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Here's another LeoWeb shortcoming: switched from the spoo to the e-mini today
because of the huge tick size. The fill on entry was as fast as anyone could
hope. Held the long position into the last half hour with a price target of
1003. I'd kept the quick order form up with a limit sell order ready and kept
adjusting the limit price up as the market moved my way (globex orders must be
entered as limit order). When the e-mini hit 1002, I fired off my order to sell
at 100000 limit and waited and waited and waited. Rechecked the working orders
screen which showed a TOPS id, then noticed that I had entered limit of 10000
instead of 100000 (missing zero) so I fired off a Cancel & Replace at 100000 -
by now the e-mini was trading above 1003. Nothing happed so I checked the
pending screen for the C&R and noted that type showed "Err" but no further info
so I waited for the printed copy which showed notation "Error: ORDER NOT OPEN" -
no message or alarm of any kind.
Picked up phone and called the LeoWeb desk to ask about my order, was told it
had been rejected for invalid price. Asked why LeoWeb software didn't notify me
and was told they didn't know, but wasn't the first time they'd heard the
complaint. Gave them the sell order and was lucky to bail out at 1000 even.
Transferred to tech support (a misnomer as this department steadfastly refuses
to answer any email) where I was told that the LeoWeb desk is supposed to call
the customer when an order is rejected (like the brokers on the LeoWeb desk must
have loads of time on their hands in a busy market).
So there we have it folks: a system which does not bother to notify the customer
when he/she makes the inevitable error in entering a limit price causing the
order to be rejected, a system which does bother to ring an alarm and/or display
a message when a C&R order is not found, and an order desk which does not have
time to call the customer when the system reports an error. The only part of the
whole system which worked as it should was the gal on the LeoWeb desk who got me
out. Some system! Some software!
Earl
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