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Thank you, Kate.
Poster "IB Soft Interactive Brokers" posted
the following late in the thread:
It seems the CME/GLOBEX is reconsidering
some aspects of their new proposal to charge for orders/cancellations. Based
on our communications with GLOBEX, it seems likely that they will postpone the
implementation of the new fee scheme until at least August 1.
Accordingly, as IB considers the imposition of cancellation fees as
essentially a pass through of exchange charges, we will postpone charging for
excessive order submission/cancellation for GLOBEX orders until the GLOBEX
finalizes the details of their plan.
It remains clear to me that CME is
targeting the non-member market makers who provide some additional liquidity. It
also seems clear to me that IB needs to give their customers some latitude on
this by implementing something along the lines of 5 free cancels per day so
customers are not hit for routine adjustment of limit and stop/limit orders on
position trades.
Earl
----- Original Message -----
Sent: Tuesday, May 31, 2005 10:16
AM
Subject: [RT] FW: [ibusers] New
Cancellation fee/Globex
Earl,
Did you
look at this link?
Kate
Check out this thread on ET:
----- Original Message -----
Sent: 05/29/05 1:55:49 PM
Subject: [ibusers] New Cancellation
fee/Globex
Could someone please confirm that the way this would work
as of June 1..
If someone placed a closing order and changed it 6
times (the 6th price
level being the executed order) there would be a $
1 charge in addition
to regular commission.
If someone placed 1
opening order (with 5 different prices) and then
did not place a trade
at all, there would be a $ 5.00 charge.
What happens at the end of
the day if a (day) order was placed and not
filled? Is there a charge, a
carry forward, do we let it die instead of
cancelling?
Is that
correct?
Thanks,
Kate
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