Wow! I didn't know that's even possible! So from now on they must charge brokerage per order modification too.
Correct me if wrong but the sequence is as below:
1) You had a position and because of Z's OMS failure it could not be squared off.
2) Then a "Call & Trade" was initiated, so from this moment onward Z's rep tries to Square-off which they fail do obviously because of their OMS failure.
3) So, the position was carried overnight and gets squared-off at next Market opening.
If that's right, then where is your fault:
1st Phase) Due to broker's technical glitch, you as a client could not exit at your desired price causing heavy loss or losing a potential profit.
2nd Phase) Now you are paying additional fee for the "Call & Trade" in order to resolve the case before market closes but the broker further complicates the situation with their failure which was a distress to begin with. And despite your effort the issue is not resolved, rather, on top of the consequences of the 1st Phase they poured salt to your wounds.
3rd Phase) Knowingly or unknowingly the position is now carry forwarded to the next day by The Shameless Broker. On-top of all the levied charges from the previous interactions they now also add Margin Penalty in order to benefit from their own system failure.
No no it's your fault and our fault as a community that we have let Z thrive like a parasite for this long.
F*** O**
P.S. Morale of the Story There is nothing better than being a broker.
Correct me if wrong but the sequence is as below:
1) You had a position and because of Z's OMS failure it could not be squared off.
2) Then a "Call & Trade" was initiated, so from this moment onward Z's rep tries to Square-off which they fail do obviously because of their OMS failure.
3) So, the position was carried overnight and gets squared-off at next Market opening.
If that's right, then where is your fault:
1st Phase) Due to broker's technical glitch, you as a client could not exit at your desired price causing heavy loss or losing a potential profit.
2nd Phase) Now you are paying additional fee for the "Call & Trade" in order to resolve the case before market closes but the broker further complicates the situation with their failure which was a distress to begin with. And despite your effort the issue is not resolved, rather, on top of the consequences of the 1st Phase they poured salt to your wounds.
3rd Phase) Knowingly or unknowingly the position is now carry forwarded to the next day by The Shameless Broker. On-top of all the levied charges from the previous interactions they now also add Margin Penalty in order to benefit from their own system failure.
No no it's your fault and our fault as a community that we have let Z thrive like a parasite for this long.
F*** O**
P.S. Morale of the Story There is nothing better than being a broker.
No..no.. it is a different thing altogether.
I had placed an order at 3:16 to sell BOB futures at 100.75, it didn't happen. So I chased the price, meaning I modified the order to sell at 100.30 (that was the last modification accepted). It got executed without my help at 3:22:06, and got auto squared off (it was a BO) at 100:20 at 3:22:26. Ok, I saw that the positions were clear, I got up from the computer. I returned at 4:30 and saw that I had open positions. There was a new trade that happened at 3:25 !!!