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So, which broker was it?
----- Original Message -----
From: Phil Lane <patterntrader@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Cc: <realtraders@xxxxxxxxxxxxxxx>; <omega-list@xxxxxxxxxx>; "NASAA
Enforcement Chief" <mstevenson@xxxxxxxxxx>; "SEC Regional Director"
<losangeles@xxxxxxx>
Sent: Friday, February 18, 2000 8:08 AM
Subject: [RT] lame broker alert
> 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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