Posts: 750
Joined: 10/11/2012
Location: Annapolis, MD
User Profile I have a couple of questions about the GXT transition to Gar Wood and IB (which I think is great news).
1. When an order is submitted through GXT, I assume it is sent to Gar Wood and then to IB, correct? If so, what method does Gar Wood use to connect with IB? Is it public internet (as opposed to VPN, dedicated line, etc)?
The reason I ask this is that IB requires all accounts within their multi-account type structures to use the same connection mechanism. If Gar Wood does not use public internet then one could not use a multi-account structure with IB where only a subset of the accounts are traded by GXT.
2. Ed stated in the email that Nirvana has implemented an IB connection from their servers. Is this capability available now? If not and you're looking for beta testers, please sign me up.
3. Does the Nirvana server-based IB connection use public internet?
4. Does the Nirvana server-based IB connection implement IB's two-factor authentication?
Steve
Posts: 68
Joined: 3/8/2013
Location: Victoria, BC, Canada
User Profile I missed the communication from Ed
Where can I find it ?
Posts: 302
Joined: 2/23/2013
Location: Grand Rapids, MI
User Profile Can we connect directly to IB or will we have to open a Gar Wood account to access IB accounts from web page Trade Processor? Been with IB for a very long time.
James: email sent today
Posts: 1059
Joined: 10/11/2012
Location: L'ville, GA
User Profile Brian
I'm not sure but I think the Gar Wood post is related to people who have a GX Trader account. Those with an IB account will be directly supported afaik.
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile Hello Everyone,
The announcement that Transcend Capital is merging with Gar Wood Securities was made to our GXT clients on Monday. Gar Wood clears through IB providing a number of value adds for existing GXT and IB clients.
We are currently working on the changes to the technology. Parallel with this, GXT clients need to open accounts at IB using the special Gar Wood link that was provided to them in Monday's announcement. We are asking that GXT clients open the accounts electing to "Fund My Account Later" so they can continue to trade through COR while we complete the connectivity and thoroughly test it. Funding instructions will be sent when the technology is complete - early August. (Accounts will go into negative consent after August 31st.)
After existing GX accounts are transitioned, we will provide instructions for those who have IB accounts now to link them to Gar Wood. Unfortunately, Friends and Family accounts cannot be linked. A new account has to be opened for those through Gar Wood. (This is the only linking exclusion I've come across so far.)
We will make an announcement when we are ready to open new GXT accounts but that will be after we handle existing accounts.
All accounts transitioned from COR/Transcend to IB/Gar Wood will have access to the direct connection (FIX Server) which doesn't require TWS or IB Gateway to be running. In other words, it does not use the same authentication. Existing IB accounts must be linked to Gar Wood to run on FIX. Everyone will have access to the Traders Workstation.
Steve2 - I am going to check on questions 1 & 3 and let you know.
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile Steve2,
When an order is submitted through GX, it goes directly from our FIX server to IB. The connection does not use a public internet connection, it uses VPN.
FIX does not use IB's two-factor authentication. There is no point in the connection from us to them that uses your IB user ID and password. GXT will continue to use their existing credentials.
I'll check in with Gar Wood about multi account structures.
Posts: 74
Joined: 10/11/2012
Location: Round Rock, Tx
User Profile What about commission costs? I currently have an IB account. If I switch or link to Gar Wood, will my trading costs change?
Posts: 750
Joined: 10/11/2012
Location: Annapolis, MD
User Profile Angela,
Just want to make sure I understand what you said.
1. Nirvana is not implementing a FIX server but is using Gar Wood's FIX server. So, the server-mode TP will connect to IB via the Gar Wood FIX server.
2. In order for existing IB customers to use the server-mode TP they will need to transition their exiting IB account(s) to Gar Wood.
So, I have two more questions.
Q1. For existing IB customers, are there any changes in commissions, transaction fees, margin interest rates, etc when an existing account is transitioned to Gar Wood? I'm wondering how Gar Wood makes any money on this unless they have some commission sharing arrangement with IB.
Q2. Will the stand-alone TP continue to be supported?
Thanks,
Steve
Posts: 750
Joined: 10/11/2012
Location: Annapolis, MD
User Profile Angela,
Saw your reply after I posted my last response. So, if Nirvana has implemented a FIX server, why is it necessary to transition existing IB accounts to Gar Wood to use server-mode TP?
[Update: After thinking about this for a minute... I'm guessing that a FIX server submits trades to IB under its own credentials for the benefit of any accounts for which it is the broker-dealer of record. Since Nirvana is not a broker-dealer you are doing this as an extension of Gar Wood? (or something like that?)]
Steve
Posts: 1059
Joined: 10/11/2012
Location: L'ville, GA
User Profile I am confused.
How does this affect existing IB clients that do not have GXT accounts?
Will IB clients be able to trade thru OT/VT into IB via FIX?
If not, why not and what must be done to facilitate FIX for IB customers?
Posts: 123
Joined: 10/11/2012
Location: Brighton, Co.
User Profile Ditto Jim's question
(By the way Gar Wood sounds like some kind of after-shave)
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile Juan,
Commissions through the Gar Connection will be comparable to IB's normal commissions. We are in the process of updating the GXT web page to include commissions, as well current links and information.
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile Originally written by sfox1988 on 7/27/2016 11:34 AM
1. Nirvana is not implementing a FIX server but is using Gar Wood's FIX server. So, the server-mode TP will connect to IB via the Gar Wood FIX server.
Nirvana is implementing a FIX Server that will connect directly to IB. Gar Wood will be the broker you contact for service related issues - executions or account related.
2. In order for existing IB customers to use the server-mode TP they will need to transition their exiting IB account(s) to Gar Wood.
Yes, only IB accounts that are linked to Gar Wood will be able to go through our FIX server.
So, I have two more questions.
Q1. For existing IB customers, are there any changes in commissions, transaction fees, margin interest rates, etc when an existing account is transitioned to Gar Wood? I'm wondering how Gar Wood makes any money on this unless they have some commission sharing arrangement with IB.
We will be posting information on the commission structure very soon. It will be comparable.
Q2. Will the stand-alone TP continue to be supported?
Yes, the standalone TP will still be available and supported for existing IB accounts and any that cannot go through FIX.
Thanks,
Steve
1. Nirvana is not implementing a FIX server but is using Gar Wood's FIX server. So, the server-mode TP will connect to IB via the Gar Wood FIX server.
Nirvana is implementing a FIX Server that will connect directly to IB. Gar Wood will be the broker you contact for service related issues - executions or account related.
2. In order for existing IB customers to use the server-mode TP they will need to transition their exiting IB account(s) to Gar Wood.
Yes, only IB accounts that are linked to Gar Wood will be able to go through our FIX server.
So, I have two more questions.
Q1. For existing IB customers, are there any changes in commissions, transaction fees, margin interest rates, etc when an existing account is transitioned to Gar Wood? I'm wondering how Gar Wood makes any money on this unless they have some commission sharing arrangement with IB.
We will be posting information on the commission structure very soon. It will be comparable.
Q2. Will the stand-alone TP continue to be supported?
Yes, the standalone TP will still be available and supported for existing IB accounts and any that cannot go through FIX.
Thanks,
Steve
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile Originally written by sfox1988 on 7/27/2016 11:39 AM
Angela,
Saw your reply after I posted my last response. So, if Nirvana has implemented a FIX server, why is it necessary to transition existing IB accounts to Gar Wood to use server-mode TP?
[Update: After thinking about this for a minute... I'm guessing that a FIX server submits trades to IB under its own credentials for the benefit of any accounts for which it is the broker-dealer of record. Since Nirvana is not a broker-dealer you are doing this as an extension of Gar Wood? (or something like that?)]
Yes, Gar Wood is stepping into Transcends roll. And, we all get the bonus of continuing to work with the brokers you know at Transcend who are making the move along with the merger.
Steve
Angela,
Saw your reply after I posted my last response. So, if Nirvana has implemented a FIX server, why is it necessary to transition existing IB accounts to Gar Wood to use server-mode TP?
[Update: After thinking about this for a minute... I'm guessing that a FIX server submits trades to IB under its own credentials for the benefit of any accounts for which it is the broker-dealer of record. Since Nirvana is not a broker-dealer you are doing this as an extension of Gar Wood? (or something like that?)]
Yes, Gar Wood is stepping into Transcends roll. And, we all get the bonus of continuing to work with the brokers you know at Transcend who are making the move along with the merger.
Steve
Posts: 1844
Joined: 10/11/2012
User Profile | How does this affect existing IB clients that do not have GXT accounts? |
It won't. Nothing will change for those clients.
| Will IB clients be able to trade thru OT/VT into IB via FIX? |
Yes, after the clients link the existing IB account to Gar Wood.
| If not, why not and what must be done to facilitate FIX for IB customers? |
IB doesn't support FIX without a separate broker relationship, such as Gar Wood.
Posts: 750
Joined: 10/11/2012
Location: Annapolis, MD
User Profile So, I dug through IB's knowledge base to find out what options brokers have for setting client markups. Here's the link if anyone is interested.
https://www.interactivebrokers.com/en/software/am/am/manageclients/types_of_broker_client_fees.htm
In summary, a broker (e.g,. Gar Wood) can configure fees per trade, markups on commissions, markups on specific currencies, and markups/markdowns on interest credits/debits.
So, Angela, this may not be as simple as just publishing a new commission schedule. We'll need to know any markups on borrow fees and margin interest, as well as, markdowns on interest normally credited to a client account.
Note that I'm not against markups (if they are reasonable). It took a lot of work to build a FIX server and with it one can do things like order bundling across clients to reduce overall commissions, as well as, more intelligent order submissions to get better prices. Nirvana (and the broker needed to make this work) deserve to be compensated for that. I'd just like to understand the true cost.
Steve
Posts: 81
Joined: 10/11/2012
Location: Louisiana
User Profile When my GXT account transitions to Gar Wood/IB, will I be able to maintain another standard IB margin account, both with the same name/entity?
For example, can "ABC, LLC" have both a standard IB margin account running TP on a standard cloud server AND another separate "ABC, LLC" margin account using FIX via my transitioned Gar Wood / IB account?
As I understand it, IB only allows 1 account per entity - but, since one account will be through Gar Wood, would this be permitted?
Just trying to understand my options.
Thanks,
-Bruce
Posts: 750
Joined: 10/11/2012
Location: Annapolis, MD
User Profile Bruce,
I've got a question in to IB about this. I currently have three accounts under the same registration at IB. I started to go through the process of trying to link one of them to Gar Wood but the only option IB presented me was to link all three accounts. So, I'm thinking the answer is no but we'll see. Will let you know when IB responds.
Steve
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile | When my GXT account transitions to Gar Wood/IB, will I be able to maintain another standard IB margin account, both with the same name/entity? For example, can "ABC, LLC" have both a standard IB margin account running TP on a standard cloud server AND another separate "ABC, LLC" margin account using FIX via my transitioned Gar Wood / IB account? |
| As I understand it, IB only allows 1 account per entity - but, since one account will be through Gar Wood, would this be permitted? |
Directly from the broker:
"This is 100% allowable under Gar Wood. You can have a few accounts of ABC, LLC accounts. They could be same the name, same information, they would just have a different account number. We have the ability to dupe a client account, which would accomplish this."
Posts: 750
Joined: 10/11/2012
Location: Annapolis, MD
User Profile Here's my question to IB and their response.
Question: I have three IB accounts under a single registration. I would like to link one of these accounts to an Investor's Marketplace broker (Gar Wood). However, when I go through the linking process, the only option presented to me is to link all three accounts. So, my question is, when you have multiple accounts under a single registration, is it possible to link only a subset of those accounts to a broker? If so, how is it done?
IB Response: The linking process to an advisor is an all or none process. You cannot simply select one account to be linked to an advisor. You would need to contact the advisor to open a separate managed account.
So, it would appear that if you have multiple existing IB accounts under a single registration, you would need to open a separate account through Gar Wood and then transfer assets from one or more of your existing accounts to the new Gar Wood account. But when Gar Wood says (above) that they have the ability to dup a client account maybe they have some way of automatically doing the asset transfer. Not sure what duping a client account means.
Steve
Posts: 65
Joined: 10/11/2012
Location: International Falls, MN 56649
User Profile I have 2 separate accounts with IB with 2 separate account #s - not Friends and Family. I also have an account with GX. I'm running 3 trade processors with these accounts. Am I supposed to use the instructions that were attached to Ed's email to create a third separate account with IB?
Can't wait to deal with this mess at tax time.
Posts: 65
Joined: 10/11/2012
Location: International Falls, MN 56649
User Profile Could we get a status update on the transition?
When will funding instructions be sent out?
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile Steve2,
Gar Wood can duplicate a new account that is added through Gar Wood. If you are opening multiple accounts of the same type, you can open one, contact Gar Wood and ask them to duplicate it. They initiate the duplication process and then you have a 48 hour window to accept it.
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile Jim A,
I suggest opening a new account through Gar Wood using the link in the instructions if you want to continue to run all 3 Trade Processors. You will have an opportunity to link your existing IB accounts in September if you choose to.
You will have an extra tax record from COR at the end of the year. It may help simplify things to close all your positions in the account that is moving so you don't have to link positions together across accounts.
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile Jim et al,
We are still testing the technology that will support the direct connection to IB through Gar Wood. The minute testing is done, we will send funding instructions. We want to minimize downtime for everyone. Watch for those instructions early next week.
Posts: 750
Joined: 10/11/2012
Location: Annapolis, MD
User Profile Angela,
Any news on commission schedules, margin interest schedules, interest paid on cash balances, and fees. I'm hesitant to start opening/linking accounts without a clear understanding of the costs.
Thanks,
Steve
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile Steve,
You can refer to the top level of IB's North American Tiered structure linked below. Gar Wood will not tier down for higher share sizes, the top line is our base commission. We will post a link to pricing as soon as we can but this will help.
https://www.interactivebrokers.com/en/index.php?f=1590&p=stocks2
Posts: 750
Joined: 10/11/2012
Location: Annapolis, MD
User Profile Thanks Angela, that's good news (I think).
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile August 22, 2016
We have not yet provided you with funding information. I expect that document to be sent this week.
The information in the thread is provided to help you prepare for the transition. I am not suggesting that any of these steps be completed on the day of this post.
Funding
Most accounts will transfer using the wire (cash only) or ACAT (cash and open positions) method. If you are running any type of special account that you believe might not qualify for one of these options, please contact the broker now to see if there is any additional paperwork or steps needed. The broker can be reached at 512-623-7774 EXT. 1.
Trading Warning
Do not place new trades either manually or automatically once the funding transfer has been initiated, until you receive notification that your funds are available at Gar Wood. Automatic trading through all Nirvana Products should be disabled prior to the funds transfer.
Attn: Trade Processor Users
We recommend closing all OmniVest positions in the trade processor before funding is initiated. Any OV positions left open will become unmanaged and you will not have trading access while funds are being transferred.
Stopping Trading in OmniVest
You can temporarily stop trading in your OmniVest account by enabling Max Long Allocation and Max Short Allocation both set to 0% on the Trade Sizing tab. This method may be preferred over just disabling automatic entries and exits because it prohibits new signals from being fired into the account while the account is not trading. it is also recommended that you turn off automatic entries and exits for the account.
Software Updates (Not available yet)
In order to connect to your GXT account through IB, you will need the most current versions of OmniTrader 2016, VisualTrader 11, and the Trade Processor (Trade Processor only if running in desktop mode.) These new versions will provide an option to connect to both GXTrader and GXT/IB. In order to connect to your new GXT account clearing through IB, you will need to select the GXT/IB option. Each active account will be listed in the portfolio dropdown.
If you are an OmniTrader or VisualTrader owner and you do not have the most current version of one of these products, please contact sales at 800-880-0338 for a free upgrade. (Current GX Clients only)
Login Credentials
Your credentials for logging into GXT are not changing. You will use your existing GXTrader user ID and password to login. We will provide a link to change your password in a post-funding email that will contain most if the information here.
The user ID and password you created when you set up your Gar Wood account will be used to log into Gar Wood account management. IB will send you a security device in the mail. You will NOT need this for logging into Nirvana products.
COR Clearing
Please maintain your login credentials on the COR website so that you can easily access your tax statements next year. You will have statements from both COR and IB if you are actively trading in 2016.
Again, this information is being provided today in order to set expectations for our GXT clients.
Posts: 750
Joined: 10/11/2012
Location: Annapolis, MD
User Profile Hi Angela,
I know the commission/cost info is coming soon. Just so it's complete, here are some questions that need to be answered:
1. Is there a monthly fee or an inactivity fee that is charged per account?
2. What is the per share, minimum and maximum commission on a trade?
3. Are exchange and regulatory fees passed through to the customer (as opposed to being bundled into the commission)?
4. On credit interest paid by IB, does Gar Wood pass this on to their customers? If so, is it marked down and what is the mark down?
5. On debit interest charged by IB (e.g., margin interest), does Gar Wood place a markup on the debit interest? If so, what is the markup?
6. Does Gar Wood place a markup on IB stock borrow fees? If so, what is the mark up?
7. IB offers various market data packages. Are any IB market data packages provided at no cost for Gar Wood accounts? If so, which ones?
Thanks,
Steve
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile Here is the link to the Gar Wood site with information on commissions:
https://garwoodsecurities.net/gx-trader/
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile Steve,
I sent your questions to the broker. I'll post when I hear from them.
Posts: 81
Joined: 10/11/2012
Location: Louisiana
User Profile Angela, thanks for the post.
I'm trying to decide if I should go ahead and turn off new trade entries now (set max allocations to 0) to allow my trades to play out over the next several trading days.
If I wait for the notification email - and then suspend trading, how much lead time will the notification be sent before the account is actually transferred?
Thanks,
Bruce
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile Bruce,
I will be sending funding instructions today. Instructions will go to those who have already opened their accounts at Gar Wood 1st. Your account will be ready to trade as soon as it funds due to where you are in the process. Keep in mind that wire is the fastest method and you can only wire an account that is all cash.
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile Bruce,
It takes equities 3 days to settle and options 1 day. If you are closing trades, funds will have to settle before the transfer happens. Anyone that has an approved account at Gar Wood can initiate the transfer today and be trading as soon as Thursday/Friday. That is, if funds are settled. Trades closed today will likely not be settled until the end of the week.
Anyone who has not yet opened their Gar Wood account and received approval will not have trading access this week.
Posts: 81
Joined: 10/11/2012
Location: Louisiana
User Profile Angela, I received the funding instructions email.
I have set TP to stop initiating new trades on my GX account and will let my open positions play out and close over the next few days. Once all trades are closed, I will initiate the transfer to Garwood/IB per the instructions in the funding email.
All my trades use RTM strategies, so I expect to be flat by the end of this week. If I need to take more aggressive action, just let me know.
Thanks,
-Bruce
Posts: 750
Joined: 10/11/2012
Location: Annapolis, MD
User Profile I heard back from Gar Wood on my questions above. Gar Wood passes through any IB credit interest earned by an account without any markdowns. Gar Wood does not mark up IB debit interest (e.g., margin interest) or borrow fees. All great news!
A Gar Wood account uses IB's tiered commission structure where exchange and regulatory fees are passed through to the customer. All trades are at the first tier rate which is (for U.S.) customers $0.0035 per share with $1 minimum and 0.05% of trade value maximum. OV always generates marketable trades so exchange fees will typically apply. For the most common exchanges IB uses for OV trades (ARCA, ISLAND, BATS) the exchange fee is $0.003 per share. NYSE is $0.00275. So, for most OV trades above the minimum commission, the rate will be around $0.0065 per share. A little higher than COR's fixed commission rate of $0.005 per share. However, margin interest is a big win. IB has a sliding scale that starts at 1.9% and goes down as the amount you borrow goes up. COR's margin rate was 7.5%. IB's stock borrow fees are also lower than COR's.
Anyway, I think the somewhat larger per share commission is a very reasonable trade for having TP server-mode access to IB.
Posts: 302
Joined: 2/23/2013
Location: Grand Rapids, MI
User Profile Angela: Any position on obtaining trade data downloads for tax tools like TradeLog? TradeLog supports COR and IB, but saw nothing about Gar Wood on their web site.
Understand TWS won't be available, but wondering if trade data downloads may work same, in what appears to be a close Gar Wood/IB integration (as IB is providing a security token, I'm assuming there is an IB account out there somewhere in the background).
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile Originally written by 265297 on 8/23/2016 5:31 PM
Angela, I received the funding instructions email.
I have set TP to stop initiating new trades on my GX account and will let my open positions play out and close over the next few days. Once all trades are closed, I will initiate the transfer to Garwood/IB per the instructions in the funding email.
All my trades use RTM strategies, so I expect to be flat by the end of this week. If I need to take more aggressive action, just let me know.
Thanks,
-Bruce
Angela, I received the funding instructions email.
I have set TP to stop initiating new trades on my GX account and will let my open positions play out and close over the next few days. Once all trades are closed, I will initiate the transfer to Garwood/IB per the instructions in the funding email.
All my trades use RTM strategies, so I expect to be flat by the end of this week. If I need to take more aggressive action, just let me know.
Thanks,
-Bruce
Very good plan, Bruce. I expect the transfer to go seamlessly for you. Thank you!
Posts: 42
Joined: 10/11/2012
User Profile Angela
the order confirmation popup is showing an estimated commission fee of $7.50 on a total trade value of $3,000, is this right? its meant to be $1 isn't it
Posts: 42
Joined: 10/11/2012
User Profile this move to IB is a disaster for an Australian like me, not only can we not have a margin account with them but we also cannot hold short positions.
What brokers are other Aussies using?
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile Originally written by traderbwd1 on 8/23/2016 9:05 PM
Angela: Any position on obtaining trade data downloads for tax tools like TradeLog? TradeLog supports COR and IB, but saw nothing about Gar Wood on their web site.
Understand TWS won't be available, but wondering if trade data downloads may work same, in what appears to be a close Gar Wood/IB integration (as IB is providing a security token, I'm assuming there is an IB account out there somewhere in the background).
Angela: Any position on obtaining trade data downloads for tax tools like TradeLog? TradeLog supports COR and IB, but saw nothing about Gar Wood on their web site.
Understand TWS won't be available, but wondering if trade data downloads may work same, in what appears to be a close Gar Wood/IB integration (as IB is providing a security token, I'm assuming there is an IB account out there somewhere in the background).
Brian,
Very good question, I will check with my contact at Tradelog. They were easy to work with when we needed Transcend added so I am hopeful that if it's necessary, they will be again.
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile Originally written by seanc on 8/24/2016 6:06 PM
Angela
the order confirmation popup is showing an estimated commission fee of $7.50 on a total trade value of $3,000, is this right? its meant to be $1 isn't it
Angela
the order confirmation popup is showing an estimated commission fee of $7.50 on a total trade value of $3,000, is this right? its meant to be $1 isn't it
Sean,
Are you trading through TWS using a paper account? Please send me details on exactly what you're doing and where. I do not yet have confirmation on your Gar Wood account so your commissions may not be set up yet.
Most of our international customers use Interactive Brokers.
Posts: 414
Joined: 10/11/2012
Location: Austin, TX
User Profile They use per-share pricing...
If, as discussed above, Gar Woods is charging .0065/share (and $1 min), then a $7.50 commission would be 1154 shares. For a $3000 trade, that's about $2.60 per share.
...so it depends on the number of shares.
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile 08-25-2016
Thank you for transitioning with us to the new clearing firm Interactive Brokers. We want you to be prepared for trading as soon as your funds are available. Please read through the following information and complete the steps you can ahead of your new account approval.
Update Your Software
In order to connect to your GXT account through IB, you will need the most current versions of OmniTrader (3G), VisualTrader (3G) and the Trade Processor (4E, not yet available). The Trade Processor update is only required if you are running the desktop version. These new versions will provide an option to connect to both GXTrader and GXTrader-IB. In order to connect to your new GXT account clearing through IB, you will need to select the GXTrader-IB option. Each active account will be listed in the portfolio dropdown. Note: The GXTrader-IB selection will revert to simply GXTrader in a future update once the conversion is complete.
Trade Processor
Your Trade Processor will need to be disconnected from your current GXT account and reconnected to the new account. Connectivity will be available as soon as you are notified by Gar wood that your account is funded and ready to trade.
To connect to your new account in the desktop version of the Trade Processor click Edit››Connection Settings and use the Broker dropdown to select GXTrader-IB.
To connect to your new account in the server version of the Trade Processor, log into OmniVest, and select the desired Account. Click the Trades button followed by the Trade Processor link at the top of the page. Click the Disconnect button. Next, click the Connect To Broker button. Select GXTrader-IB, enter the account number, and your login credentials. This will be the same login you were using for GXTrader. Click the Save button to initiate the Trade Processor web connection.
Login Credentials
Your credentials for logging into GXT did not change. Please use your existing GXTrader user ID and password to login. If you would like to change your GXT password, click here.
The user ID and password you created when you set up your Gar Wood account will be used to login to Gar Wood account management.
GXT Tradeaway
The Tradeaway site is still available on the updated GXT website. As we transition, you will find links to Tradeaway as well as Tradeaway/IB on the GXT website.
COR Clearing
Please maintain your login credentials on the COR website so that you can easily access your tax statements next year. You will have statements from both COR and IB if you are actively trading for 2016.
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile Some of you received funding notifications today from Gar Wood. Don't forget to update OT and VT to find your new GXT-IB option to connect to your new account.
The Trade Processor desktop version is not yet available but you can use the TP on the OmniVest site. Please disconnect your Trade Processor from the GXT (COR) account and reconnect it to GXTrader (IB).
1. Log into OmniVest and go to Account Summary
2. Click on the OmniVest Account you want to trade
3. Click Trades
4. Click the Trade Processor link on the right
5. On the Trade Processor page click on Connect to Broker
6. Select GXTrader-IB
7. Enter your new Gar Wood account number (it starts with a U)
8. Enter your GXTrader credentials (not the Gar Wood info)
9. The account will connect, and you can enable automatic trading if you choose to.
Posts: 750
Joined: 10/11/2012
Location: Annapolis, MD
User Profile According to Gar Wood, you will still have access to IB's reporting capability thus you can generate exports for TradeLog and any other tax accounting products IB integrates with.
Steve
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile Important Conversion Information
You may receive 2 (or more) notifications from Gar Wood regarding your funds. The 1st message will read "Welcome to Gar Wood Securities, LLC" in the subject line. This message is NOT an indication that your account is ready to trade. When your account is ready to trade you will get a message with a subject that reads "Password Initialization" as the subject. THIS message is the indication that you can trade.
Your credentials for GXT did not change. Your GXT user ID is the same as your Nirvana ID however, your password should not be the same. If you do not know your password or want to change it, please use the link in the 2nd email to set a new one.
All clients who have not initiated the account transfer will still need to complete the account opening process as instructed. I verified with the broker today that you can follow the same instructions for transferring and funding your account.
Broker questions - 512-623-7774 ex1
Angela 512-201-4337
Posts: 890
Joined: 10/11/2012
Location: Portland, OR
User Profile Steve2,
Thanks for all the legwork quantifying commission and margin interest costs. Margin rates could have been a show stopper. Glad they are similar to existing IB rates. :-)
Angela,
I appreciate all the work you are doing to keep up with the volley of questions. I have a few more...
1) Will I have to logout/login periodically to Garwood/GXT? Frequency?
2) Will I get "disconnected" messages from TP running in the cloud?
3) Should this eliminate the "orphaned" trades I see with TP/IBG?
4) Will I still have to manually deal with cancelled orders caused by IB not being able to promptly fill MOO orders?
Thanks!
Keith
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile | 1) Will I have to logout/login periodically to Garwood/GXT? Frequency? |
If you log in through the Gar Wood connection, you will not have to reconnect each day.
| 2) Will I get "disconnected" messages from TP running in the cloud? |
No, the TP will run continually in the cloud if you are using the FIX server. However, there will be no need to run the TP in the cloud as your TP will run on the server.
| 3) Should this eliminate the "orphaned" trades I see with TP/IBG? |
Yes, if you have been experiencing connectivity issues that are causing orphaned trades, moving to the server will help eliminate that issue.
| 4) Will I still have to manually deal with cancelled orders caused by IB not being able to promptly fill MOO orders? |
I don't expect any difference regarding orders since it will route the same way. I'm not sure this is an IB issue, it might be a TP setting.
Posts: 750
Joined: 10/11/2012
Location: Annapolis, MD
User Profile Hi Keith,
There are four cases that I'm aware of where IB will cancel or reject a MOO order.
1. You have insufficient buying power even though you may also have submitted some closing orders. To resolve this, you need to configure TP to Delay Opening Orders. When configured this way TP will submit closing orders first and then meter in opening orders as the closing orders execute and buying power becomes available.
2. You are trying to open a short position and stock is not available. To resolve this, TP has to be configured to submit market orders rather than MOO orders. If you do this, IB will hold the order until the stock is available and the order will only be cancelled if the stock is not available by the end of the day. IB is very good about finding stock so this almost never happens but the order may not execute until some time after market open at whatever price the stock is at that time.
3. You are trying to open a position in a thinly traded stock and the size of your position is greater than (I think) 10% of the average daily volume of the stock on the exchanges that IB uses for trading that stock. Note that this can be much less than the average daily volume of the stock across all exchanges on which it trades. To resolve this, TP has to be configured to submit market orders rather than MOO orders. This manifests itself as a cancelled order with the reason being something like Order Limit Size Exceeded.
4. An order is rejected because it exceeds the order size limits (shares or amount) that are set in the IB Gateway. To resolve this, just increase the IB Gateway limits. I don't know if this same thing can happen with the Nirvana FIX server. This is a question for Nirvana.
The first three of these cases are independent of whether you are using a Gar Wood account or submitting orders via the Nirvana FIX server.
If you know of any other cases where orders get cancelled or rejected, please let me know.
Steve
Posts: 890
Joined: 10/11/2012
Location: Portland, OR
User Profile Steve,
Great explanation of why orders can be cancelled. Thanks!
I've been trading MOO orders so my entries/exits match the prices reported by OV. I've not seem many cancelled orders, but the Flexible By Design portfolio trades a lot or leveraged ETFs at a fairly high % invested. I might diverge from Larry's posted settings and go with delayed market opening orders. (Care to share your settings?)
So with Gar Wood will I still be able to use Mobile TWS to monitor my account positions and trades? (I would assume so...)
Keith
Posts: 1844
Joined: 10/11/2012
User Profile Yes Keith. You can access your TP through the OmniVest website, so no TP install is needed - just access it through your browser. While it's connected, you are free to log into TWS whenever you like, & there will be no interference between the 2 connections.
Posts: 750
Joined: 10/11/2012
Location: Annapolis, MD
User Profile Keith,
Here are my Trade Settings (margin account). Having the start of my trading window be 9:30:00 AM will cause TP to submit orders as market orders not MOO.
Steve
Attached file : Trade Settings.png (40KB - 675 downloads)Posts: 890
Joined: 10/11/2012
Location: Portland, OR
User Profile Thanks Angela, Barry, Steve!
I've been waiting for IB support on Nirvana TP servers. It sounds like this will be a vast improvement over TP/IBG/TeamView running on a netbook in my office!
Cheers
Keith
Posts: 890
Joined: 10/11/2012
Location: Portland, OR
User Profile Once Gar Wood is available to current IB customers -
0) Will I need a GXT account? (I think not, but...)
1) Will I need to create a Gar Wood account? Or do I simply link my IB account to Gar Wood so Nirvana can send my server TP trades via FIX?
2) Will I be able grant Gar Wood trading rights to an existing IB account without loosing my ability to also place trades using the same funds? Or will Gar Wood funds need to be segregated from IB TWS funds?
3) Will I be able to ACH funds to/from IB via my existing ACH instructions? Or will I need to go through Gar Wood to make deposits/withdrawals?
I should probably wait for the dust to settle on transitioning GXT customers to Gar Wood/IB, but server TP support for IB has been on the wish list for a long time. I'm excited!
Cheers
Keith
Posts: 189
Joined: 10/11/2012
Location: Boulder, CO
User Profile Hi Steve2.
re: your 1st item
My experience (with IB IRA margin accounts) with the current TP (thru PR4E released 8/31/2016), and confirmed by Barry that this is a known problem, is that it does NOT "meter in opening orders as the closing orders execute and buying power becomes available."
If you configure TP to submit your order after market open, then all orders will be accepted and execute (assuming you have sufficient equity after the sell orders). But submitting the orders prior to market open, IB will reject all orders which will cause your equity to be exceeded prior to sell orders executing, and TP will not "meter in" those rejected orders. The only way to place the rejected orders is to manually intervene (in my experience).
If you have experience to refute this, I would really appreciate knowing the specifics of your TP configuration.
Thanks.
Posts: 750
Joined: 10/11/2012
Location: Annapolis, MD
User Profile Hi Steve,
Thanks for bringing this up. I should have mentioned the bug in Delay Opening Orders that will need to be fixed before this will work. I'm currently just using margin accounts and submitting orders at market open works because IB just enforces maintenance margin at that point which gives you 4X buying power so execution order doesn't matter unless you are opening a bunch of leveraged ETFs or short positions.
For IRA Margin accounts, does IB accept all orders if submitted at or after market open? If so, will they cancel an opening order if the execution sequence doesn't free enough equity to keep you from "borrowing" for a second or two?
Steve
Posts: 189
Joined: 10/11/2012
Location: Boulder, CO
User Profile Hi, Steve.
For an IRA margin account, IB DOES accept all orders if submitted after market open. I haven't tried exactly at market open. I've delayed 15 seconds, and all the orders (opening and closing) are accepted. Since my max is set to 95% of equity, the orders placed by TP don't exceed my max equity after all are executed. I have the same question you have about whether equity is exceeded for a second or two and it makes me wonder what would happen if the orders did result in exceeding 100% of equity after all are executed. Anyone know the answer?
Steve L.
Posts: 744
Joined: 10/11/2012
Location: Sleepy Hollow, IL
User Profile Hi Steve L...
Just last Friday I had an order rejected in an IB "IRA Margin" account for that reason.
I have the TP set to enter Market orders at 1 second after the Open. PEZ was a sell and XRT was a buy (approx same size) and the buy side (XRT) didn't happen due to "Cash Available"...
Looking forward to the sequencing happening correctly,
Mark
Attached file : IB Reject.png (111KB - 636 downloads)Posts: 189
Joined: 10/11/2012
Location: Boulder, CO
User Profile Hi, Mark.
Thanks. Your example demonstrates that market orders can fail after market open, just like MOO orders. So far, when I've had TP set to enter market orders at 30 or 15 seconds after market open, the open/buy orders have not been rejected. Perhaps that has just been lucky execution order (i.e., closing orders completing before opening orders). I haven't tried 1 second after market open. I wonder if the "closeness" to the market open was a factor in your order rejection? I'll experiment with the delay over the next couple weeks (assuming sufficient opening orders are generated to produce the scenario).
Thanks,
Steve
Posts: 744
Joined: 10/11/2012
Location: Sleepy Hollow, IL
User Profile Hi Steve...
Yup, could've been lucky as far as order timing.
I think it's a problem that we just don't see often because you have to be maxed out in the account when the trade happens (which I was). I know this sounds obvious, but if there's enough equity left to take the order, the problem just won't come up.
Thanks for checking some more in the future - I'll watch it too. Maybe you're right about the time and "avoiding the Opening rush" by a few more seconds...???
Mark
Posts: 68
Joined: 3/8/2013
Location: Victoria, BC, Canada
User Profile Mark there maybe some value in asking the lads out there if they have any examples of trades working out if there was a situation like yours. i.e.. funds not available unless a sale took place before the buy and only 1 second separated the sell from the buy.
Posts: 744
Joined: 10/11/2012
Location: Sleepy Hollow, IL
User Profile Good idea, James...
Anyone want to comment or contribute more info / experiences?
I'm hoping that I can extract some similar information with the IB trade data collection project I've got going that I posted in this thread;
http://www.omnitrader.com/currentclients/omnivestforum/thread-view.asp?threadid=7751&posts=12
Many thanks to those of you that've taken the time to send me your data via that Zoho spreadsheet...
Mark
Posts: 302
Joined: 2/23/2013
Location: Grand Rapids, MI
User Profile Had one order blown off the other day (26th) in my IB IRA. Was a lack of funds. My time is set for Order Submission at 9:30:45.
Seeing how Delay Opening Orders does not work, probably having at anything greater than 9:30:01 for Order Submission does not make any difference as all the orders will be sent at same time? BTW, Account wanted to be 100% invested (my TP set at 99% Max Equity - maybe too close).
Good news is it only happened once this month, my Account is a higher volume (~40 TPM) RTM configuration, and overall the entries/exits have been marginally better than OV tracked Simulated paper Opens and Closes.
Posts: 890
Joined: 10/11/2012
Location: Portland, OR
User Profile Well, we are far afield from discussing the GXT transition tp Gar Wood. but...
So if I submit orders prior to the market open Delay Opening Orders until 15 minutes after market open...
Am I hearing that the closing orders won't be placed MOO and the opening orders placed as market orders 15 minutes later?
(I understand this isn't as elegant as metering orders in as buying power becomes available, but it's something...)
Keith
Posts: 189
Joined: 10/11/2012
Location: Boulder, CO
User Profile Keith,
I've opened a new thread to discuss the "Delay Opening Order" function not working. See this thread for a response to your question:
http://www.omnitrader.com/currentclients/omnivestforum/thread-view.asp?threadid=7772&posts=1#36397
Posts: 744
Joined: 10/11/2012
Location: Sleepy Hollow, IL
User Profile Hmmm....
Good morning Steve - and thanks for "breaking off" this discussion into another thread.
Your links didn't work for me, so I experimented with your posted links and mine and it looks like the Nirvana Forum won't jump to the links anyone adds to a post unless there's a blank line prior to the imbedded link. I didn't realize that until I found that your links didn't work (and mine did).
Not sure, but I suspect your links will work if you edit your posts and add an empty line between the text and the links...???
Mark
Posts: 168
Joined: 10/11/2012
Location: Nirvana Systems
User Profile | 0) Will I need a GXT account? (I think not, but...) |
No.
| 1) Will I need to create a Gar Wood account? Or do I simply link my IB account to Gar Wood so Nirvana can send my server TP trades via FIX? |
No, you do not need to create an account at Gar Wood. Once we are ready to bring accounts under Gar Wood, we will send you instructions to complete the simple linking process.
| 2) Will I be able grant Gar Wood trading rights to an existing IB account without loosing my ability to also place trades using the same funds? Or will Gar Wood funds need to be segregated from IB TWS funds? |
Yes, in most cases you can link multiple IB accounts. F type accounts (friends and family, some advisor accounts) cannot be linked. Those accounts will have to be opened directly through Gar Wood.
You will continue to have TWS access and there is no need to separate funds.
| 3) Will I be able to ACH funds to/from IB via my existing ACH instructions? Or will I need to go through Gar Wood to make deposits/withdrawals? |
I will have to check with the broker on this.
| I should probably wait for the dust to settle on transitioning GXT customers to Gar Wood/IB, but server TP support for IB has been on the wish list for a long time. I'm excited! Cheers Keith |
We are too Keith.
Posts: 302
Joined: 2/23/2013
Location: Grand Rapids, MI
User Profile Regarding the ACH xfer of funds question above, I was able to transfer funds directly from an existing IB 'as Broker account' to a new Gar Wood 'as Broker account'. I had created a net new Gar Wood account, and was looking for the fastest/cleanest way to xfer funds from IB to Gar Wood.
I had to ask IB to link the accounts. Requested through IB Support message. Took IB a few days to figure out, but once completed, it was an instant transfer.
Posts: 6
Joined: 10/11/2012
User Profile Hi Angela,
Can you please confirm your understanding of the Garwood commission structure. There are many suggestions in the forum, including mine, as to what the commissions are, based on everyone's experience but, no one is suggesting that they are receiving a commission structure as attractive as the one outlined below. I realize it was not final but, I have not found a final pricing link, if there is one.
Thanks, Tim
Originally written by 109547 on 8/19/2016 3:31 PM
Steve,
You can refer to the top level of IB's North American Tiered structure linked below. Gar Wood will not tier down for higher share sizes, the top line is our base commission. We will post a link to pricing as soon as we can but this will help.
https://www.interactivebrokers.com/en/index.php?f=1590&p=stocks2
Steve,
You can refer to the top level of IB's North American Tiered structure linked below. Gar Wood will not tier down for higher share sizes, the top line is our base commission. We will post a link to pricing as soon as we can but this will help.
https://www.interactivebrokers.com/en/index.php?f=1590&p=stocks2