Infinity Futures TransAct Futures Anyone Had Similar Repetitive Issues?
I discovered this site a few weeks ago when I got a call to do some google searches. I have done a lot of research since then, and before I share my experience and findings, I wanted to pose a general inquiry:
Has anyone experienced repetitive problems with the Infinity and TransAct order platforms from June 2012 to now? I am not referring to one time issues that are beyond the control of the Broker, such as a Server, Router failure or power surge. I am asking about issues that are brought to their attention, but continue sometimes for days or weeks on end.
Issues with Trade Execution, "Flatten" Button Issues, Market orders, Temporary Platform freeze up, Multiple Server Logoffs, Margin Issues, Platform PnL issues, Platform unavailable at Sunday Globex open for CME currencies for 5-6 Sundays in a row last summer, with the first outage over an hour, etc, etc.?
Before I share my experience, I wanted to see if others experienced similar problems, what you were told when you experienced those problems, etc. If you had a trade problem, what were you told and how was it handled?
Also, when they did disclose a system outage, if you asked for a quote or to enter, modify or cancel an order, what were you told? Was there an ability for them to use a redundant backup system?
I do not have an issue with the Infinity Day Desk Brokers in general as compared to some TransAct Desk Brokers. My issue is with Infinity/TransAct management and how they respond to problems and complaints.
I am using multiple quad-core I5 and I7 PC's with a minimum of 8GB of RAM and do daily cleanups, defrags, and test out at 20-25 MB/s to Chicago.
Thanks for your attention.
I look forward to hearing some feedback of your experiences.
If you want to reply privately, please PM
Attn: Big Mike, Enjoy your webinars!!
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I found a larger number of other posts relevant to my problems on other blogs, but I'm not sure it is
acceptable to post them here.
One thing extremely disturbing is a pattern as to how complaints are handled at Infinity/TransAct.
Here is one I strongly suggest you read fully, and judge for yourself. This complaint was filed in
early 2011, a ruling was reached in Feb. 2012. In fair disclosure, I have learned this is under appeal.
I look forward with anticipation to seeing the appeal argument of Infinity/TransAct and only hope the
customer has not given up.....
I've used them on and off since 2008. I have not experienced issues.
I never worked at Infinity Futures, but one of my friends was a broker there. Here is some information about Infinity Futures to consider.
On May 6th, 2010 during the flash crash I was a broker working at one of the biggest retail brokerage firms (NOT Infinity as they are tiny). For compliance reasons, I am not going to mention where I was working. I don't work there anymore, but the big retail brokerage firms all have hired teams that monitor forums like this and complain about posts like the post I am going to make here. I don't want that kind of attention coming to BigMike, so I am going to leave the name of said big firm out of this post. After the flash crash, I learned that many of the giant retail brokerage firms had similar issues that day anyways.
So the flash crash happens and the order routing systems at the big firm I work at all crash. In fact, it took hours and hours for us to get back up and get reports of fills. When orders finally came back as filled, customers were getting fills at the very bottom of the flash crash market. (A bottom that had already formed and was in the chart history over an hour ago. ) People were already pissed that they couldn't get reports of their fills. Now seeing that they got fills at the bottom of the flash crash, and I MEAN BOTTOM, it angered them and they were furious. Rightfully so! Many customers left our big retail brokerage firm. Seeing that our firm had millions of clients, they didn't really care. They acted like they did but they did nothing to fix the issues and prevent it from happening again.
In fact, the argument among the top brass at the big retail brokerage firm was that since our biggest competitor (another giant retail brokerage firm) had order routing issues during the crash which took several hours longer than our order issues, that showed the top brass that our firm was incrementally better, and so we would not be spending the money to fix our systems and bottlenecks. This is how decisions are made at giant retail firms. DO YOUR RESEARCH on every firm independently.
So back to the story. It is now early evening in the flash crash day and trading has ended. I got on the phone and I called my friend at Infinity Futures, a broker there who I was personally friends with. He is also in shock about the flash crash (all brokers were). But even greater shock for him is the number of new accounts he opened that evening because of the number of customers that are leaving the big retail brokerage firm I worked at. Furious customers had left our big retail firm and started opening accounts at Infinity Futures. I asked my friend how Infinity Futures did during the crash with their order routing. He tells me that Infinity was rock solid during the entire flash crash. This amazes me. I ask him again, are you SURE you guys had no issues? He says "ROCK SOLID." This is amazing because I know for a fact that many large retail firms were having order routing issues, some orders being filled hours after the crash and reporting fills at the bottom of the crash... and Infinity Futures is ROCK SOLID during this time?? That impressed me quite a bit. I don't have any other sources to support his statement, but I can say that my friend at Infinity had no reason to lie to me.
So Infinity may have issues, but when flash crashes come, I rather be at a small firm like Infinity than be at any of the super large retail brokerage firms.
Please take this into account. At that time, my friend the broker at Infinity had told me that Infinity Futures was using MF Global for execution. I am not sure how that works, but MF Global is what he said they were using. Infinity had a strict customer money handling policy that protected their clients from the MF Global fallout sometime thereafter. If they are smart they will still be protecting customer funds in the same manner today. But PLEASE CONSIDER, that since Infinity had to break off their use of MF Global for order routing, I am unsure as to who they are using now for execution and I am unsure if it means the reliability that I described is no longer there or still there. I simply don't know and my friend quit working at Infinity some time ago. You can't just phone up a brokerage firm and ask them about reliability and expect an honest answer. Brokers can and will lie about things. You have to do your research, and if possible have a friend on the inside that tells you the truth about their systems. Based on my friend on the inside, during the flash crash of 2010, Infinity was rock solid. That is something to be amazed at. Whether they still have this reliability, I cannot say, as I am under the impression that they had to change from MFGlobal to another executing party on the back end.
By and large I learned that the big retail firms who have millions of clients do not have enough server support for all those clients to get on at the same time to route orders. In fact, the amount of accounts that can be logged in and sending orders all at once is usually much less than 10% of the total accounts they have. This is not a big issue during regular market days because most customers at the big retail firms don't day trade, they invest. But when flash crashes happen and customers start calling in and logging in... bottlenecks and crashes all across the board. Do your research on every firm independently.
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