true security is a physical device not readable from the computer (no UBS dongles). Even here, there are varying degrees of protection. Your goal should be to at least make sure you are not the low hanging fruit. Full security is inherently inconvenient. No lock on your house front door makes entry/exit easy. Putting 5 locks and alarms makes it more secure and also less convenient.

IB offers 3 levels: the card that has been described on the thread is the lowest form of security but it is a huge step up from having nothing. However, if you go to Thailand and leave the card in your room and someone takes a picture of it, and is running a snooper on the hotel internet to get your userID and password, there is no longer any security. We also offer 2 more sophisticated systems. By default, we offer the more complex systems to accounts with higher balances. It is beyond the scope of this post to explain all the fine points. You can just search for STP on our home page search to find a full writeup.

IB has built a very secure data environment. Our banking is in many ways awkward because of the various checks and controls we have in place to prevent theft or fraud. But ultimately, users must participate in a security program for it to work. The last time I checked (and admittedly my search was not exhaustive), there was never a documented case where a hacker broker through these systems unless they actually gained physical access to the security device (family members stealing the device, for example). But the thrid party hackers seem to be held at bay.

Subscribing to the STP program is the best way to secure your own assets. It is easy to do: simply go into Account Management and find the link in the left side menu to request a device.
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