Island Fills 4/28

Discussion in 'Order Execution' started by twinpeaks, Apr 29, 2006.

  1. On Friday 4/28/06 Island apparently had some problems. I had an Island order that was stuck so I called the broker and was told on the phone that it was canceled at 10 am. About 3 hours later the broker informed me that the order was filled and that the shares had been added to my account.

    Does anyone know what the policy is with this? Does Island have a limit on how long they can delay a notice on a fill? Or was the broker likely just slow in getting the notice out?

    Did anyone else have this problem on Friday?

  2. Please reveal who was the broker.
  3. I would guess that this is an issue with your broker. If the order was sitting on isld, it probably would have been executed once they brought the gateway back up. Your broker should have made sure it was cancelled when they said it was.
  4. Yeah cause at swift when they say its cancelled you NEVER get shares later in the day. And when island is down its always 'on their end', god island is so unreliable and swift is the best!

  5. alanm


    If a broker gives you an "out", you're entitled to rely on it. They should have either not confirmed the cancel, or stuck by their word.
  6. ISLD can have some issues but their's nothing worse than BRUT, they're criminals.
  7. Please tell us some specifics. I'm not doubting you. I am asking because I want to learn from your experiences.
  8. Speaking of ISLD (INET?)

    What's the deal with cancelling orders during a halt.

    I've never been stuck like that , but it's not clear what the procedure is.

    Can you cancel during a halt, and if not , wtf good is the halt.
  9. joe_blo


    Yes, you can cancel during a halt. You just can't enter new orders.
  10. Thanks for your replies.

    The broker is Cybertrader. I called them back on Monday and they worked it out to my satisfaction. The person I dealt with on Friday just was not willing to give me any explanation.

    It turns out that the problem was internal, not at INET but that all INET orders there were fouled up and it took them some time to sort them out.

    My concern was that if I had had a very large order that had gone against me during the 3 hour delay that I might be stuck with a large loss. He assured me that I would not. The person I dealt with on Friday implied that the problem was INET and gave me no assurance that I would not suffer a loss.
    #10     May 2, 2006