Cancel/Modify Order Examples
||Executed through the API (direct routed)
||Customer enters 10 API stock orders and cancels all. 6 stock orders are later executed.
10 x $0.12 = $1.20 Cancellation Fee
6 x $0.24 = $1.44 Execution Credit
Since credits are greater than the cancellation fee, nothing is charged.
||Executed through TWS
- Customer enters an order for 10 contracts, modifies and cancels. No futures orders are executed the rest of the day.
1 x EUR 0.50 = EUR 0.50 Modification Fee
1 x EUR 0.50 = EUR 0.50 Cancellation Fee
EUR 1.00 in modification/cancellation fees are charged.
- Customer enters an order for 10 contracts, modifies the order 5 times and executes.
5 x EUR 0.50 = EUR 2.50 Modification Fee
1 x EUR 2.50 = EUR 2.50 Execution Credit
Since credit is equal to cancellation fee, nothing is charged.
- Customer enters an order for 10 contracts in ESTX50 and 10 contracts in DAX. Customer modifies his DAX order and executes the ESTX50 order.
1 x EUR 0.50 = EUR 0.50 Modification fee (DAX)
1 x EUR 2.50 = EUR 2.50 Execution credit (ESTX50)
Since the execution credit only applies in the same product on the same day, EUR 0.50 in modification fees are charged.
Many exchanges charge fees to their members for orders that are cancelled or modified, and IB charges certain related fees to its customers to help cover these exchange fees. Please note however, that the Modify/Cancel fees listed above are not intended to be a direct "pass-through" of exchange fees. The Modify/Cancel fees that IB charges to its customers may be higher or lower than the fees that an exchange may impose on IB. IB may charge Modify/Cancel fees to its customers for orders sent to exchanges that do not impose such fees, or vice versa.