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Need Help: Urgent Broker Problem (Phillip Capital: NT Brokerage, Edge Clear)
Was the issues with Phillip Capital/Ninja Trader futures accounts specific to one data provider, or random with all the numerous data feed that Ninja Trader supports?
Can you help answer these questions from other members on NexusFi?
We wanted to provide a status update regarding the recent Phillip Capital outage. Included below is the latest information we have as of 1:00 AM CT on Wednesday, February 10th:
Phillip Capital has confirmed the technical issue impacting positions and balances has been resolved.
Phillip Capital has confirmed positions should be accurate for all accounts.
Phillip Capital has confirmed that account statements for Tuesday, February 9th should reflect accurate balances and positions.
With the restoration of verified account balances and positions following the updated Phillip Capital statement run, you are clear to trade. As mentioned previously, some work was performed manually to update positions, so please contact us at [email protected] if you see a discrepancy or do not recognize a position in your trading platform.
Thank you for your patience as this issue was resolved. We are dedicating all available resources to expedite review of account discrepancies and will reach out to impacted accounts with specific details as they are available.
There is no need to resubmit an escalation or question if previously sent but please continue to reference our FAQ page for real-time answers and status updates: View FAQ.
If you have any additional questions, please contact [email protected].
Thats interesting you say that. Because my statement is still wrong with trades I never took out and your team has told me those trades are my responsibility. Figured you would weasel your way out of paying for your mistakes.
If the trades in question are specific to the Phillip outage then our team should never have said that to you, so either a misunderstanding on our part or an opportunity for us to educate the employee. Please PM me contact details and I will escalate.
Ray
Disclosure: This communication is sent to you by NinjaTrader, LLC, a software development company which owns and supports all proprietary technology relating to and including the NinjaTrader trading platform.
I already sent several emails explaining the causes of losses, the days that occurred, the price that occurred, and finally what I get is this as an answer?
Have you sent an email in with the trade details and amount you believe your account is off so we can send it to Phillip Capital for review and possible rebate reimbursement? If you haven't you need to reply to this email with that information for review. The refund will take some time and not be immediate.
I would like to know why the reimbursement cannot be immediate, and how long it will take to be reimbursed
But please know that it has nothing to do w data providers.
There is a difference between data, order routing, broker, and clearing firm. This was the result of the clearing firm, Phillip Capital. It has nothing to do with which broker (so long as your FCM was Phillip), and it certainly has nothing to do with your data provider or order routing service.
All four of these services are provided by different entities. We have to understand the differences between data service, order routing, brokerage, and FCM/clearer.
.... I honestly don't even understand how this issue is even still going on and hasn't yet been fixed. I'm amazed.
I also wonder how this is going to motivate the Ninja Brokerage into bringing its newly acquired FCM (transact) into full service and move all brokerage accounts to the new FCM. But that's unrelated to this, this.
I would like to invite you to have a little patience.
I realize this is a difficult situation, but I truly do believe that Phillip Capital is trying to make each and every customer whole during this process and do the right thing. If I end up being wrong, I posted the NFA website information earlier in the thread which you could use as a last resort and recourse.
But it's been just three business days so far. I understand it seems like a lifetime, but really you have to understand they are dealing with thousands of people right now in a situation they've never encountered before, so a little leeway is required.
Also, I want to remind you that @NinjaTrader and @NT Brokerage are not at fault here. They too are trying to do right by their (angry) customers. They are taking the blame but really it is Phillip Capital, and NT is simply trying to organize the data in the most efficient way possible to submit to Phillip Capital so that Phillip Capital can take action.
I should mention that everything I post in this thread (and on this website) is solely my opinion. I am not an employee of NinjaTrader or Phillip Capital, and I do not have authority in any official capacity to speak on their behalf. I am simply stating my opinion or my best guess as to what is happening behind the scenes.
This is a good question, let me clarify where we are at and what we are doing. Here are the facts.
We have identified a couple of hundred customer accounts that have been negatively affected
It was only several hours ago that Phillip produced clean statements which is required for us to start the process of refund analysis
Each affected account has to be analyzed individually, some are simple and some are extremely complex (for example, those of you continued to trade on inaccurate data are put into the complex camp)
Each case's trade data needs to be validated by the FCM
We only have a handful of individuals capable of performing this work on top of their roles and responsibilities in the ordinary course of business
Although the number of impacted accounts is limited, don't underestimate the amount of work required to reconcile these accounts. My guess is we are talking in weeks not days. While not ideal for those impacted, rest assured we working at full capacity until the last account is refunded.
Ray
Disclosure: This communication is sent to you by NinjaTrader, LLC, a software development company which owns and supports all proprietary technology relating to and including the NinjaTrader trading platform.
The mistakes made were not by NT but by Phillips Capital. You should not be directing your anger at the broker but instead at the FCM! They are COMPLETELY different entities.
Persistence! Nothing in the world can take the place of persistence.
Talent will not ... nothing is more common than unsuccessful men with talent.
Genius will not ... Unrewarded genius is almost a proverb.
Education will not ... The world is full of educated derelicts.
Persistence and determination alone are omnipotent! Calvin Coolidge
You're right it is Phillips fault, and I like NT. But for them to email me and tell me that I'm on the line for mistakes that their partner made is unacceptable. They're already trying to dump it all on me.
I'm staying with Ninja Trader because I honestly love the platform. But this whole ordeal has made me realize that I'll never personally fund another account again. Instead I'm going to go with some of those funding options. I simply can't have thousands of dollars taken from me and then be put into this position again.
