|
PureBytes Links
Trading Reference Links
|
I wonder when people will start sueing the CME and/or LFG and/or whoever is
involved in this ????
rgds hans
> I wonder what role the CFTC plays in all of this. Don't they have a
> regulatory responsibility to insure that whatever order systems are
> offered to the public for use in trading actually work?
>
> Earl
>
> -----Original Message-----
> From: Michael Stewart <MPST@xxxxxxxxxxxxx>
> To: Earl Adamy <eadamy@xxxxxxxxxx>
> Cc: Omega <omega-list@xxxxxxxxxx>
> Date: Friday, September 25, 1998 8:42 AM
> Subject: Fw: E-Mini (Stop) Orders Blocked
>
>
> >Earl,
> >
> >CME and Lfg are blaming each other - passing the buck is ok if computers
> are
> >involved
> >Heres my response to CME yesterday -
> >
> >
> >
> >
> >>Ms Doherty,
> >>
> >>With respect when we first spoke our discussion regarded Leo users being
> >>unable to place orders to trade the mini, specifically myself wanting to
> >>sell 4 eminis at a price of 1067 and being unable to do so because my
> >>legitimate order was returned by your exchange computer. You told me
> >>that there was no problem as far as the CME was concerned and that the
> >>problem may be Lfg's. (You did also state that you would look into the
> >>matter to "establish what the problem was") I reported this fact to the
> >>Omega list who's members have suffered continuosly from the inept
> >>trading platform as provided (see forwarded postings) and I included
> >>your email address as I understood that you may wish to receive
> >>representations directly from those traders who help to pay salaries of
> >>exchange staff by way of fees for data and lots traded.
> >>
> >>The CME system for emini trading malfunctioned today which caused a
> >>whole new spate of problems. I'm afraid it is just not good enough for
> >>you to redirect my concerns to my broker who (as has been demonstrated
> >>from forwarded emails) has been negligent in the extreme in either
> >>answering requests or solving continuos problems with regard to emini
> >>and Cubs trading. Lfg has consistently blamed the CME and from your
> >>initial
> >remarks
> >>to me today it appears that Lfg's Leo software may be partly to blame.
> >>
> >>I think you must understand that I along with hundreds of other traders
> are
> >>really not interested whether it is the CME or Lfg's incompetence to
> >>blame for continuos malfunctioning of your electronic trading platforms
> >>- WE ARE ONLY INTERESTED IN USING A SYSTEM THAT WORKS. Plainly as your
> >>market ceased to exist for 20 minutes you ought to be taking this matter
> extremely
> >>seriously.
> >>
> >>Cubs and Tops and Leo problems have continued all year and I'm afraid
> >>the management of the whole electronic platform has been inept at best.
> >Either
> >>there is a concerted attempt by certain members of your exchange to
> scupper
> >>the move to electronic trading or the management of your team need to be
> >>replaced with some urgency.
> >>
> >>Either way I have suffered losses today as a result of not being able to
> >>execute busines s on the CME's trading platform and I intend to
> >>establish the CME's responsibility in this matter.
> >>
> >>Michael Sewart
> >>
> >>
> >>>Mr. Stewart,
> >>>Thank you for your calls today. It is very inappropriate for you to
> >>>incorrectly quote and represent my discussion with you to your broker.
> My
> >>>response to you was that I would look into the problem as I was not
> >>>sure what the problem was and whether the breakdown was with your firm
> >>>or the exchange. In the future, you should continue directing your
> >>>concerns to your broker. Your broker is in constant contact with the
> >>>exchange and
> can
> >>>assist you in resolving issues and informing you of problems. I
> >appreciate
> >>>your consideration in this matter.
> >>>
> >>>
> >>>
> >>>-----Original Message-----
> >>>From: Michael Stewart [SMTP:MPST@xxxxxxxxxxxxx]
> >>>Sent: Thursday, September 24, 1998 2:14 PM
> >>>To: Kathy Doherty
> >>>Subject: Fw: E-Mini Stop Orders Blocked
> >>>
> >>>
> >>>-----Original Message-----
> >>>From: support@xxxxxxxxxx <support@xxxxxxxxxx>
> >>>To: mpst@xxxxxxx <mpst@xxxxxxx>
> >>>Date: 23 September 1998 15:06
> >>>Subject: E-Mini Stop Orders Blocked
> >>>
> >>>
> >>>>As of 8:45 am this morning, STOP orders for the E-Mini S&P contract
> >>>>are not being accepted. They will be rejected. MARKET and LIMIT
> >>>>orders are still being accepted for the E-Mini S&P and are being
> >>>>processed directly into GLOBEX.
> >>>>
> >>>>We hope that the problem can be resolved as quickly as possible but we
> do
> >>>>not have a time frame at this time. We will keep you updated as we
> >>>>receive more information.
> >>>>
> >>>>
> >>>
> >>>
> >>>
> >>
> >>
> >
> >
> >
>
|