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Did my broker do anything against NFA rules?

Discussion in 'Scam Alerts' started by Herringtrader, May 31, 2010.

  1. Herringtrader

    Herringtrader Private

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    Hello,

    I am not able to file an official complaint at FPA because I have not attained the rank of Private yet. But I hope that someone can give me an advise.

    On Dec 9 2009 my NFA regulated institutional broker cancelled one of my profitable trades. This was almost 6 months ago. Can I still file a complaint against my broker at the NFA? If I still can what is the deadline?

    I had an AUD/USD limit sell order in and I got filled 1600 pips above the current market price. It is not a joke, 1600 pips above market! I closed the trade at 8: 21 PM NY time with a huge profit. I was not sure what to do so I just did not do anything. At 9:58 PM I received an email from the broker in which they informed me that the opening price of the trade was adjusted to fair market price which was the price I closed the trade at. So after the adjustment the open and the close price become the same so I did not make any money on the trade. The explanation was that Credit Suisse put in an inverted feed by mistake. I have screenshots to prove all this.

    I do not want to mention the name of this broker now because I still trade with them. I might tell it later. My question is did the broker do anything against NFA rules?

    Thanks,

    Herringtrader
     
  2. Pharaoh

    Pharaoh Colonel

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    There are two deadlines.

    1. I'm not sure what the NFA deadline to file a complaint is. Give them a phone call and ask.

    2. At the same time the NFA wrecked hedging, they also implemented a rule giving brokers a VERY limited time to adjust orders because of bad price feeds. While you've got the NFA on the phone, ask them exactly when that went fully into effect.
     

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