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I would suspect you have a tough battle ahead so you need to get your
documentation together beginning with your confirmed exit trade. If the
software will not print it out, use <Shift>+<PrintScreen> to capture the
screen image(s) which prove your case, then paste it into whatever image
editor you have (if you have Office you have MS Photo Editor which will do)
and print it out. Next, prepare an affidavit for your witness to sign and
have the witness sign it in front of a notory (your bank should perform this
service).
Then I would forward a set of copies and business-like cover letter to your
broker via overnight giving them 3 business days to make good on the trade.
If they do not make good then file complaints.
Also, futures brokers hate to get negative mentions on trading lists and the
rest of us like to know which firms can not be relied upon to keep accurate
records and take responsibility for their mistakes.
Earl
----- Original Message -----
From: Zeus
To: RealTraders Discussion Group
Sent: Thursday, May 06, 1999 2:37 PM
Subject: Brokerage question (futures)
I have an account with a certain brokerage that due to=0 software/server
problems has a habit of placing fills in different accounts. It=0 happened
once prior, it was fixed. I came back from a week vacation to find out=0
that one of my fills is missing from their computers and I have a position
still=0 open with a huge loss. One of my associates had the same problem the
same day. I=0 have also talked to a number of their clients that have also
had many misplaced=0 fills. I brought their attention to it as soon as I
discovered the=0 error.
I am a daytrader, strictly daytrading. Should it have raised a=0 flag with
them that the account had a position over night? Over a weekend?=0 Should
they have tried to contact me?
I have proof that my order (market) was sent in. I use=0 electronic
execution on their own software, which is risky of course, I=0 know.
I used their software to check my fills and positions to make=0 sure I was
flat that day and I was. My exit trade was confirmed, but since their=0
software will not allow you to print out the confirmation I don't have a
hard=0 copy of it. I also have a witness for that whole day.=0 Software
showed I was flat before I left on vacation.
They are showing that I held a long S&P position long=0 while the market was
tanking and I was on vacation.
My thinking is: They misplaced my fill (position close) into=0 someone
else's account. That person did not report that he had a trade that did=0
not belong to him and took profits after market tanked. My account was
left=0 with a large loss and they are trying to make me pay for it.
Their system does involve a human, not direct access all=0 electronic
system. Human error?
It is obvious that it is their error. They are claiming that=0 first, it was
a week ago and there is nothing they can do about it, "Traders at=0 the pit
have to accept fills no matter if they placed the order or not", it is=0 an
electronic system/has faults/not their problem. They have been unable to=0
prove that I never sent the order in, or that they confirmed the order or
the=0 execution.
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