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I had an buy order accepted for ten times the amount of stock expected. This is from
maybe the largest online broker in Australia; Commsec, an offshoot of the
Commonwealth Bank.
This occurred in Dec 07 and I've been fighting my case through the financial
ombudsman but it has not yet been adjudicated.
The problem being that the order was not rejected per Commsec's own deposit
requirements. I did not have the funds! On this criteria I feel I basically have the
the case won.
I believe their trading platform (Professional Trader 2, which they have just made
completely redundant) was at fault because of their introduction of CFDs, and the
reduced deposit requirements for these, onto the platform just prior the problem order
was not rejected.
I believe protrader2 could have been at fault because of some bug re the changes
associated with (the usually reduced) cfd margin/deposit requirements . These software
changes were being introduced just before Dec'07 and may have erroneously allowed the
order to proceed.
I would be very thankful for anyone with suitable IT experience prepared to make a
supporting statement.
This is a difficult case for me. I am basically up against not only the Commonwealth
Bank, but the exchange (ASX) and ASIC (Australian Securities & Investment
Commission). Following is comment by the ASX chief exec (Richard Elstone) published in
The Australian newspaper 16-02-2008 p36; "Two-and-a-half years ago we entered into a
joint venture with Commsec which wanted to expand its franchise into CFD's. We
approached ASIC and we were encouraged by ASIC ..." & "... we have received nothing
but co-operation from ASIC to deliver the platform."
Thanks
Jon Macmichael
Australia
jonmac@xxxxxxxxxxx
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Regards,
jon mailto:jonmac@xxxxxxxxxxx
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