In the "real world" of exchange/ecn trading you do receive late fills, and an occasional busted trade...but when we are told that "U.R. Out" (cancel), then we are cancelled. If a trade was in your favor, they (clearing firm, exchange, etc.) will give you the option of taking the trade or not (sometimes you have already covered the trade and don't really want it back). FWIW, Don
That all sounds pretty shitty. I happen to love OX! Been there for over 2 years and no probs (that were not my error somehow) Anyway, I think you have something here if you have a print out of the cancel order. - Do you watch your fills in the streaming screen? My questions are what time did you place the order, what time did you cancel it and what time was the "fill". Even though you don't get emails for cxls I have called with q's in the past and they see all the activity. (entries, exits, modifications, etc...) You can see it for about 24 hours but I am sure they will have records of it. I hate to say it but this is a great example of why you should always enter a stop with every order. - Not because of OX but because something like that or anything else could rightfully happen anywhere anytime in the electronic world.
Yeh Don This the reality of electronic order execution - the customer usually takes all the risk but one can come up with strong evidence to the contrary then all those clauses in contract can be contested
The guy got an "out" from his broker..AND after the late fill came in they failed to inform him of it. He has a better than good chance of winning the arbitration.
OK, I'm done trading for the day..so...Would need: Time of order entry, time you sent cancel, time you received confirmation of cancel (not the email, but the actual time on record, which I think you said you have), and the time of the actual fill. I assume you covered it yourself later or the next day? That, in itself, could be a problem. For example. If I'm long 1000 shares of something, and place an order to sell it at 36.10, and it trades at 36.12, and I don't receive a fill.....and I call Goldman, then they go to the floor/ecn/market center, I will likely get the correct fill "as of" the time of the trade, at my price. If I go ahead and cancel the order, I have no recourse since I cancelled it. That's a bit of a technicality, and I'm not 100% sure it would apply to a customer order, but take it for what it's worth. Again, just trying to help. Don
Don, This is what I see now from their webpage: Create Time: 01/03/2008 3:35:16 PM Fill Time: 01/03/2008 3:37:33 PM It doesn't show any information that the order was ever cancelled, so no cancel sent time and no cancel confirmation time. However, I have a printout of the order status page from earlier today that shows the status as "Cancelled" and I have my end of day statement from yesterday that does not include the trade. I have not covered the trade. The position is still open.
I spoke with a lawyer on the phone. He said before arbitration, they would try to see if OX would change their mind on the issue. Didn't give much more info, I am sending him all the docs I have and will talk with him more on monday.