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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: Colin Cody who wrote (37874)	6/6/1999 4:34:00 PM
From: RockyBalboa	Respond to of 122087

No, I don't know any rules. In our office, we had the rule that nulling a trade - on any customers demand, which clearly implied that there MUST be a qualified "error"* (in the terms of our legislation), four weeks was the maximum of time which was acceptable, and that could spark off arbitration between the parties. Usually a broken trade (due to an error by the trader or in the backoffice) is broken within hours. That was also my personal experience with a U.S. broker. For example, Sunrise had a trade of $36 at the close recently, instead of $13, it was mixed up with SNRZ, so the nasdaq closing was $36, up 270%. This trade was broken within the next half hour. (Clear this was a trade error and not because a unallowed trade). One different thing is the distinction between breaking a trade and closing it out at market. Breaking a trade implies that the trade was invalid from the beginning, so there is no way to view it as open and close out later. And the distinction is not clear hence leaving much space to the brokerage. is *In our national law, an error over any business, trade, value is given, when there is an obvious misproportion between the assessed value of a thing, and the traded value ... for example you pay $666, where the price sign reads $999 and is positioned upside down and the sales personnel originally closed the deal at $666 - such a deal can be nulled (there was such a case in Austrian courting).