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IB messages whenever you use market orders
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IB messages whenever you use market orders

  #1 (permalink)
The fun is in the numbers
Point Roberts, WA, USA
 
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IB messages whenever you use market orders

IB has started sending messages whenever you use a market order.

I complained about this, and asked them to stop sending me messages about what a market order is/
I was told that I could either get no messages at all or had to receive these.

It seems ridiculous to me that they would start sending message every time an ES trader trades with a market order.

I have been thinking about why they would start this after so many years. I do not think it is to help the customer after all stop orders become market order when hit. I think it has something to do with increasing their profits.

As IB makes a lot of money off internalizing trades (the bid-ask off both sides) skimming their own clients, I am guessing the they don't like market orders as if they don't have an offsetting client to match against they are required to send it to the exchange and lose out on this gravy train.

Thoughts on their motivation??

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  #2 (permalink)
Market Wizard
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aquarian1 View Post
IB has started sending messages whenever you use a market order.

I complained about this, and asked them to stop sending me messages about what a market order is/
I was told that I could either get no messages at all or had to receive these.

It seems ridiculous to me that they would start sending message every time an ES trader trades with a market order.

I have been thinking about why they would start this after so many years. I do not think it is to help the customer after all stop orders become market order when hit. I think it has something to do with increasing their profits.

As IB makes a lot of money off internalizing trades (the bid-ask off both sides) skimming their own clients, I am guessing the they don't like market orders as if they don't have an offsetting client to match against they are required to send it to the exchange and lose out on this gravy train.

Thoughts on their motivation??

How are they sending these messages?

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  #3 (permalink)
The fun is in the numbers
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Both by email and in the message center (a place you have when you log-in).
Most tickets you post with them are in the message center. They are only supposed to send messages to the message center and not to email

Here is the email:
------------------------------------

Dear Trader,

We noticed that you have submitted Market Orders in the last month in your account(s) xxx. Please see important information below regarding this order type.

Please note that a Market Order is an instruction to trade your order at any price available in the market, subject to any additional instructions for handling/simulating the particular order type you specified and other order conditions you specify when submitting your order. A Market Order is not guaranteed a specific trade price and may trade at an undesirable price. If you would like greater control over the trade prices you receive, please submit your order using a Limit Order, which is an instruction to place your order at or better than the specified limit price, or submit an algorithmic Market Order (IBALGO).
In accordance with our obligations as a broker, large Market Orders may be split into smaller orders, which will be traded over time. This is designed to reduce the impact of these large orders on the market, including the impact your order has on the market price.

Interactive Brokers
This communication is provided for information purposes only and is not intended as a recommendation or a solicitation to buy or sell securities. Customers are solely responsible for their own trading decisions.
-------------------

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  #4 (permalink)
Market Wizard
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OK - so it seems the unwanted item is the one that they send by email?

It's a bit like whenever I log into Apple iCloud I get an email saying that I logged into iCloud. Annoying but I can't disable it.



The way around that for me was to create a mail rule that sends that to a separate folder - or send it directly to the trash.

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  #5 (permalink)
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I get them for stop orders as well.

I assume they are IB protecting themselves from liability.

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  #6 (permalink)
The fun is in the numbers
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I suppose we can invent excuses for them, but market orders have been there all along.
They don't have any liability - it's up to you as a trader to know which order to use.

I would agree that THEY might excuse themselves from trying to bambozzle new traders, after all your loss isn't their's and if new traders are scared out of market orders for ES and lose money - they aren't responsible for your losses trading errors etc. (In fine print they aren't responsible even for their own errors.)

But in ES when you need to get out not using a market order can cost you big money.

The thing is it is not up to them to give me trading recommendations. I'm a big boy and I can work out my own strategy and their are times when exiting at market (and having a stop loss order) is wise.


No the problem is not just email. They also send messages. But they claim they don't send emails to "protect my confidentiality" and they will not response to emails you send. It seems to them that they can bloat their profits they are happy to violate my email.

The problem is that it can be very unsettling to get these messages. I only need important messages like the latest hijinks with the datafeed package - were you no longer get many quotes you use to and if you would like the same service - "well I'm sorry sir that it more."


As a trader, I have lots to deal with. I don't need a stupid bureaucrat telling me how to suck eggs.

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  #7 (permalink)
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xplorer View Post
OK - so it seems the unwanted item is the one that they send by email?

It's a bit like whenever I log into Apple iCloud I get an email saying that I logged into iCloud. Annoying but I can't disable it.



The way around that for me was to create a mail rule that sends that to a separate folder - or send it directly to the trash.

I had to do this with Groupon no matter how many times or ways I tried to delete their emails they just kept coming. Maybe I didn't wait long enough because perhaps it takes 90 day to get flushed out of their email server????

But I just sent them all to trash and I'm happier because of it.....lol

Ron

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  #8 (permalink)
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you can turn them off. Just go to message center...read the email/message and at the bottom is says click here to stop receiving these types of messages.

These msgs are for there own protection. In the msg is says that if it is a large market order that may effect the market the broker does not need to send it all at once to the exchange....they can break it up so it does not effect the market as much. This probably does not effect a lot of people but if it did and you did not know you may be pissed

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  #9 (permalink)
Market Wizard
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Blash View Post
I had to do this with Groupon no matter how many times or ways I tried to delete their emails they just kept coming. Maybe I didn't wait long enough because perhaps it takes 90 day to get flushed out of their email server????

But I just sent them all to trash and I'm happier because of it.....lol

Ron

The '90 days' thing is just an excuse. In this day and age it takes one click to get unsubscribed.

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  #10 (permalink)
The fun is in the numbers
Point Roberts, WA, USA
 
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marpol View Post
you can turn them off. Just go to message center...read the email/message and at the bottom is says click here to stop receiving these types of messages.

These msgs are for there own protection. In the msg is says that if it is a large market order that may effect the market the broker does not need to send it all at once to the exchange....they can break it up so it does not effect the market as much. This probably does not effect a lot of people but if it did and you did not know you may be pissed

Yes I saw the link.
It is unclear what
"these type of messages" mean.
I open a ticket and they said you either get no messages at all or all messages and that I cannot stop just these messages about market orders.


Yes I also saw the bit about breaking up large market orders.

Here's the thing. They have to come up with some excuse for sending them. I think you are buying into their excuses - such as it is for your protection.

Should it be that they are just being nice and informing you what a market order is (for your own protection -hah )
then that need only be sent once. If they only sent it once they I wouldn't have a problem.

Here's the thing I spoke to the question of IB maximizing internalization of trades to maximize their profits at the clients expense. Does this not seem more likely?

If they are just doing their duty to inform clients then why did they not do this in
2016?
2015?
2014?
2013?
2012?
2011?
2010?
2009?
2008?
2007?
etc


It is not for someone

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