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> Vicki Cl wrote:
>
> > However, the instructions for LeoWeb do not say anything
> > about a cancellation number being necessary. My broker, Scott Hicks at Trade
> > Center, told me after the fact that I should always get a cancellation number.
> > Now I (and you all) know.
>
> This nonsense reminds me of my days with E*trade, only they always took
> responsibility for their screw-ups. What I'd do here is to tell the broker that
> either he eats the trade, or I will be filing a complaint with the SEC.
>
> > But I'd like to make it clear that I
> > don't think it's their fault. In fact I'm grateful to my broker for notifying
> > me that I still had two open positions.
>
> It's definitely their fault. Since they are delivering the software to you, they
> are responsible for providing you with all relevant information. Not informing
> you of this *prior* to trading is negligence on their part.
>
> > It fails at placing limit orders and
> > giving timely fills. In fact as I wrote earlier, I got no fill on this
> > particular trade. Even though my end of day fill report showed fills on the
> > other trades I had made this day, there was no fill showing for this
> > particular transaction. That combined with the fact that the working order
> > screen in LeoWeb read "TXCNCL," I thought I was in the clear.
>
> What I know about this software is limited to the ads on TV, but it is supposed to
> be an instant execution system. You can't do limit orders with such a system, but
> there is no good reason why you should not be getting fills within a few seconds
> of your order at the longest. As for this particular trade, this is purely
> ridiculous.
>
> > Their ads say orders can reach the trading
> > floor in as little as 12 seconds.
>
> 12 seconds is way too long at the worst, and these orders aren't supposed to go to
> the "floor" at all - since it's billed as computerized trading.
>
> > But if it doesn't get filled and if you
> > don't know what's what, it's pretty useless and costly. And the IBs and the
> > CME aren't paying the cost of this learning curve. The trader is.
>
> This is wrong, to say the least. Brokers may tell you that they are not
> responsible for timely confirmations, and in a sense they are right (but not in
> your case, though), but traders have to be less tolerant of this before any real
> change will occur. In the futures market, I suppose your options are limited. I
> can't imagine going back to having to wait for fills or confirmations, but having
> experienced my share of it, I can relate to the frustration it causes. Best of
> luck.
>
> Regards,
> A.J.
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