Yesterday placed a day limit futures trade. Did not execute, so I cancelled it. Did a bunch of other trades since this morning. Now I get a trade confirmation email from them. Fcking 18 hours later!!!! And when the trade is 50K in the red! I contacted them, they said they just received a late fill from their execution and clearing firm, RJ O'Brien and that they will not bust the trade. This is really fcked up. What should I do? Any advice would be helpful.
did you get an "out" in your order window? If you did take that shit to the top! If not why didnt you follow up with a call tot he order desk?
That sucks. I have an account with OX that used to be an xpresstrade account, and I hate their platform. I will be switching soon. I would contact a lawyer ASAP.
Ask them to do a trade inquiry and perhaps talk to a lawyer - if they will not do a trade inquiry, ask them how to escalate the situation to the executive level. Also, start looking for a new broker - that is BS man! I bet XpressTrade would have never done this to a client.
Just a couple of questions first. Can you provide evidence of a cancel with time and date? Do you get a daily account statement? If so, did it show a position?
I had a similar problem last month when I did both a limit and market order on the ES minis. Took over an hour to get a trade confirmation on an order because their futures clearinghouse line was down; thankfully I got a decent fill, but then lost it when I tried to dump the position while still waiting for the confirmation of the opening order and was exited the position for a loss. I was *not* happy, nor happy to be told that it was not "unexpected" to see a market order take 15 minutes to get filled during high volume periods afterward. Other friends have had similar delays in getting fills (or confirmations) on the ES .... frankly I think the problem is with their clearinghouse and not OXPS. But still, if the problem continues, I will be more than a bit concerned. Sorry to hear 'bout your loss, though. Not really sure what recourse you have other than contacting OXPS and complaining.
So after you cancelled this order, did you get the confirmation? Why don't check the trade log to see if the order was actually cancelled? If it wasn't, it's your fault for not making sure the order was indeed cancelled. However, if you did get the confirmation, then you have a legitimate complain.