Communique; - February 27, 2004
As previously announced, Interactive Brokers will be introducing a new optional unbundled futures commission schedule as of March 1, 2004. This unbundled commission schedule will more closely match the variable product pricing instituted by many of the futures exchanges, provide volume discounts, and offer discount pricing for exchange members where available. In addition, we will be modifying some of our current bundled prices to be more in line with our new unbundled prices. We encourage our futures trading customers to view our new futures commission schedule and a Comparison of Bundled vs. Unbundled Futures Commissions for non-exchange members.
Those customers not explicitly opting into the new unbundled price structure will continue to be charged Interactive Brokers' current bundled futures commission schedule. If you would like to opt into the new futures unbundled pricing schedule, you should log into Account Management/Commission Schedule. Opting into the unbundled price structure applies to all futures and futures options products and you may not choose a pricing option by product or exchange. There is a lag in applying futures commission schedule changes, so if you would like unbundling to take effect by March 2, 2004, you must opt in by midnight on February 28, 2004.
Those institutional customers who are members of U.S. or Canadian futures exchanges (or part of a member program) should contact an IB sales person for further details.
Over the last two months we have added a number of new features to the TWS including:
- High, Low, Volume data for options, which is in gradual launch
- A redesigned account window with new information and sorting features
- A new order ticket window for easier input
- Simulated Good-after-time orders
- Improved reconnect time
- An audit trail feature that saves trading activity to a file
- HKFE Calendar Spread orders
- TSE new native order types (Iceberg, Market, Stop, GTC, GTD)
- Globex new native order types (market with protection and market to limit orders)
- 24/5 support for Globex with no restart
- Brut market depth
- Eurex U.S. trading
- Currency amount entry for forex trades
In addition, we have made a number of API improvements including:
- Availability for C++ 7.0 compilers
- Full Advisor account support
- Full Account Window support
- Protection against overfills
For a complete list of enhancements and for more details, please visit our TWS Release Notes or API Release Notes.
Many of our customers would like to utilize our application programming interface (API) for customized trading solutions, but do not have any programming experience. We have recently instituted an IB Programming Consultants program whereby IB Customers may contract with independent API Consultants who can provide you with their programming services so that you may use the IB TWS API. IB does not warrant and is not responsible for any API consultant’s work. For more information on our API Consultants program and for other IB applications, please visit our Traders Toolbox.
The CME has recently increased the maximum contract order limit traded through Globex from 250 to 400 contracts. Current futures margin limits will still apply.
Interactive Brokers wishes to provide its customers with the following disclosure regarding pre-arranged trading. Pre-arranged trades are trades that are the result of discussions between two market participants prior to execution to ensure that a contra party will take the opposite side of a particular order. Exchanges have regulations that prohibit the execution of pre-arranged trades except in certain instances. Pre-arranged trades generally are prohibited unless one side of the pre-arranged trade is exposed to the marketplace for a certain time before the opposite side of the trade is entered. This exposure period gives other market participants a chance to participate in the trade. For example, CME and CBOT have configured their systems such that a period of five (5) seconds must elapse between the entry of the order and the contra order for futures contracts traded on CME and CBOT. For options on futures contracts, a period of fifteen (15) seconds must elapse between the entry of the order and the contra order. Other requirements must also be met in order for the pre-arranged trade to be allowed. Interactive Brokers' customers are responsible to follow all exchange restrictions regarding pre-arranged trading. For your reference, the relevant rules can be found by clicking here.