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Need Help: Urgent Broker Problem (Phillip Capital: NT Brokerage, Edge Clear)
I would note that the head of @NinjaTrader has publicly committed to reimburse all the NinjaTrader customers affected by this situation.
I would hold your outrage until there is more cause for it. I'm not minimizing the frustration nor the feeling of upset, but the firm has made a public commitment to its customers, which should count for something.
Also, everyone should make sure they are following the recommended procedures that have been laid out in this thread for contacting NT about their issues, and in particular, not to trade to offset the erroneous balances they found on their statements, which can only make the situation more complicated to unwind.
Again, I am not a representative of NinjaTrader or Phillips, just someone who has tried to stay on top of things in this thread. Anyone with an issue should be in contact with Ninja directly.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
its not me i am worried about getting sued . its the forum . AMP went after mike for letting people post about their sins . so i will not point fingers , sorry. if you read the stuff you sign when you open a account it references no one is responsible for any software problems. the larger brokers do eat some problems , but they do not have to.
I want to speak from 3 perspectives: As a long-time member of FIO, as a trader who has been in the industry for what seems like forever and, finally, as the owner of a futures brokerage firm whose team had to work long hours to resolve this for its members.
It is clear that many here don't understand how several things work and these seem to be 1) futures matching (and how it is very different than equities/FX, etc), 2) what role the clearing firm plays and its importance, 3) what role a broker plays and why your relationship with your broker is key, 4) how regulatory organizations work (the fole of the NFA vs. CFTC vs SEC).
This is probably a session we should hold soon to address the misinformation. Happy to be there to answer questions.
Furthermore, there is something completely off about what people think happened here with Phillip. This was not some malicious and intended event. This is a failure on the backend when Phillip's own order/fill/data processing system experienced a major technical issue during processing on Thursday. Nobody wants this to happen and it is a complete nightmare for the FCM, broker and the trader. People work hard to prevent this sort of thing, but it does happen. In my 20+ years of trading, this has occurred multiple times with equity shops as well as futures clearers. Let's please dispense with the accusations. Nobody wants to steal the funds in your account. We don't have insurance in futures, because the exchanges, FCMs, regulators and clearing houses have always stood behind the customer. This an extremely highly regulated industry and I trust it.
The frustration is completely understandable. However, let's give the various parties a chance to sort through this and figure out next steps.
It is supremely important not to close positions or continue trading through what looks like trades on in your platform that you don't recognize. It is best to contact your broker and get verification. You ask: Why would you not close a position you don't recognize? We don't act because errant positions can show up as a result of several systems that can be out of alignment. It could be an issue with your platform directly in that some parsed trades didn't make it into the front end software. It could be an error by the FCM (as we saw in this case). It could be a forgotten limit order that you put out there and away from the market.
As soon as you close it or continue to trade through it, you own that position or the opposite position at the exchange. I know the urge is to close it, but don't because it could be a phantom position at the platform. Yes, this presents risk in that it may be a legitimate position resulting from an order that you forgot to cancel, but you have to be confident of the source of the fill before trading out of it. It is the nature of trading electronically, unfortunately.
Let's cool our jets and let the work get done by your broker/FCM. I know the individuals at Phillip Capital and they are quality people, in my interaction with them.
PS: Let's be thankful that we aren't trading on the floor. Back in the day, when there was an "out trade", the local (that's us traders) often times had to eat it in a product that is trading at $250 per point or worse.
Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
I am just brain storming here .... Does FINRA still exists in the US? If so it might be a good idea to have a section in futuresio dedicated to the arbitration process steps once the dispute resolution process have been exhausted with any particular broker. Might make people feel safer? Or a process a tradr can print and follow if this sort of thing happens again with any other broker.
FINRA is a non-profit that is organized to oversee the operations of Broker-Dealers (meaning equities houses). As far as I know, it has no jurisdiction on futures/commodities. Futures/commodities are self-regulated by NFA as well as the exchanges. All futures industry participants are overseen by the CFTC. NFA has its own dispute resolution process and they don't mess around when it comes to the actions of their members. The industry is very highly regulated. For everyone, compliance is a huge priority.
If you are still disputing your positions relating to Phillip, your broker should be your advocate.
I hope that makes sense.
Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
Disruption : CME Order Management Issues
Customers should verify order status and positions with CME. If you are unable to manage GTCs please notify TT immediately. In some cases fills may have been restated, which may have resulted in incorrect positions. TT is working to identify any incorrect positions and will contact customers.
Obviously, it seems like there could be no relationship b/t Phillip's issue and TT's issue. But, if not, that is some fairly insane coincidence.
Is there a TLDR on what's happening with TT (in contrast to Phillip), or is the answer higher up in the thread?
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
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Who knows what's happening. This is what TT told me last week.
We experienced an issue with one of order connectors that connects to the CME exchange. We received reports of the inability to place or cancel orders. Our engineering team was alerted of these issues and performed a failover to resolve the issue. All connections properly failed-over and customers reported the issue to be resolve. Please contact your clearing firm or the exchange to verify order status of any orders that may have been impacted by this issue. Our engineering team is currently investigating the root cause of this and we will provide more information when it becomes available.
Normally they then quietly close the ticket as issue fixed everything resolved and no follow up. The fact that this has happened three times since Thursday is concerning to me, but not to them.
