Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Need Help: Urgent Broker Problem (Phillip Capital: NT Brokerage, Edge Clear)
I had the same thing! with Philips clearing firm...they apparently missed matching up people's closing orders. My broker told me that his risk platform showed me in the position, but at the clearing firm, it was fine. I asked if i had hit 'close' (I was showing short at quite a loss) would that have put me in a long position and he said yes. So I left it alone and they are working on it. I haven't yet gotten a notice that it's off my platform, but they did send me my statement from yesterday showing the proper entries and final total.... Don't you have an emergency trade desk # to have them make sure you are flat?
Whilst this must be an awful situation to be in (and I very much hope it gets resolved asap) , I am very glad this issue was raised as it has made me far more watchful.
I am with NT8/Dorman. Has this happened to anyone with NT8/Dorman over the past 2-3 years ??
Thanks
Has happened to a few of the guys I know, some did the same thing as you and closed well closed what they thought was open, and the others made the call first and were told just to leave the platform as is and it will be cleared up.
As for the issue of closing the erroneous trades, the broker if its reputable should cover there own stuff ups, so in my opinion they will have insurances for such instances and if you can keep a record of all events you should be fine.
However if anything like that happens again should just leave the erroneous trades for the broker to fix in future
I've had a similar issue in the past. However my broker told me similar, hence to presume I was flat. He later (within 15m) called me back and confirmed this.
In your case:
1. They admitted there is an issue at their end
2. They told you to presume you were square/flat as of yesterday. So assume this as being correct and get that in writing or record your calls.
3. You took up another position to offset your initial screen read of being short, this is not ideal as they told you they had issues.
Unless there is an issue at the exchange a good broker/clearing firm should be able to tell you your net position almost immediately while you wait on the phone, if they can not then start looking for a new clearing firm and broker. Cheap brokerage/clearing often leads to expansive costs elsewhere.
Good luck, interested in hearing how this works out. Hopefully Gold sky rockets while you are long to offset any potential losses (somehow it never works out that way).
Thanks for sharing your experience Gintrader! I have learned a lot over this ordeal...and this thread.
The most upsetting part of it was they (the broker) wouldn't/couldn't tell me if I was in a position. It's something I didn't ever expect to hear. I closed the long shortly after I initiated it...after a review of my execution log on my platform. So, luckily, no horror stories with that long. It was a tough day, but it resolved OK.
