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Trade dispute
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Created: by marcopolo1 Attachments:0

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Trade dispute

  #11 (permalink)
Elite Member
New York, NY
 
Futures Experience: Beginner
Platform: thinkorswim
Broker/Data: TD Ameritrade
Favorite Futures: Stocks
 
Posts: 963 since Jul 2012
Thanks: 648 given, 1,970 received


marcopolo1 View Post
Need advice.

Few days ago, I was trading a future contract. Put sell order. Order was submitted but I never got fill acknowledgement.
I tried to cancel the trade few times in platform but got error. So, I was in limbo.
The trade was nicely positive first but I couldn't close it because not open in trading platform; the trade then went negative then kept going against me to badly negative and I still couldn't close it.

I called brokerage call support right away and waited more than 1 hour to be able to talk to someone. After few minutes, they "fixed" something and the trade was now live with a bad loss.

I called again and they offer a very very small compensation for trade (10% loss).

I'm going to dispute trade in writing, and thinking of filing complaint with FINRA.

I was wondering if anyone experienced this kind of issue before, and what they did?

Any recommendations or suggestions?

Glad to see your issue was resolved. Here's what you should do next time.

You should have an email exchange with your broker to get the actual FIX client order, exchange-assigned order ID, creation and execution time. They are required to have this by regulation. This allows you to confirm with CME GCC what happened to your trade.

If CQG gives you any of these fields directly, you should not have wasted time with your broker and should've quickly contacted CME GCC before reaching out to your broker, since the exchange has the final say on the state of your trade.

If your broker doesn't have a record or CME's record doesn't match your broker's, then you have a clearer evidence that they were negligent.

If their records match, then the issue lies with your broker's software vendor (CQG). In which case it could either be client-side (your desktop application malfunctioned as a result of a bug) or server-side (your broker's hosted CQG application had a bug). Then this depends on whether your broker or you have indemnity terms in your software license agreement(s). Often a software vendor will take no responsibility for damages incurred on your part, so it depends on the extent of damages that they're responsible for according to the contract. You can still sue them regardless of what the contract says, of course.

If the issue lies with your FCM/IB, you should direct your dispute to the NFA, not FINRA. If the issue lies with your software vendor and your broker refuses to back you up, you can try use the NFA to pressure your broker into taking more action against the software vendor.

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The following 8 users say Thank You to artemiso for this post:
 
  #12 (permalink)
Super Moderator
London UK
 
Futures Experience: Beginner
Platform: CQG
Broker/Data: S5
Favorite Futures: Futures
 
xplorer's Avatar
 
Posts: 3,839 since Sep 2015
Thanks: 9,023 given, 7,159 received


phantomtrader View Post
It's a random event and I'm trading a live account. Don't have time during a live trade to make a video!

I too am trading a live account. I just press Record before I enter the trade.

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  #13 (permalink)
Super Moderator
London UK
 
Futures Experience: Beginner
Platform: CQG
Broker/Data: S5
Favorite Futures: Futures
 
xplorer's Avatar
 
Posts: 3,839 since Sep 2015
Thanks: 9,023 given, 7,159 received



artemiso View Post
Glad to see your issue was resolved. Here's what you should do next time.

You should have an email exchange with your broker to get the actual FIX client order, exchange-assigned order ID, creation and execution time. They are required to have this by regulation. This allows you to confirm with CME GCC what happened to your trade.

If CQG gives you any of these fields directly, you should not have wasted time with your broker and should've quickly contacted CME GCC before reaching out to your broker, since the exchange has the final say on the state of your trade.

If your broker doesn't have a record or CME's record doesn't match your broker's, then you have a clearer evidence that they were negligent.

If their records match, then the issue lies with your broker's software vendor (CQG). In which case it could either be client-side (your desktop application malfunctioned as a result of a bug) or server-side (your broker's hosted CQG application had a bug). Then this depends on whether your broker or you have indemnity terms in your software license agreement(s). Often a software vendor will take no responsibility for damages incurred on your part, so it depends on the extent of damages that they're responsible for according to the contract. You can still sue them regardless of what the contract says, of course.

If the issue lies with your FCM/IB, you should direct your dispute to the NFA, not FINRA. If the issue lies with your software vendor and your broker refuses to back you up, you can try use the NFA to pressure your broker into taking more action against the software vendor.

Very useful, thanks artemiso.

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