Interactive Brokers

[Trembling Hand]

I phoned them up. Not sure what to ask them?

I guess it's out of my control now?

Will this price be impacted by the markets trading tonight? Is it likely to move up or down?

Can you PM me if possible. Would be much appreciated. Thanks mate.

No The price will not change once its expired. the problem is how IB will handle the settlement.

Ring them up and ask can they close the trade manually @ market. If not ask them what will happen. If they don't know ask to be put onto someone who does -now.

 

[tech/a]

I phoned them up. Not sure what to ask them?

I guess it's out of my control now?

Will this price be impacted by the markets trading tonight? Is it likely to move up or down?

Can you PM me if possible. Would be much appreciated. Thanks mate.

Its cash settled you'd be credited or debited at the last price traded at the contract you'll just be closed out by IB.
You now need to trade the U or September contract.

 

[pavilion103]

Why is my account balance still fluctuating?

 

[Trembling Hand]

Why is my account balance still fluctuating?

Probably just the way IB is marking to market. Here is what its worth,

Trading in the expiring futures contract stops at 10:30 GMT on the Last Trading Day. The cash settlement price shall be based on the Exchange Delivery Settlement Price (EDSP), which is based on the average values of the FTSE 100 Index every 15 seconds inclusively between 10:10 and 10:30 London time on the Last Trading Day. Of the 81 measured values, the highest 12 and lowest 12 will be discarded and the remaining 57 will be used to calculate the EDSP. Where necessary, the calculation will be rounded to the nearest half index point. See the LIFFE website for further details and Contract Specifications.

 

[tech/a]

Possibly rolled into the September contract.
buy back your short and see if it closes.

 

[CanOz]

Its cash settled you'd be credited or debited at the last price traded at the contract you'll just be closed out by IB.
You now need to trade the U or September contract.

When did you roll Tech? The Dax rolled today.

 

[Trembling Hand]

Possibly rolled into the September contract.
buy back your short and see if it closes.

I would just call them to close. You could end up in all sorts of mess.

 

[CanOz]

Interesting, I've never seen this before....great learning experience for me...corn:

CanOz

 

[tech/a]

When did you roll Tech? The Dax rolled today.

I was stopped at 6189 on both
Which was my breakeven stop on the last contract.
Otherwise Id be in the same boat.

I was talking to Radge yesterday and his response on this was
That it was cash settled so nothing to deliver and that all contracts had to be closed
on roll over.It was my understanding that open contracts would be settled on the last closing price of the contract
In this case 6217.
So the worst you could do was 6217.
You then needed to trade the U or September contract.

 

[CanOz]

I was stopped at 6189 on both
otherwise Id be in the same boat.

I was talking to Radge yesterday and his response on this was
That it was cash settled so nothing to deliver and that all contracts had to be closed
on roll over.It was my understanding that open contracts would be settled on the last closing price of the contract
In this case 6217.
So the worst you could do was 6217.
You then needed to trade the U or September contract.

Yeah, i'm sure it happens a thousand time around the globe on rollover...i hate rollover...stupid antiquated thing. I can understand for delivery, but in this day and age why not have some kind of continuous contract calculated properly and rolled automatically.

The volumes are a distraction too sometimes.

CanOz

 

[Trembling Hand]

Yeah, i'm sure it happens a thousand time around the globe on rollover...i hate rollover...stupid antiquated thing. I can understand for delivery, but in this day and age why not have some kind of continuous contract calculated properly and rolled automatically.

The volumes are a distraction too sometimes.

CanOz

Gee you would lose at least 1/2 the volume if not more from the arbs and spreaders and you would be paying a lot more to cross the spread and in brokerage. And no liquidity when you really need it.

 

[CanOz]

Gee you would lose at least 1/2 the volume if not more from the arbs and spreaders and you would be paying a lot more to cross the spread and in brokerage. And no liquidity when you really need it.

There are that many calendar spreaders?

 

[Trembling Hand]

There are that many calendar spreaders?

No but the cash v futs arbs are HUGE. They need/use the expiry to unwind.

 

[pavilion103]

Will cash settle tomorrow morning money in account.

Thanks guys.

 

[DB008]

Question

Does IB have options on FX trading?

 

[cbc]

Tricky question db,

They have fx options over currency futures, not an actual options contract for you to perform a currency exchange. I av seen some cash settled fx options around however IB doesn't appear to av any.

There is another member 'prawn' who can point u in the right direction. I have ment to send him a pm caus I was looking at some currency options myself however I haven't got around to it yet.

http://en.wikipedia.org/wiki/Foreign-exchange_option

If u read this it'll tell u that some is done via exchanges / futures contract whilst most is OTC. I'd rather head down to the casino than go an OTC provider.

 

[DB008]

Tricky question db,

They have fx options over currency futures, not an actual options contract for you to perform a currency exchange. I av seen some cash settled fx options around however IB doesn't appear to av any.

There is another member 'prawn' who can point u in the right direction. I have ment to send him a pm caus I was looking at some currency options myself however I haven't got around to it yet.

http://en.wikipedia.org/wiki/Foreign-exchange_option

If u read this it'll tell u that some is done via exchanges / futures contract whilst most is OTC. I'd rather head down to the casino than go an OTC provider.

Thanks for the reply.

I did send 'Prawn' a PM a week (or 2) ago, but have not had a reply as of yet.

 

[cbc]

Thanks for the reply.

I did send 'Prawn' a PM a week (or 2) ago, but have not had a reply as of yet.

Nice..... Although I'm not looking at fx options currently I will be in the future... Send me a pm when u track something down.......

 

[brisman]

Hi. After reading this forum, I have opened an account with IB, transferring my funds from Commsec. I like the features available and low cost is great.

It has taken quite a lot of work to understand the different approach IB takes to features but there is a lot of information available on their web. I still think they make their margin loan more complicated than it needs to be. For example the Loan to Value ratio is important but they don't bother calculating it as a ratio. Simple share trades across international markets are easy to do.

It took me two goes/times to open an account as the first time I selected the wrong option and couldn't find my way back to the "funding" part and the online help didn't solve the problem. But just redoing the application wasn't hard. I haven't had any problems or costs transferring funds once I read the advice on this forum to use the wire option and then follow the BSB/account info they give you.

IB does not use the Chess system which could be a show stopper for some people. If I had a large Australian stock portfolio I wouldn't put all my funds with them to mitigate the risk; especially if there was another GFC. But IB does explain how it manages its funds risk with accounts in various US banks.

I do currently have a log in problem with Trader Workstation but hope it will be easy to fix using their help services next week.

I've currently got shares across three markets and will be looking at getting into options next.

I've posted this to help anyone else thinking about opening an IB account.

 

[cbc]

Hi. After reading this forum, I have opened an account with IB, transferring my funds from Commsec. I like the features available and low cost is great.

Join the club... I just transferred my money out of comsec then......