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-- [ From: Larry McBride * EMC.Ver #2.5.3 ] --
Recently I started to set up a new account specifically for speed of
execution in trading the e-mini mainly. I was going to try a broker,
let's refer to as FTG, who clears through a house I'll designate as RC.
I was going to try FTG because they specifically claimed to have an e-
trading system that has enough parallel paths that it does not go down
and that trades are considered "held" by them.
Then I get RC's account paperwork with the following paragraph on
electronic trading to sign:
"Trading on an electronic trading system may differ not only from
trading in an open-outcry market but also from trading on other
electronic trading systems. If you undertake transactions on an
electronic trading system you will be exposed to risk associated with
the system including the failure of hardware and software. The result
of any system failure may be that your order is either not executed
according to your instructions or is not executed at all."
How's that last sentence for a disclaimer?? When I asked FTG about
their claims that they were "held," they repeated the claim. When I
asked for something in writing to this effect, instead of the statement
above that says ultimately they have no responsibility whatsoever, I was
told "Sorry, this is a verbal claim only. Too hard to define. You must
sign the RC disclaimer."
My question to the group is, is this approach of claims and disclaimers
really as slimy as it feels or is it instead a sincere attempt to
provide quality service when the exchanges themselves won't take
responsibility for their systems? Do all brokers ultimately disclaim
responsibility to the same level that the above paragraph does? FTG
claims this is an industry standard account application/disclaimer
statement.
Any insight would be appreciated!
Larry
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