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Michael:
Not to rain on your parade, but if you are on-line *alot*, you'll have seen that
ICQ is not always up and it suffers the most when the internet is the most
active. My point is that in effect, you are backing up the technology of on-line
execution with *more* on-line execution. You might be better served to have a
phone backup alternative. For example, I have backup phone lines in my house, I
have a natural gas generator that backups my electricity automatically, I have
UPS and batteries for power outages that transition my systems to the generator
AND I have cellular phones that allow me to call on a non-land line phone. And
of course, I also have two brokerage accounts with two different brokers. If the
exchange has to close, then I'm screwed...otherwise, I think I'm pretty well
covered.
And yes, I have used every one of the steps I mentioned above, in dealing with
one problem or another.
Best,
Tim Morge
Michael Stewart wrote:
>
> Earl,
>
> The back door with Cubs (when its down) is a broker who's online and using
> TS like TradeCenter(Lfg's the clearer). I was emailed a neat instantaneous
> messaging system called ICQ which I have on all day with Leo, so when Cubs
> is down you or chasing a fill theres an alternative. Commission rates are a
> good deal more competitive than lfg as well.
>
> >When it comes to futures brokerage, it's a sound practice to make sure
> there's a
> >back door before walking in the front! Good thing you did and thanks for
> posting
> >the follow-up. After the recent problems with LeoWeb/CUBS was seriously
> thinking
> >about taking a closer look ... the margin doesn't bother me, but I wouldn't
> for
> >a moment open an account in a brokerage with no back door or an inability
> to
> >trade contracts other than the S&P.
> >
> >Earl
> >
> >-----Original Message-----
> >From: Gary Fritz <fritz@xxxxxxxx>
> >To: omega-list@xxxxxxxxxx <omega-list@xxxxxxxxxx>
> >Date: Tuesday, August 18, 1998 2:05 PM
> >Subject: Re: Electronic Orders Entry ...
> >
> >
> >A while back I posted some info about Interactive Brokers' electronic
> >order entry system through Timber Hill. It looked good, with a nice
> >direct hookup into Globex (you can hit the bid/ask, etc) and very low
> >commissions (as low as $3.95 per side, $9.75 minimum per order).
> >
> >But it's become clear to me that IB is not the answer for me. There
> >are a couple of annoying things like 1) high margin requirements,
> >$5000 per e-mini even for daytrading, and 2) they ONLY allow e-mini
> >trades in the retail account! No other contracts are supported.
> >
> >And it turns out there's an even worse problem. IB apparently gets
> >their low commissions by having ZERO human involvement in the order
> >process. I started to worry about this and asked the IB rep if there
> >was a voice order desk to use in case the system goes down & you need
> >to exit a trade. She apparently couldn't be bothered to answer with
> >a simple "yes" or "no," but told me to go read the website.
> >
> >Here is what I gleaned from their website. I sent this message to
> >the IB rep with expressions of disbelief, asking if this was really
> >the way they operated. That was last week, and she hasn't replied to
> >deny it, so I assume it must be correct.
> >
> >So I definitely will not be opening an account with IB. I still like
> >the IB order tool, and I may possibly go with one of IB's licensees
> >(with higher commissions but better support), but definitely not
> >through IB directly.
> >
> >Gary
> >
> >=========
> >
> >To: Lori Oconner <loc_interactive@xxxxxxxxxxxxxx>
> >Subject: Re: Look on web
> >From: fritz@xxxxxxxx
> >Date sent: Fri, 14 Aug 1998 13:09:13 -0600
> >
> >> If you look on the review section of our web page you will see this
> >> issue being addressed.
> >
> >A simple "yes" or "no" would have sufficed very nicely.
> >
> >I dug through the website. The closest I can see are:
> >
> >4. Interactive Brokers shall confirm all transactions electronically
> >via the Internet in lieu of printed confirmations and monthly
> >statements. If there are system delays or failures, confirmations may
> >not be received on a timely basis. The Customer accepts electronic
> >messaging through the Internet if it is the only means used to
> >confirm customer Trades and receive monthly statements.
> >
> >...and...
> >
> >8. In the event of a system failure, or a failure at an exchange
> >which did not permit the cancellation of an order, the Customer
> >remains bound to execution of its order.
> >
> >...and...
> >
> >10. ... Since system failures and delays will be experienced, and
> >in such events the IB System may not be available for the Customer,
> >the Customer is responsible for making alternative trading
> >arrangements if they are necessary.
> >
> >
> >...which sounds very much like "If anything goes wrong, it's the
> >customer's problem, and it's up to the customer to figure out a way
> >to solve it. If the IB system goes down in the middle of a trade,
> >tough bananas. You'd better have another brokerage account somewhere
> >where you can offset the order, because we won't help you. We can't
> >even be bothered to maintain a voice order entry line to allow you to
> >exit positions if the IB system blows up."
> >
> >
> >That being the case, or at least my interpretation of the rules,
> >there is no way I would do business with IB. I can't imagine why
> >anyone would.
> >
> >Gary
> >
> >
> >
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