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"Norman E. Phair" wrote:
> Shay;
>
> This is a complicated situation. You have some work
> ahead of you. Having been a CTA and CPO I will give
> you my thoughts.
> Sounds like they are saying since commoditiy trades
> settle in one day, a week went by before you told them,
> so they are not liable.
> Unless this is in writing signed by you acknowledging
> this fact, this may not be true. It sound like you are
> at a I said, you said
> stalemate and they refuse to compromise. Start with
> the NFA, it will not cost you anything. You also have
> the CFTC but i do not think they will be of much help,
> but you never know. A second opinion from another
> commodity broker would be a big help.
> Do you have another commodity account? I think what
> probally happened, this is only a guess, when the next
> day after your trade the house saw they were out, which
> means they did not show an offsetting trade for the
> other side of the broker coming in which was the trade
> you made, but they did not have for some reason your
> trade to offset against the other broker. I hope this
> is a little clearer than mud. When they showed they
> were "out" they covered the position. If you have any
> questions, give me a call.
>
> Norman E.
>
> > I have an account with a certain brokerage that due
> > to software/server problems has a habit of placing
> > fills in different accounts. It happened once prior,
> > it was fixed. I came back from a week vacation to
> > find out that one of my fills is missing from their
> > computers and I have a position still open with a
> > huge loss. One of my associates had the same problem
> > the same day. I have also talked to a number of their
> > clients that have also had many misplaced fills. I
> > brought their attention to it as soon as I discovered
> > the error. I am a daytrader, strictly daytrading.
> > Should it have raised a flag with them that the
> > account had a position over night? Over a weekend?
> > Should they have tried to contact me? I have proof
> > that my order (market) was sent in. I use electronic
> > execution on their own software, which is risky of
> > course, I know. I used their software to check my
> > fills and positions to make sure I was flat that day
> > and I was. My exit trade was confirmed, but since
> > their software will not allow you to print out the
> > confirmation I don't have a hard copy of it. I also
> > have a witness for that whole day. Software showed I
> > was flat before I left on vacation. They are showing
> > that I held a long S&P position long while the market
> > was tanking and I was on vacation. My thinking is:
> > They misplaced my fill (position close) into someone
> > else's account. That person did not report that he
> > had a trade that did not belong to him and took
> > profits after market tanked. My account was left with
> > a large loss and they are trying to make me pay for
> > it. Their system does involve a human, not direct
> > access all electronic system. Human error? It is
> > obvious that it is their error. They are claiming
> > that first, it was a week ago and there is nothing
> > they can do about it, "Traders at the pit have to
> > accept fills no matter if they placed the order or
> > not", it is an electronic system/has faults/not their
> > problem. They have been unable to prove that I never
> > sent the order in, or that they confirmed the order
> > or the execution. My "expertise" is in stocks, not
> > futures, therefore I reserve the right to ask stupid
> > questions. Any suggestions? Not looking for any smart
> > a%% replies or people shaking fingers PLEASE!
> > ########################
> > Shay Horowitz
> > www.teamzeus.com
> > www.zeus-holdings.com
> > ########################
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