OptionsXpress f*cking me for over 50K

Discussion in 'Retail Brokers' started by 1011101, Jan 4, 2008.

  1. What are the "daily runs"??

    That's a good idea about going to the web-site at the end of day and printing out the positions-list>>because it sounds like in the situation described by the original poster that they might CHANGE what records are on the site
     
    #51     Jan 4, 2008

  2. Daily Trades Summary, if you click on your symbol it should show every buy/sell unless your clearing lists it someplace else.
     
    #52     Jan 4, 2008
  3. JSHINV

    JSHINV

    If you have a printout from the order status page showing it is cancelled, I think that would be that. Look carefully though, I think everyone has accidently made trades they didn't mean to make, like getting out of the trade, but forgetting about a stop, putting in the wrong number of lots, etc. But if you have an audit trail you are sure that you've reconciled everything, it sounds to me that it is a slam dunk for you.
     
    #53     Jan 4, 2008
  4. Steve_IB

    Steve_IB Interactive Brokers

    “Yesterday placed a day limit futures trade. Did not execute, so I cancelled it.
    Create Time: 01/03/2008 3:35:16 PM
    Fill Time: 01/03/2008 3:37:33 PM”

    This was filled within 2 minutes. So you were logged in, placed the order, watched it not execute, and then cancelled it. I presume the cancel request was made after the fill time. Thus, you likely saw the market trade through – therefore, you would know that if the order was at the exchange then it would definitely have been executed (unless it only traded to your price, and you assumed you were at the back of the queue). Your cancel request would then not work, as there was no order to cancel – it had already been filled.

    If you had an order working and the market traded through without an execution then you should have called the broker immediately to determine the status of the order

    Although rare, exchanges do provide late fills for a variety of reasons – rarely, if ever, in the futures markets, would an exchange then eat or cancel the trade.

    Of course, if you had a limit order, and cancelled the order and received an "out" BEFORE the market traded through – then you may have a case.
     
    #54     Jan 5, 2008
  5. jpatet

    jpatet

    This was hand-traded in the pit (not electronically), correct?
     
    #55     Jan 5, 2008
  6. 1011101

    1011101

    steve_ib: I understand the exchange will not cancel or eat the trade, but I would hope that any decent brokerage would stand up for their customers and force their executing firm, RJ O'Brien in this case, to eat the trade as it it their fault for the late reporting.

    The market was briefly trading around that price when I put in the order but quickly moved away. And I have had plenty of orders near market prices not get filled previously, so this did not seem strange to me that this order did not fill.

    jpatet: Yes, this was hand traded.

    My theory now is that RJ O'Brien knew that they messed up and didn't report the trade some time shortly after the trade happened. They decided to take a punt and keep the trade for themselves knowing full well that they could try to stick it to me the next day if it moved against them.
     
    #56     Jan 5, 2008
  7. jpatet

    jpatet

    I know, I used to trade the large pit-traded SP then started trading ES electronically a couple of years ago or so and never looked back. Anyway, what you need here is individual accountability through an audit trail. Ask OX for the name of the guy who filled your order in the pit; they probably already know who it is as that may well be the problem. (You can also ask the exchange.) If you independently confirm that this trade was reported to RJ in a timely manner then get the name of the guy at RJ who held it. You’ll likely see an increased eagerness to make things right once it starts getting personal.

    Best wishes and good luck,
    JP
     
    #57     Jan 5, 2008
  8. From my experience from tradestation (which clears thru RJO) for pit contract, you usually can't get a confirmation for a real cancelled order for at least 3 minutes. The cancel is usually just pending for the 1st few minutes and could be in the "pending" status until the end of day. The customer service from these introducing brokers (TS, OX etc) won't tell you whether it has successfully cancelled or not. So, my bet is you probably won't get your money back because the cancel you see was actually a pending cancel instead of a real cancel. Maybe you should consider trading the russell on globex.
     
    #58     Jan 5, 2008
  9. And one more thing: i believe the exchanges rules state that the broker in the pit has 2 minutes for both filling an order and cancelling the order. So if the pit is busy, although you enter a request for cancel, if the market traded thru your price in the next 2 minutes, you could still be filled.

    Nevertheless, wish you the best on the situation!
     
    #59     Jan 5, 2008
  10. jpatet

    jpatet

    Has anything happened with this in the past week? Is there an update?
     
    #60     Jan 13, 2008