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Non-Tech : Online Broker Down - Sue 'em - EGRP, JBOH, AMTD, SCH, NDB
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To: Pluvia who wrote (164)2/15/1999 1:30:00 PM
From: marcher  Read Replies (1) of 253
 
Steve, I read through many of the posts on this thread but didn't see anything about the error rate for incorrect orders due to hacking or other electronic malfunction. For example, a couple years back when I traded with Lombard/Discover, I submitted a sell order that was executed as a buy order. This somehow occurred between my desktop and their data system. Of course they attributed the error to me (-$2000) and denied responsibility. I did a little reading about internet systems and found reference to firewall error and hacking. I believe that many system errors are being attributed to customers, as happened to me. I suspect that online brokers know the rate of error. Customers should be provided this risk information as part of the contractual agreement. How many millions do they steal this way?
(I now save a copy of each order to my hard drive.)
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