Futures broker - any recommendations?

[bulldozer]

FTSE 100 todays performance:

Index Value: 5,113.20
Trade Time: at the close of day.
Change: +4.10 (0.08%)
Prev Close: 5,109.10
Open: 5,109.10
Day's Range: 5,097.10 - 5,138.20
52wk Range: 4,283.00 - 5,121.90

 

[bulldozer]

FTSE 100 at friday's close.
Ftse is now well above 52 week high and is ripe for profit taking by the fund managers IMHO.

Index Value: 5,161.00
Trade Time: Jul 1
Change: +47.80 (0.93%)
Prev Close: 5,161.00
Open: 5,113.20
Day's Range: 5,106.60 - 5,162.60
52wk Range: 4,283.00 - 5,138.20

Bull

 

[bulldozer]

I wonder how many US brokers closed clients positions when footsie dropped 200 pts on day of bombings [thursday] because options positions went on Marg-call???
If anyone has suffered this experience from brokers PLZ PLZ let us know.

Bull
Happy week-end to all ! lurkers too!
visit >> click>> www.jc53.com

 

[mccloud]

I trade CFDs through my broker for very little commision . There is no standing charge !

Can anyone recommend a futures broker which offers:

- Sterling account
- Electronic trading
- Stop losses

For reference, I've looked at:

- ODL securities (like their platform - myBroker - but it doesn't do stop losses)
- GNI touch (everything excellent - except the £200/month commission charge)
- TwoWayFutures (good - but covers too few markets)

Very grateful for any advice.

 

[bulldozer]

IB rules on this are perfectly clear. The save costs by liquidating , and pass on those cost benifits in the form of better coms to their responsible clients who do not abuse their accounts by allowing them to become under-capitalised.

=================================================================
Mr Def, peto.

How many IB clients were closed out or liquidated on options positions because of bombings in London? especialy on the footsie index options!

If anyone is/was a client and got ur positions closed out because of rules plz let us know.

http://www.elitetrader.com/vb/showthread.php?threadid=53285&perpage=6&pagenumber=9

Bull

 

[bulldozer]

IB RULES STINKS!! IF YOUR A CLIENT PLZ READ THE RULES CAREFULLY AND IF YOU NEED HELP SPEAK TO AN XPERT, FSA, LIFFE, UK BROKERS,etc

Hopefully soon i will have a new w-site running [still working on it at the moment not quite ready yet]
This site will be able to show how you can do better than IB. Cheap commissions can become VERY expensive sooner or latter. Click below :!:

http://www.elitetrader.com/vb/showthread.php?threadid=51251

Bull

 

[urep]

Bulldozers other questions on IB?

Why no answer to Bulldozer's question on where IB makes most of it's money from, if not from commissions? It seems that they or their parent Timber Hill make a sizable amount from program trading. This has always bugged me that a brokerage has an edge by possesion of it's clients trading data. If IB takes the other side of my trade as their client; what is to stop them from feeding my data (account size, stops, time duration of trades) into their program trading software as a means of trading against me? Is there any enforcement of software code to prevent this?

Also what prevents IB from using it's software to monitor my mouse cursor and adjusting prices before I enter orders or based on my intentions?

All the best now,

urep

 

[Anonymous]

Don't clients' orders to IB get sent to the exchanges for matching?

 

[A Dashing Blade]

http://www.elitetrader.com/vb/showthread.php?threadid=51251
Bull

And your point is?

So the guy's long some Google June 280 calls?

Mr Sceptical is putting on his hat, surely the quote would have been CAB - 0.5?

To quote from the thread "But since GOOG moved to 280.30 a little later after the close, my options were automatically exercised by the Options clearing authority."

The germane question is what was the official expiry price. If it was less than 280.00 then he wouldn't have been exercised.

Sounds like the bloke took a chance in the last few minutes of expiry.

Plus, the price actrion on GGOG was a falling off from early June highs just shy of 300 to a 280 (or thereabouts) expiry so there's proably a bit of sour grapes involved.

Sorry, no sympathy for the guy.

 

[def]

Why no answer to Bulldozer's question on where IB makes most of it's money from, if not from commissions? It seems that they or their parent Timber Hill make a sizable amount from program trading. This has always bugged me that a brokerage has an edge by possesion of it's clients trading data. If IB takes the other side of my trade as their client; what is to stop them from feeding my data (account size, stops, time duration of trades) into their program trading software as a means of trading against me? Is there any enforcement of software code to prevent this?

Also what prevents IB from using it's software to monitor my mouse cursor and adjusting prices before I enter orders or based on my intentions?

All the best now,

urep

urep, IB (and other brokers) are required to report their order routing stats to the SEC. the details are on the IB web site. Obtaining the best available price and speed are the key elements of SMART routing. The speed in which an order gets represented at an exchange and quality of executions speaks for itself. The Timber Hill arm in no way shape or form make it's trading decisions based upon any client information.

IB's financial statements are also on the web site. Commissions are the primary source of income.

Margin: If you don't have the capital, you shouldn't actively trade. Our liquidation methodology is strict but it protects all of our clients. I'm not so sure I'd want to be with a broker whose lenient on margin and takes "the checks in the mail" for an answer. If one client takes a large loss without the capital to cover, the broker and it's client base are at risk. At IB we could raise fees to cover this risk. We prefer to keep our fees low and charge $1 per contract while obtaining the best execution for our clients.

 

[Silent.Trader]

Margin: If you don't have the capital, you shouldn't actively trade. Our liquidation methodology is strict but it protects all of our clients. I'm not so sure I'd want to be with a broker whose lenient on margin and takes "the checks in the mail" for an answer. If one client takes a large loss without the capital to cover, the broker and it's client base are at risk. At IB we could raise fees to cover this risk. We prefer to keep our fees low and charge $1 per contract while obtaining the best execution for our clients.

Def, off course you're right that strict margin rules protect customers and the broker. IMHO there's a middleground between the IB rules (immediate execution) and the ' check is in the mail' attitude you mention as the alternative. My present broker allows 5 working days to cover margin shortages, if not positions are terminated, no excuses. You may discuss how long this overdraught period should be, but imho there are decent arguments to allow such.

A personal example: I've an investment account and a savings account. In my savings account I obtain considerably more interest then on my investment account. So I attempt to have as little cash as possible in the investment account in favour of the savings account. Consequently in case of a spike I get a margin call. My present broker allows me to fund it from my savings account while IB would execute my positions. The 7/7 London bombings would have cost me thousends of euros with IB, with my present broker there was no problem at all. I didn't even need to transfer money as the spike was only short lived. Naturally you could plead that I should put all my money on the investment account, but then I would miss out up to a few thousend euro's on interest a year.

grtnx
Wilco

 

[neil]

Refco

 

[charliechan]

urep, IB (and other brokers) are required to report their order routing stats to the SEC. the details are on the IB web site. Obtaining the best available price and speed are the key elements of SMART routing. The speed in which an order gets represented at an exchange and quality of executions speaks for itself. The Timber Hill arm in no way shape or form make it's trading decisions based upon any client information.

IB's financial statements are also on the web site. Commissions are the primary source of income.

Margin: If you don't have the capital, you shouldn't actively trade. Our liquidation methodology is strict but it protects all of our clients. I'm not so sure I'd want to be with a broker whose lenient on margin and takes "the checks in the mail" for an answer. If one client takes a large loss without the capital to cover, the broker and it's client base are at risk. At IB we could raise fees to cover this risk. We prefer to keep our fees low and charge $1 per contract while obtaining the best execution for our clients.

of course, this assumes your poxy tws thing is working in the first place.

how can you possible say you offer the best execution in the market, when you probably have the most unreliable platform in the market??

im confused!


http://www.elitetrader.com/vb/showthread.php?threadid=53285

 

[bulldozer]

Silentrader,
Your echoing my comments and my concerns with IB.
7/7 must have been a nitemare for the costomers of IB because of their margin rules.

IB with all the boasting/technology that they are the best brokers, would have some monumental errors if the company was under the FSA . Firstly they allowed one trader to trade OVER the legal limit on a IRA account. Its not the traders job to know the tax laws and all the other laws/rules of IB. In my opponion IB allowed that trade to go thru and IB should swallow the losses!! if IB are as good as they say they are they would have detected the trade was over the legal amount for an IRA account and the order would NOT have been filled! IB have the nerve to demand that the client should pay the loses! If the client had used a BRITISH broker he would not be in that predicament as the trade would have been REJECTED because it would have been spoted!! As the saying goes " you pay peanuts you get monkeys"! The brokers in london would not have made that mistake! Cheap commissions means poor service/bad rules/ monkey oporators etc..
If you guy's want a good and better service you would need to pay more commissions with companies that dont employ monkeys! Its that simple!
I guess this post and my past posts will be reported to IB and soon I'll have their lawyers banging on my door, not the sue me but to make me an offer i cant refuse :cheesy:
The key to successfull trading are: Good brokers with good commisions [i dont mean cheap! cheap is bad] a broker under good british laws NOT usa laws, a broker that has good and sensible margin laws! and dont get taken in by "our margin rules are for the safety of the client" thats BOLLO CKS!! a good trader knows his risk managment and his positions and above all he knows how to adjust position if it goes against him! without those stupid monkeys liquidating the positions cause its gone a FEW $$$$££££ in margin call.
click below and read this guy's story on his brokers actions:

http://www.elitetrader.com/vb/showthread.php?threadid=51251

http://www.elitetrader.com/vb/showthread.php?threadid=53285&perpage=6&pagenumber=10

Dear readers,
I think IB have those marg rules because a large pecentage of their clients are newbies and their marg rules are there to PROTECT the company !! more than to protect the clients interests.
You should be allowed to convert positions that are on marg call in order to bring account OUT of margin call!! and not closed out completely by those monkeys working on peanuts commissions. :cheesy:
Please see ALL my previous posts and let me know what u fink is nonsence?

 

[bulldozer]

Mr Def,
You asked me in one of yur previous post to show you some customers that are not happy with IB and its service. Well here are just a few! click on those 2 links in my above post please?

Would you like to make some reply as you are an employee of IB ?? or are you going to run and hide? and NOT defend the greatest brokerage firm on the planet? :cheesy:
There are some clients of yur's crying out for help about yur system! plz help them! :idea:

Bull

 

[nine]

You're a sicko bulldozer. Just because IB wouldn't change to suit you (a non-customer) you go on and on and on ... for ever?

 

[urep]

urep, IB (and other brokers) are required to report their order routing stats to the SEC. the details are on the IB web site. Obtaining the best available price and speed are the key elements of SMART routing. The speed in which an order gets represented at an exchange and quality of executions speaks for itself. The Timber Hill arm in no way shape or form make it's trading decisions based upon any client information.

IB's financial statements are also on the web site. Commissions are the primary source of income.

Def:
Thanks for your reply.

I looked at IB's June Q, and year 2004 financial statements and cannot decipher what % of IB's income is from commissions. Perhaps you could help me decipher this.

1.) Does IB or Timber Hill engage in proprietary programed trading? if so what % of IB's total income was derived from proprietary programed trading activities for the year 2004?

2.) What % of total profits for year 2004 was from trading commissions?




All the best,

urep

 

[bulldozer]

You're a sicko bulldozer. Just because IB wouldn't change to suit you (a non-customer) you go on and on and on ... for ever?

=================================================
I'm NOT holding a gun to your head!! stay with IB! I'm just letting others know the TRUTH! if that makes me a SICKO? then so be IT!! YES I'm a sicko and proud to admit it too!!
Plz do your self a BIG favour DONT send me posts! got it?? Because i dont enjoy posting to people who have got their brains in a different place to mine! i have my brains in backside and you have yours in your head! I am NOT insulting you I'm insulting myself.
Admin please dont remove this post as I am NOT insulting other members, I'm insulting myself.

http://www.elitetrader.com/vb/showthread.php?threadid=53285&perpage=6&pagenumber=9

I am not asking them to change their rules or computers or system or staff or their brains!! I'm happy if they stay as they are. :cheesy:




Bull

 

[bulldozer]

And your point is?

So the guy's long some Google June 280 calls?

Mr Sceptical is putting on his hat, surely the quote would have been CAB - 0.5?

To quote from the thread "But since GOOG moved to 280.30 a little later after the close, my options were automatically exercised by the Options clearing authority."

The germane question is what was the official expiry price. If it was less than 280.00 then he wouldn't have been exercised.

Sounds like the bloke took a chance in the last few minutes of expiry.

Plus, the price actrion on GGOG was a falling off from early June highs just shy of 300 to a 280 (or thereabouts) expiry so there's proably a bit of sour grapes involved.

Sorry, no sympathy for the guy.

===========================================================

I am 99% sure that American style Stock Options expire on SATURDAY and not friday.

He thought it expired worthless at the friday close, when in fact the official expiry is on saturday.
The stock expired ITM on the official time. The stock was then put on the poor guy without him realising this problem until MONDAY. The stock fell back and he was forced to sell at a lower price and face the lose.
His brokers should have told him the official xpiry time. They should have advised him to close positions a day or two earlier or the morning of friday and not left to run till saturday. Also leaving the position run till saturday would have affected the IRA rules and the brokers must have known he only had 800$ in account and the losses were well in access of his balance. The brokers did NOT act in the clients best interest! If it was a UK brokers they would have to pay the losses and compensation to the client and possibly lose their lisence or fined heavily! IMHO the brokers got away with it!!

I hope i have clarified the confusion? Now, do you think its still the clients fault??
A reply would be appreciated.

http://www.elitetrader.com/vb/showthread.php?threadid=53285&perpage=6&pagenumber=9

Bull

 

[def]

bulldozer, once again you don't have all the facts. the automatic exercise rules for the OCC are well known and IRA's allow for long calls. Clients have every opportunity to lapse calls via the platform and sell options prior to the close. if you have an ATM call on a stock where a $1 move in a $280 stock is only .003%, I for one would be checking my position after the official close. I won't discuss this specific case other than to say you have made numerous inaccurate statements in your analysis.

I'll also add (once again) that IB is regulated by the FSA. You see, UK clients sign up via the entity IB UK which is regulated by the FSA. Please feel free to look up IB UK's excellent regulatory report and history.

Margin: IB pays EONIA - 25to50 bps depending for Euro's for balances over 8K. I think that is as good if not better than most banks.

I understand that many of you would like us to take some middle ground approach to margin but as I said, it protects the firm, our clients and allows us to keep commissions low as we do not have to build bad debt charges into our fee structure.

Other questions: sorry if I missed some.

IB LLC and all brokerage affiliates such as IB UK does NOT engage in proprietary trading. Income is largely derived from commissions. Timber Hill, a sister company, does engage in market making and proprietary trading. I've said it before and I'll say it again. Timber Hill in no way shape or form make any trading decisions based upon IB clients. Prices and markets are derived completely independently.

The IBG is a private company and I am not comfortable discussing specifics of income statements other than to say, commissions for IB LLC are the overwhelming driver of earnings and that 0% of IB LLC's profit was derived from proprietary trading. I know what you are asking and if you read the routing reports carefully and understand that our aim is to provide the fastest and best possible executions in the market place you'd have a level of comfort. we have a large number of institutional clients and brokers using our routing - particularly for options. To them we provide a set of detailed routing statistics that shows our proven ability to obtain the best available price. Our client base also tends to lean towards the more sophisticated traders. They simply would not be using us (and we wouldn't be so successful) if our executions weren't up to par.