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Phil,
You should send your complaint in writing to one of the SROs Self Regulatory
Organizations.....believe it or not the SEC does regulate the issue you
describe. You broker, whoever they are, should get a written copy of you
complaint with a copy to either the NASD, NYSE, CBOE, or AMEX. They regulate
the brokerage industry....your best bet is probably .... for this issue.... the
NASD. If the trade occurred on an ECN then it most certainly the NASD. The SEC
will merely forward you complaint back to NASD and you'll be adding weeks if not
months to the process.
Phil Lane wrote:
> 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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