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Hey Opt, if you need a remote access then try the 'log me in' program (about $12USD/month), this is loaded on to your computer you need to remotely access, then you get the 'logmein Ignition' app on your phone and you can access your computer so you can get the full power of your trading software. The only drawback obviously is the small screen size, but it's never been an issue for me. I've never been fond of proprietary broker software and go through a secondary login system. I'd rather use our own full size version on a small screen and I have access to all our software and brokers.
I don't think it is Span based but not sure as I have nothing else to compare it to.
Please check the IB web page for their futures margins here........
Obviously this is futures and the options are based on that and will vary with time to expiry, strike distance away etc but will not be higher than the futures margin.
If you want a specific example let me know and I can tell you what it is.
Edit: I forgot to add, as it is a UK pension account they charge me 150% margin.
Ron - I believe you have answered some of these questions so I apologize for you repeating them.
I can't seem to find the details of the commissions you pay on OX. I seem to remember you mentioning you pay only $2.99 per contract but maybe my memory is faulty? OX's commissions start @ $12.99 and only go to $5.99 if you do 1000+ a month. I'd be doing only up to 30 on the average a month and possibly up to 100 in the future. But nowhere near 1000+.
We'd like to get our commissions as low as possible with OX. Any suggestions?
Also, does OX charge the full commission on opening and then full again if you closed? Or do they only charge you half commission and they don't charge you the other half if you let it expire?
I know you directed this to Ron , but he is probably enjoying his labour day holiday today, as a long time OX client I can confirm for the volume you mentioned the perside rate is $12.99 + the typical exchange fees. Feel since Charles Schwab there is less flexibility in their rates, but as they say if you don't ask you don't get, if you have a sizable account this may have some sway.
Commissions are charged per side individually at time of sale and purchase, and there is no commission or fees if you let the short option expire out of the money. (with the rates they charge it would be cheaky if they did).
Not as bad as MF Global or PFG, but I'm starting to worry about the integrity of most brokers. I think more cases like these will materialize in the future, as the SEC is now taking a closer look.
SEC Charges optionsXpress and Five Individuals Involved in Abusive Naked Short Selling Scheme
FOR IMMEDIATE RELEASE
2012-66
Washington, D.C., April 16, 2012 – The Securities and Exchange Commission today charged an online brokerage and clearing agency specializing in options and futures as well as four officials at the firm and a customer involved in an abusive naked short selling scheme.
The SEC’s Division of Enforcement alleges that Chicago-based optionsXpress failed to satisfy its close-out obligations under Regulation SHO by repeatedly engaging in a series of sham “reset” transactions designed to give the illusion that the firm had purchased securities of like kind and quantity. The firm and customer Jonathan I. Feldman engaged in these sham reset transactions in a number of securities, resulting in continuous failures to deliver. Regulation SHO requires the delivery of equity securities to a registered clearing agency when delivery is due, generally three days after the trade date (T+3). If no delivery is made by that time, the firm must purchase or borrow the securities to close out the failure-to-deliver position by no later than the beginning of regular trading hours on the next day (T+4).
The former chief financial officer at optionsXpress – Thomas E. Stern of Chicago – was named in the SEC’s administrative proceeding along with optionsXpress and Feldman. Three other optionsXpress officials – head of trading and customer service Peter J. Bottini and compliance officers Phillip J. Hoeh and Kevin E. Strine – were named in a separate administrative proceeding and settled the charges against them for their roles in the scheme.
I managed to dig this out of this discussion in regards to the commissions at OX.
How do you go about working OX to recieve 2.99 / contract (or even close to it) when you do 4000 a year (not 1000+ a month)? Obviously you have superior 'past experience with other brokers' clout, but is there anything else?
I've got to try every angle I can. I may be spoiled because we only pay $2-$3 (with fees) even though we are minor players in the futures market. I just have a hard time swallowing $12.99 per contract (4-5 times our futures costs). Well... that and I'm scottish.