Ira Epstein & Company
Accounts Section
Order Placement
OPEN ORDERS (GTC)
When you place an Open or Good Until Cancelled Order (GTC), it generally remains in effect in the specific trading session in which it was placed until filled or cancelled. There are, however, exceptions, depending on the contract market traded. Please, ask your order clerk for specifics. It is your responsibility to know what sessions your orders are working and may be executed.
Placing another order in the same futures contract does not automatically negate the previous one. You must direct us to cancel that order.
OVER THE PHONE ORDER PLACEMENT AND CONFIRMATIONS
All customers are invited to phone in orders, 24-hours a day, even if you primarily use our online electronic order entry system for order placment. We realize that no one is always in front of their computer and that our customers at times want or need to place their orders with our order desk personnel. However, when doing so, make it your practice to tell the person you're speaking to what orders you have working on the electronic order entry platform.
IECo created Commodity-Fone, our automated 24-hour telephone system to provide you 24-hours a day with Live Quotes, account status and to report fills. If we've received a fill confirmation, it normally will be a front end message, waiting for you when you call and login to Commodity-Fone. Commodity-Fone is also programmed to put you in contact with a live person at our trading desk, 24-hours a day when the markets are open. Should you have questions concerning a fill, be sure to call in. If you have a question not directly pertaining to a fill, please call us Monday through Friday, 8:00 A.M. through 4:00 P.M. CST.
Unless Ira Epstein & Company has received confirmation from the trading floor or an exchange of an executed order, statements by IECo order clerks regarding the status of the order can only be taken as guess work and cannot be relied upon for trading purposes. Any action you take without specific trade confirmation is taken solely at your risk.
VOICE MAIL ORDERS
Occasionally you may need to leave an order on the voice mail of your trade desk or personal broker. All orders left on voice mail are left on a NOT HELD basis. We will check items such as margin verification, order correctness along with many other items that could prevent order placement. Therefore it is imperative that you leave a phone number for our clerk to speak with you if there is a problem with placement of your order. It is your duty to check to be sure that we have received and reviewed your voicemail.
CONFIRMATION THROUGH THE MAIL
On the business day following the execution of an order, we will mail either by post or via e-mail, written confirmation to you containing the details of your transaction. The mailing method is dependent on you signing up or not for e-mailing of your account statements. Doing so is both wise and cost saving. Our typical account saves at least $2 per statement sent. These fees add up, so please be sure to and fill out the E-Mail Authorization Form (PDF) so that we can send you your Purchase and Sales Statements via e-mail, if you haven't already done so.
Please review your statements carefully. In the unlikely event of an error, please report any differences immediately. You will also receive an end of the month detailed statement. Your failure to immediately exercise your right to have errors corrected will be deemed your agreement that this statement is correct and ratified.
MARKET QUOTES
Market quotes are provided by the various exchanges through service vendors to subscribers. IECo DOES NOT ORIGINATE QUOTES. IECo simply passes along the quote information provided to us. Not all vendors report quotes from the various market sessions in the same way. Commodity-Fone provides a method for getting quotes from a specific trading session orally. IraCharts and IraTrade do so via the Internet.
Ira Epstein and Company does not guarantee the accuracy of quote information provided through Commodity-Fone or other sources.
Instant Chat
Table of Contents
- Responsibilites
- Obtaining and Using Your Account Number
- Order Placement
- The Exchanges
- Margin Calls
- Margin Requirements
- Bank Wiring Instructions
- Trade Talk
- Types of Market Orders
- Price Orders
- Combination Orders
- T-Bill Policy
- Account Maintenance Fee Policy
- Service Charges
If you have any questions either contact your IECo representitive or call: 1-800-284-1007
^ Top | Copyright ©2008 Ira Epstein & Company All Rights Reserved | Home | SiteMap | Students | Accounts | Privacy Policy | Contact Us