Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,057 since Dec 2013
Thanks Given: 4,399
Thanks Received: 10,225
Settlement price will be 37.63. On one lot of QM that's a $18815 difference than selling at 0 and a $27,950 change from Friday night.
@bassa sounds like IB's systems do not allow negative prices. You were unable to liquidate your positions because of flaw in their software. That is 100% their fault and they can not blame any other party. CME has been sending out messages that they would allow prices to go negative for at least two weeks. IB obviously ignored the. Sounds like IB may have some liability there.
I was long 2 lots.. Did not try a market order... All the data at ib was not present.. They basically cleared all data in their terminal once it hit 0... So I was completely in the blind...
The problem with ib market order, is that it is never a real market order.. The cap it at a certain percentage , so you can't do crazy stuff... So not sure a market order would have saved me
Please do keep us posted on what IB has to say about their system supporting negative prices. Especially given you are showing the data feed was inactive/blind once it hit zero. I would say you likely have a case just based on this preliminary info. I would imagine there will be a class action if what you experienced is true, a lot of others will say the same. If that ends up happening, you should consider joining the class action.
So @bassa if I have the math right (please check), you are responsible for a 14k loss on your own by sitting and letting it go to zero, where presumably you could have exited at any time.
Once it went below zero, IB didn't allow you to get out with a limit order, although you did not try a market order and we don't know the result. Once it fell below zero, you lost an additional 36k.