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>>
>> > Their ads say orders can reach the trading
>> > floor in as little as 12 seconds.
>>
>> 12 seconds is way too long at the worst, and these orders aren't
supposed to go to
>> the "floor" at all - since it's billed as computerized trading.
>>
>> > But if it doesn't get filled and if you
>> > don't kAt 09:21 PM 1/1/98 -0400, you wrote:
>> Vicki Cl wrote:
>>
>> > However, the instructions for LeoWeb do not say anything
>> > about a cancellation number being necessary. My broker, Scott Hicks
at Trade
>> > Center, told me after the fact that I should always get a cancellation
number.
>> > Now I (and you all) know.
>>
>> This nonsense reminds me of my days with E*trade, only they always took
>> responsibility for their screw-ups. What I'd do here is to tell the
broker that
>> either he eats the trade, or I will be filing a complaint with the SEC.
>>
>> > But I'd like to make it clear that I
>> > don't think it's their fault. In fact I'm grateful to my broker for
notifying
>> > me that I still had two open positions.
>>
>> It's definitely their fault. Since they are delivering the software to
you, they
>> are responsible for providing you with all relevant information. Not
informing
>> you of this *prior* to trading is negligence on their part.
>>
>> > It fails at placing limit orders and
>> > giving timely fills. In fact as I wrote earlier, I got no fill on this
>> > particular trade. Even though my end of day fill report showed fills
on the
>> > other trades I had made this day, there was no fill showing for this
>> > particular transaction. That combined with the fact that the working
order
>> > screen in LeoWeb read "TXCNCL," I thought I was in the clear.
>>
>> What I know about this software is limited to the ads on TV, but it is
supposed to
>> now what's what, it's pretty useless and costly. And the IBs and the
>> > CME aren't paying the cost of this learning curve. The trader is.
>>
>> This is wrong, to say the least. Brokers may tell you that they are not
>> responsible for timely confirmations, and in a sense they are right (but
not in
>> your case, though), but traders have to be less tolerant of this before
any real
>> change will occur. In the futures market, I suppose your options are
limited. I
>> can't imagine going back to having to wait for fills or confirmations,
but having
>> experienced my share of it, I can relate to the frustration it causes.
Best of
>> luck.
>>
>> Regards,
>> A.J.
>
>
> Thanks for sharing your experiance with Leo and sorry for your bad
experiance.
Fill problems or fills and cancellation should be reported to the exchange
it occurred. But to be confirmed out of a trade you must have a order
number. Only the Mini S&P is totally electronic computer trade market
during the daytime hours. In the day even if you enter the order by
computer to the big S&P its still pit traded therefore has to be filled by
open outcry on the floor of the exchange. Confirmations on fills are not
binding until the the market opens the following day after that they are.
Brokers for the most part are pretty good people and what they tell you
concerning a fill is usually being told to them by somebody else like the
exchange. When it comes to your confirmations the rule is take nothing for
granted its your money and a mistake by a broker can take months to clear
up if ever. What makes me angry is the advertising I hear about 10, 5
seconds, just zap it in because as we all see thats just very misleading.
Also watch the fills you get verses the time you entered the trade that is
where I catch most of my discrepancies in fills and of course not in my favor.
Robert
>
>
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