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We have Interactive Brokers setup with accounts from Jack Carl and EDF Man (as
our clearing house). This setup, however, costs us about $900 a month, flat fee
(commission fees are deducted from this charge).
We do have the ability to offset an order if the electronic goes down, or if
Globex goes down (for Mini's).
I will say again thought, that for regular S&P's, IB has the fastest, easiest
and most realiable electronic ordering system, hands down. We have checked out
other systems, including PMB (which is their interface, using Interactive to
execute orders).
Jay Becker
MBT Financial
Ernest Cespedes wrote:
> I looked at Interactive Brokers and like the price ($9.40 RT
> including fees), but they don't offer phone orders as a back
> up in an event of system failures (ie. internet, data feed,
> computer problems).
>
> I would have opened an account with I.B., but I need phone
> back up.
>
> What do you do if your computer goes down while you have
> an open order? I was told to have a back up account with
> another firm to offset or neutralize my open position.
>
> -ernest
>
> -----Original Message-----
> From: Jay Becker <jay-mbt@xxxxxxxxxxxx>
> To: Ernest Cespedes <demoman@xxxxxxxxxxx>; Omega Digest
> <omega-list@xxxxxxxxxx>
> Date: Friday, October 02, 1998 9:13 AM
> Subject: Re: Globex Problems (again?)
>
> >I use Interactive Brokers and have for the last couple of years. I had no
> >problems and was able to sell the market @ 9:43 (EST) at a great price with
> no
> >difficulties.
> >
> >Jay Becker
> >
> >
> >Ernest Cespedes wrote:
> >
> >> Did anyone experience placing market orders for the E-mini this morning
> >> at around 9:35am? I'm using LFG (FuturesOnline), placed a market
> >> order to buy E-mini, waited for the fill (usually take 10-20 secs),
> >> waited and waited, and 4 minutes later called the order desk and was
> >> told that my order was rejected. The Special Notices box did not
> indicate
> >> a problem with the system, but LFG is blaming the problem on Globex.
> >>
> >> So, to sum up this problem:
> >>
> >> 1 - lost 4 potential points per contract
> >>
> >> 2 - Saw a STRONG (the rarely seen Gravestone Doji) reversal bar at 9:45,
> >> which I would have reversed my position to go short. Another lost
> >> potential opportunity, possibly 5-10 points per contract.
> >>
> >> 3 - LFG is blaming Globex (again!)
> >>
> >> 4 - I'm not making $$ because of these problems. Just when the market
> >> is giving me GREAT trading signals, this problem occurs.
> >>
> >> 5 - I'm pissed off as hell and seriously looking for another brokerage
> >> firm that can provide efficient and reliable Order Entry system.
> I'm
> >> looking for quick fills and low commissions.
> >>
> >> -ernest
> >
> >
> >
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