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To whom it may concern:
This trade should never have happened. I had a market order entered to buy
200 shares of ICCSA. On February 14th at 6:25 AM (a good 5 minutes before
the market opened) I attempted to cancel this order.
Unfortunately, to my complete suprise and dismay, your web site REFUSED to
accept the cancel order. The edit button had just disappeared. So at 6:26 AM
I called to cancel the order in person. But at 6:33 I was still on hold and
the traded was transacted against my wishes.
Later that day your Manager of Internet Trading looked into this and told me
that from 6:25 on the internet order entry system was intentionally designed
NOT to accept cancels on market orders! And apparently that's supposed to
make it OK.
HOWEVER, it is clear that if I had spoken with a live broker at 6:25 AM he
would have made every effort to cancel the order!!! I think your failure to
provide the same mechanism over the internet is a very serious MISTAKE,
since it is clearly at ODDS with the standard stock broking practices, and
especially since there was absolutely NO indication that this arbitrary and
capricious policy existed. THEREFORE I'M GOING TO HAVE TO INSIST THAT THIS
TRADE BE BROKEN and also that you repair the web site to avoid this problem
in the future.
Please note that over the past few days I have requested to speak to someone
about this several times. On 3 distinct occasions I was promised that a
"manager" would call back. Believe it or not I'm still waiting for the phone
to ring. Evidently there is NO established procedure to dispute a trade, or
else I can't get anyone to tell me about it. Perhaps this email will
motivate someone to actually do something.
Thanks for your attention,
Philip Lane
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