Interactive Brokers Troubleshooting

[wayneL]

OK, apologies.



From what you are saying I take it IB outages are a semi-regular issue.....am I correct?

Has anyone been given any info from IB what the issue is and if it is being addressed?

Thanks!

All online brokers will have outages. Get used to it.

I've been with IB for about 6 years and overall very reliable. But no technology is infallible, the possibility of unexpected outages MUST be factored into your trading technique. IOW have a stop in place.

 

[nomore4s]

All online brokers will have outages. Get used to it.

I've been with IB for about 6 years and overall very reliable. But no technology is infallible, the possibility of unexpected outages MUST be factored into your trading technique. IOW have a stop in place.

Exactly, Commsec & Etrade have more problems then IB.

 

[>Apocalypto<]

OK, apologies.



From what you are saying I take it IB outages are a semi-regular issue.....am I correct?

Has anyone been given any info from IB what the issue is and if it is being addressed?

Thanks!

have not had an outage or an issue yet.

to all that complain about their customer service, I called to ask some questions today got nothing but a++++ service and info to all my questions.

very happy @ IB

cheers

 

[>Apocalypto<]

Here you go.

Not FX but Nov oil futs back to beginning of August

thanks for posting the chart Wayne!

 

[>Apocalypto<]

I found a solution to my charting issue.

have now dropped MT4 and moved to chart-station, supplied free by Netdania. working great!

fx traders can find it at www.netdania.com chart-station.

(still looking at amibroker)

cheers

 

[Nero64]

Just a quick question.

I bought into AWB on the 28th Sept and the record date for entitlement closed that day.

How do I take the new share issue offer up through IB. Since it doesn't use Chess then how does AWB know I am a holder, and therefore will get nothing in the mail.

 

[skyQuake]

Just a quick question.

I bought into AWB on the 28th Sept and the record date for entitlement closed that day.

How do I take the new share issue offer up through IB. Since it doesn't use Chess then how does AWB know I am a holder, and therefore will get nothing in the mail.

You must buy the share before the EX-DATE, which is typically around a week before the record date for entitlements. Thus, you are not eligible to participate in the rights offer.

 

[Nero64]

Sounds like I am eligible. Maybe your confusing dividend payouts and the record date which is 4-5 days after the ex div date.

Look at the chart after the announcement for retail shareholders it spiked liked crazy which suggests to me people bought in to get a piece of the action.

I called them and it just gives a voice recorded message that you must be a holder on the record date.

This is what it says it one of their announcements:

An Eligible Retail Shareholder is a person who is registered as the holder of Existing Shares on the Record Date, and:
• whose registered address on the AWB register of members is in Australia or New Zealand;
• who is not in the United States and is neither a US Person nor acting for the account or benefi t of a US Person;
• who is eligible under all applicable securities laws to receive an offer under the Retail Entitlement Offer; and
• who is not an Eligible Institutional Shareholder or an Ineligible Institutional Shareholder or an Ineligible Retail
Shareholder.

 

[skyQuake]

Sounds like I am eligible. Maybe your confusing dividend payouts and the record date which is 4-5 days after the ex div date.

Look at the chart after the announcement for retail shareholders it spiked liked crazy which suggests to me people bought in to get a piece of the action.

I called them and it just gives a voice recorded message that you must be a holder on the record date.

This is what it says it one of their announcements:

An Eligible Retail Shareholder is a person who is registered as the holder of Existing Shares on the Record Date, and:
• whose registered address on the AWB register of members is in Australia or New Zealand;
• who is not in the United States and is neither a US Person nor acting for the account or benefi t of a US Person;
• who is eligible under all applicable securities laws to receive an offer under the Retail Entitlement Offer; and
• who is not an Eligible Institutional Shareholder or an Ineligible Institutional Shareholder or an Ineligible Retail
Shareholder.

Settlement is T+3, and T+lots for Entitlement (usually 4). If you bought ON the record date, you will not have the shares till a few days later and thus, you are not on the register on the record date.
Read up on ASX settlements, theres a fair few quirks in there.

Usually they announce the ex-date; but in cases where the share is already ex by the time of the announcement of entitlement, the ex-date is not shown.

AWB spiked that day cause the index ran fairly hard too. (also in the days it had halted, the market had ran quite a bit - simply playing catchup).

 

[captain black]

Here's the applicable announcement:

http://www.asx.com.au/asxpdf/20090924/pdf/31kxbl2z1nsw6n.pdf

From page 2:

"Persons who trade the company's securities after the commencement of the trading halt on 23rd September 2009 will not be entitled to participate in the entitlement offer"

 

[Nero64]

Ok thanks for clearing that up. I sold on the 22nd before the announcement and then bought in again on the 27th. My bad

I like the company and the industry but the PR surrounding it has an odour with the Iraq wheat scandal.

Still I think it offers better value medium term than say IPL, and NUF is fairly priced if it does get taken over by Sinochem.

 

[Nero64]

Say I bought XYZ@2.70 and wanted to lock a profit in @3.00

what would be the correct sell order to execute.

I made a mistake and did a stop sell above the market and it triggered on market open.

Would the Limit if touched (LIT) be the correct one to choose.

thanks

 

[skc]

Say I bought XYZ@2.70 and wanted to lock a profit in @3.00

what would be the correct sell order to execute.

I made a mistake and did a stop sell above the market and it triggered on market open.

Would the Limit if touched (LIT) be the correct one to choose.

thanks

Whe you say lock in profit you mean to sell at $3?

Just a standard limit order at $3. This will put your order on the exchange at $3 and waiting to be hit. Your order is there from the day you entered.

If you use limit if touched, then a new limit order (at what ever price you've set) will be sent to market after $3 is touched. Your order is sent then and be at the very back of the queue.

Big difference.

 

[NAsX]

If you use limit if touched, then a new limit order (at what ever price you've set) will be sent to market after $3 is touched.
Big difference.

I've never understood LIT orders, to me they are just like a stop order? Can someone please explain? *cough* skc *cough*

 

[Nero64]

Just a standard limit order at $3. This will put your order on the exchange at $3 and waiting to be hit. Your order is there from the day you entered.

With commsec if you place a standard Limit order to sell they sell at the limit price or below the limit price @market.

So with IB you can just place the limit order above the market and it won't execute. I remember placing a limit sell below the market and it got executed straight away.

thanks

 

[skc]

With commsec if you place a standard Limit order to sell they sell at the limit price or below the limit price @market.

So with IB you can just place the limit order above the market and it won't execute. I remember placing a limit sell below the market and it got executed straight away.

thanks

I will be surprised if Commsec is so counter intuitive. You should really read up on what limit and stop means.

Sell limit above market means I will sell at limit price and no worse.

Sell limit below market also means I will sell at limit price and no worse (yes, the same thing!).

As the market price is no worse than the limit price, so execution straight away.

 

[nomore4s]

With commsec if you place a standard Limit order to sell they sell at the limit price or below the limit price @market.

This is not correct. You must have entered the sell at market.

I have a commsec account and if a stock is trading at $1 and I enter a sell order at $1.10 the order will sit in the queue until it is sold at $1.10 - it will not be sold at market price of $1

 

[4blue]

Hi all,

I have been using IB now for a month. And so far it has been working great after getting used to the platform. Unfortunatley, i was unaware of a restrictive ruling set for IB that limits the buying and selling price when the share price has moved more than 10% that day (it is more complicated than that, but the IB rep just said it was a complicated algorithm and stopped there).

Anyway, the problem occurs during high volatitliy times and large drops and gains. An example was last week when trading an announcement for MOG i put in an order at 0.19 for it not to be transacted and then had to watch the stock move to 0.4 without once looking back.

The rep stated they have to manually disbable the 10% ruling and that you have to phone up the trading desk and ask for this to be removed for the individual stock. Obviously most opportunites pass by the time that would be possible.

When trading on companies announcements or indeed breakouts where there is a run on the stock you cannot forsee these in the future but you have to be ready to pounce when the opportunity arises. So it is not practical to phone up for all the possible opportunities for only 1 out of 20 to utilised.

I was just wondering if anyone had come across this problem before and how did they proceed after finding out about the issue?

How do other brokers put in place this 10% ruling, if they need too?

What would be the possibility of having a button on the trading platform to alert the IB trading desk to stocks that need the ruling removed?

Many Thanks for any help.
4blue

 

[Nero64]

This is not correct. You must have entered the sell at market.

I bought a share at $20.30. Several weeks later, before the market opened I placed a limit order to sell at $21.50. Once the market opened it executed straight away at $21.22. I called the helpdesk and they told me you need to use commsec conditonal trading to lock in profits above the market.

Anyway I will test this theory out again, but the fees are a killer.

 

[cutz]

Hi Nero,

Give us the ticker/time/date/quantity/order price so we can help you troubleshoot.

A comsec limit order placed above market will only execute if the stock rises to your price.