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Non-Tech : DLJ direct ... On Line Broker ( PCFN )
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To: OLD JAKE JUSTUS who wrote (125)4/14/1999 1:13:00 PM
From: Rarebird  Read Replies (1) of 171
 
DLJ DIRECT AND Market Speed Version 2.0:

On Friday, April 9 at approximately 9:40am (EST) I placed a trade to buy X number of shares of a security using MarketSpeed. I received a pop up menu which said: " cannot process the order. Please try again later". I then placed the order again and received the same pop up menu, which said " cannot process the order. Please try again later. I then tried it a third time with the same result. When I went to DLJ's website to place the order, I found 3 Alerts that said that all 3 trades were executed! I immediately called DLJ and told the trader what happened. I instructed the trader to sell the second and third trades of the security and keep the first trade. I also told the trader that there was no way that I was paying for the commission on the second and third trades and the loss of .1875 points on the transaction. I was told by the person who is in charge of such matters that this would be sent to their " Technology Group " for verification. When I asked if this has ever happened before, I was told "Yes in the earlier version of Marketspeed. The update was supposed to have corrected this problem".
The bottom line here is that DLJ did the right thing and cancelled the 2 other trades as if they never happened. I did not lose a penny on these 2 other trades.
For those of you who use DLJ's Market Speed Version 2.0, be careful: Learn From My Experience. If you get a pop up screen that says that "the order cannot be processed. Please try again later", don't assume that the order has not been executed. Check the order and execution screen before you place the order again!
DLJ handled the situation very professionally and didn't make me pay. I thank DLJ for that. But that does not excuse the defect in the software. I sure hope it gets fixed soon so other people don't get an anxiety attack.
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