OEC - Rejected Order Bug

Discussion in 'Retail Brokers' started by garak, Feb 17, 2009.

  1. garak


    This bug is an absolute catastrophe for a futures broker and it happened to me multiple times now. The worst is you can't tell when it will happen - there are times it will not - and above all it is possible that you can't get out of an open position :eek:

    As far as I can reproduce this issue it will happen with Euro dominated futures. Margin is in EUR but will be translated into USD. When you place an Order a wrong calculation leads to a system error which goes like:

    Risk violation: Max credit = 0 USD, Order would need credit of xxxx* USD
    *this number is EUR margin translated into USD

    This message makes absolutely no sense since there is enough margin available. And it makes no sense at all when you just want to close an open position and have no other working orders :mad:

    This issue happened to me the first time in November 2008 and I was assured they 'd fixed it. Guess what happened next time placing an order...
    Now they say this bug has top priority...blah blah blah.

    It cost me quite some money and I 've stopped trading with them. There is some video material I will possibly publish showing DOM and error message since I generally tape my trades.

    I'm curious: Is there anyone who experienced this bug, too?
  2. veggen


    I experienced something the other day as well, but it does not sound like the same problem you had.

    I was trying to get out of a trade fast, using "exit at market and cancell" buttom. Nothing happened. I thought I had "missed" the buttom with my mouse, so I press again. Nothing happened this time either. I try again, still nothing. Now it had probably taken like 40 - 50 seconds from the first time I tried exiting.
    - than all of a sudden my position is not just exited, but reversed x2!! Need less to say, this caused me a few bucks.

    Apparently there was a whole region in USA logging into the system at once which caused this error.

    I have to include though that this is the only order-execution error I have experienced with OEC, and I do not know if this maybe is a common error in other brokers as well. But the feeling was never the less quite awfull, trying to get out of a trade as fast as possible, but nothing happening.

    PS: Forgot to mention that quotes were running as normal during this period, so connection to OEC was perfect.
  3. Sorry I haven't seen this but I'm interested to find out what software you're using to tape your trading. That's something that could come in useful in the future.....
  4. veggen


    I would recommend camstudio. Free software and noting fancy, but certainly gets the job done.
  5. Thanks, I'll check it out.

    I should also mention that if you complain to OEC they may adjust your account. Maybe not, but it's worth a shot. Last year their pit broker just flat out forgot to execute my pit trade, I asked what was going on and they admitted their mistake, opened a position for me, and adjusted my balance to make up the difference. I was very very surprised, I didn't expect to see it resolved in my favor at all, let alone without me having to complain for weeks and escalate it.

    Now only if OEC's trader app didn't use 200 MB of RAM.....