Joel, As I said, this is the first time I've been hit with this fee, and I do a lot of bond executions through them. For buy-side transactions, IB used to be cheaper than anyone, but they didn't quote as widely as other discounters. Where they did stand out was on the sell-side. Often, I could hit the bid and be out, instead of having to mess with the 'soliciting quotes' process that other bond brokers use. I've been with IB a long time, and they're tops for trading futures or options (and, of course, stocks and ETFs). So I won't pull money from them. I need them. What I will do, though, is execute elsewhere if the bond position is intended to be long-term. For the stuff I might need to be able to get out of fast, I'll have to keep using IB and pay the fee. Risk-management is risk-management, and I'm not going to quibble over a few bucks in fees compared with putting hundreds at risk from delayed executions. Charlie
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