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Questions Regarding GXT Transition to Gar Wood
70 replies, 5502 viewings
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OmniVest User Forums
OmniVest Technical Support
Questions Regarding GXT Transition to Gar Wood
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Last Activity 5/11/2023 2:59 AM 70 replies, 5502 viewings |
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Steve2 Elite    Posts: 750 Joined: 10/11/2012 Location: Annapolis, MD  User Profile |
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 | |||||
| James McNeill Regular Posts: 68 Joined: 3/8/2013 Location: Victoria, BC, Canada User Profile |
Where can I find it ? | |||||
| BrianD Legend Posts: 302 Joined: 2/23/2013 Location: Grand Rapids, MI User Profile |
James: email sent today | |||||
| Jim Dean Elite  Posts: 1059 Joined: 10/11/2012 Location: L'ville, GA User Profile |
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. | |||||
| Angela Duran Veteran Posts: 168 Joined: 10/11/2012 Location: Nirvana Systems User Profile |
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. | |||||
| Angela Duran Veteran Posts: 168 Joined: 10/11/2012 Location: Nirvana Systems User Profile |
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. | |||||
| Juan Regular Posts: 74 Joined: 10/11/2012 Location: Round Rock, Tx User Profile |
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| Steve2 Elite Posts: 750 Joined: 10/11/2012 Location: Annapolis, MD User Profile |
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 | |||||
| Steve2 Elite Posts: 750 Joined: 10/11/2012 Location: Annapolis, MD User Profile |
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 [Edited by Steve2 on 7/27/2016 11:52 AM] | |||||
| Jim Dean Elite Posts: 1059 Joined: 10/11/2012 Location: L'ville, GA User Profile |
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? | |||||
| Diamondjag Veteran Posts: 123 Joined: 10/11/2012 Location: Brighton, Co. User Profile |
(By the way Gar Wood sounds like some kind of after-shave) [Edited by Diamondjag on 7/27/2016 1:13 PM] | |||||
| Angela Duran Veteran Posts: 168 Joined: 10/11/2012 Location: Nirvana Systems User Profile |
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. | |||||
| Angela Duran Veteran 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 | |||||
| Angela Duran Veteran 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 | |||||
| Barry Cohen Icon Posts: 1844 Joined: 10/11/2012 User Profile |
It won't. Nothing will change for those clients.
Yes, after the clients link the existing IB account to Gar Wood.
IB doesn't support FIX without a separate broker relationship, such as Gar Wood. | |||||
| Steve2 Elite Posts: 750 Joined: 10/11/2012 Location: Annapolis, MD User Profile |
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 | |||||
| Bruce Britt Regular Posts: 81 Joined: 10/11/2012 Location: Louisiana User Profile |
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 | |||||
| Steve2 Elite Posts: 750 Joined: 10/11/2012 Location: Annapolis, MD User Profile |
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 | |||||
| Angela Duran Veteran Posts: 168 Joined: 10/11/2012 Location: Nirvana Systems User Profile |
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." | |||||
| Steve2 Elite Posts: 750 Joined: 10/11/2012 Location: Annapolis, MD User Profile |
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 [Edited by Steve2 on 8/1/2016 10:47 AM] | |||||
| Jim A Regular Posts: 65 Joined: 10/11/2012 Location: International Falls, MN 56649 User Profile |
Can't wait to deal with this mess at tax time. | |||||
| Jim A Regular Posts: 65 Joined: 10/11/2012 Location: International Falls, MN 56649 User Profile |
When will funding instructions be sent out? | |||||
| Angela Duran Veteran Posts: 168 Joined: 10/11/2012 Location: Nirvana Systems User Profile |
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. | |||||
| Angela Duran Veteran Posts: 168 Joined: 10/11/2012 Location: Nirvana Systems User Profile |
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. | |||||
| Angela Duran Veteran Posts: 168 Joined: 10/11/2012 Location: Nirvana Systems User Profile |
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. |
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