Daily Statement from IB

[osho67]

I am interested to find out whether IB users find errors on Daily statement from IB.

I think I have one error on my statement. I have sent an e mail to IB but havnt yet received any reply.

Can someone please advise me on the statement under transactions what is T-price and what is S-price and where do they get the figure for S-price?

When you do a transaction and close out on the same date T-price and S-price donot reflect your opening and closing prices.

I could not find any writeup on statements on IB home page. Any help on above items much appreciated. Thanks

 

[peterpr]

I am interested to find out whether IB users find errors on Daily statement from IB.

I think I have one error on my statement. I have sent an e mail to IB but havnt yet received any reply.

Can someone please advise me on the statement under transactions what is T-price and what is S-price and where do they get the figure for S-price?

When you do a transaction and close out on the same date T-price and S-price donot reflect your opening and closing prices.

I could not find any writeup on statements on IB home page. Any help on above items much appreciated. Thanks

OS

'T- price' is transaction price - ie the price at which you purchased/sold the security; 'S-price' is statement price - ie the price of the security at the cut-off time for statement preparation - usually main market close. It can be a little awkward reconciling transactions when you have positions carried over from the the previous statement close. When you close a position in such circumstances the actual gain/loss is the sum of the gain/loss shown under 'Transactions' and that shown under 'Gain/loss Prior open positions'.

I've never encountered a staement error.

 

[osho67]

Thanks Peterpr. Reconciliation is a nightmare. I thought IB have made errors. I had to go back several statements to find out what has happened.

 

[osho67]

I had a live chat with IB and they were very helpful to carry out reconciliation. I hope there is some easy way to agree the end figure.

 

[Windlesham1]

I have never seen such bewildering garbage as IB's statements. I use it as a toy,and cheap data provider,but to step up and trade size would be,in my opinion,bonkers.

 

[peterpr]

I have never seen such bewildering garbage as IB's statements. I use it as a toy,and cheap data provider,but to step up and trade size would be,in my opinion,bonkers.

Bewildering ? at first blush maybe, but if you understand options pricing you really shouldn't find it too difficult to follow an IB statement.
Garbage? Disagree. They are a complete and precise record of every aspect of your dealings with them. If they were mere garbage, then what would you use as a reference for any dispute, since the T&C's which you accept on opening an account, require that you check them and notify any disagreements immediately?

As for being bonkers to trade size - well, as the largest online execution-only brokerage in the world, with hundreds of large institutional clients, my guess is you are one of a tiny minority

 

[Windlesham1]

My experience has been that the software has been flakey on occasion,and the garbage to which I allude is the margin calculation and a whole lot of irrelevant stuff.I am a trader NOT a bean counter. The largest execution only brokerage in the world? It's a spinoff from Timber hill's data feed,so if you include all of their clients then it's possible. I don't dislike IB I just think the whole platform looks butt ugly -a wolf in sheeps clothing,mutton dressed up as lamb etc. Yawn.