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Need Help: Urgent Broker Problem (Phillip Capital: NT Brokerage, Edge Clear)
I had a similar problem back in TradeStation and they made my account whole again. But this situation is different as NT is just a IB and the error occurred due to the FCM's system shutdown. It's quite obvious none of them will own up to the losses generated by these events.
I asked if I could speak to Phillips, but was told they don't deal with customers. Must be nice. I'll see if I can gather some screenshots and reports to help bolster my claim, thanks all
Phillip Capital's NFA # is 0422202. They are well capitalized, and they have no prior NFA actions that I see. That is good news.
Give it time. Track the correspondence. If you do not feel you have a reasonable solution in the end, then you have the freedom to escalate to the NFA. Brokers take this extremely seriously.
Just keep in mind, the fault here is with Phillip Capital. Not NinjaTrader. @NT Brokerage is acting as the intermediary here, because they are your IB (Introducing Broker). It is not because of the NinjaTrader platform.
That goes for other platforms and IB's as well, such as @Tradovate, @EdgeClear and so forth. They are all acting as IB's (intermediaries). So do not be so angry at them, it is their job to be helpful but not to accept blame for this.
That is correct. Please understand the different roles of an FCM, and an IB/IIB. Look at where your statements come from. If they are Phillip Capital, then that is who you are clearing with. @NT Brokerage and the others are just Introducing Brokers, which means they are the ones that take the responsibility of "dealing with" customers. However, in this case, those IB/IIB's don't have fault with the underlying failure here -- that is Phillip Capital.
Regarding screenshots, sure -- it's always a good idea to document everything in a situation like this. That, and just try to be patient and understanding that they had a big outage which caused a big problem and it will therefore take some time to resolve.
If you were clearing with a different firm, say a firm that has a bad reputation and is poorly capitalized, then I would be worried that such an event might bankrupt them which brings an entirely different set of circumstances to deal with.
But in my opinion, you are safe here with Phillip Capital. But no one can guarantee that, of course.
THIS. I have encountered not being able to login due to servers being down, orders being delayed in filling, etc. All things I can understand intermittently and work around.
Seeing positions you don't recognize is horrifying, and expecting customer's to be calm and call and wait on hold for the orders desk as your position moves hundreds/thousands against you each second is a whole different level of scary.
Likely changing brokers to a more stable/reputable firm. I guess cheap commissions come at a cost
As previously mentioned, we have been working diligently with Phillip Capital overnight and throughout the morning to assist in correcting the issues resulting from their system outage on Thursday, February 4th.
Included below is the latest information we have as of 12:30 PM CT on Monday, February 8th:
Phillip Capital has confirmed that positions should be correct for the majority of CQG accounts.
If you trade using Rithmic, we expect positions to be corrected Monday night.
Account balances have been updated however limited variation may remain. Phillip Capital’s expectation is that tonight’s account statements will reflect both accurate positions and balances.
As adjustments made to account data over the weekend were executed through a reconciliation process outside the usual automated synchronization, a detailed review of all data is ongoing. If you see a discrepancy or do not recognize a position in your trading platform, contact us at [email protected].
If your account was directly impacted by the outage, we suggest you do not trade until corrected statements for Monday, February 8th are available this evening. We also suggest that all traders use caution if trading prior to reviewing tonight’s account statement.
Our Support teams have worked continuously throughout the weekend to navigate a significant number of inquiries and help provide clarity as possible for our traders. We greatly appreciate your ongoing patience if you have not yet received a reply. We will be responding to all questions previously submitted as soon as possible and there is no need to resubmit an escalation or question if already sent. For the real-time answers and status updates, you can also reference our FAQ page: View FAQ
As a reminder - never take any action on positions you feel may be incorrect. Alternatively, please email us at [email protected] with the applicable details.
If you have any additional questions, please contact [email protected].
I agree on what you said here but NT brokerage is also to be blamed here for not responding to customers either by phone or by email in time; in fact they were and are still unaware how many of their customers are affected by this.
These are not "ghost" orders. These are orders that are mis-matched. For everyone opening trade, there should be a closing trade in futures unless delivery is involved. So while the opening trades might have gone through or the closing trades might have gone through, the offsetting trade didn't. This leaves the upload partially complete. If platforms don't have both opening and closing trades, then they will show an open position when there isn't one or no position when one should be open. Phillip didn't randomly put trades on people's accounts for the fun of it. Like in all accounting matters, the numbers have to close out. The issue here is they weren't and more trades were put on since then and so on.
I have had to reconcile positions for software (for example, when I was creating trade analysis software). It is a royal pain and it is easy to get it wrong. Phillip is a quality firm. They have their own back-end software and clearly there is an issue that needs to be fixed with it.
Let's be professional give everyone a chance to their job and then traders can make opinions about how they are treated after the fact.
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