Cyber--this can't be legal

T

Toonces

I just found out that CyberTrader sometimes will change the limit price of your order. For example, here is the transcript of one of my trades from today

New smart order: short 1000 shares of SFNT at 25.45 on CyberX
New order: short 1000 shares of SFNT at 25.46 from BRUT

I placed the sell order at 25.45, and the order was entered a penny higher. The other day I had one where they added 6 cents to my sell price.

I called support, and I was told that CyberXchange sometimes changes the order to match the inside ask (on a sell order.)

I can't believe this is legal order handling rules. If I place an order, aren't they obligated to send it at that price?

I am officially done trading with them, BTW.
 
some crazy stuff..u gotta complain somewhere and, yes, move on immediately.

edit; on a note with ib if u place lmts order u more often get filled 1c below u bid and 1c above u offer than at mkt...give it some thought.
 
I have heard of software packages that add a cent to your requested short price because of the uptick rule. Some platforms do this automatically unless you tell the platform not to.

If this is not the case then you are right, something is very wrong... call the broker right away.
 
Quote from Mike805:

I have heard of software packages that add a cent to your requested short price because of the uptick rule. Some platforms do this automatically unless you tell the platform not to.

If this is not the case then you are right, something is very wrong... call the broker right away.
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as far as i know with lmt u cannot get filled at a price worse than that there is at mkt if there's enough size ot accomodate u order..even if u place a lmt order outside mkt..ib reps told me this, so i dunno how a software can be programmed to go against lmt orders structures; could be dead wrong tho....
 
Quote from Bitstream:

as far as i know with lmt u cannot get filled at a price worse than that there is at mkt if there's enough size ot accomodate u order..even if u place a lmt order outside mkt..ib reps told me this, so i dunno how a software can be programmed to go against lmt orders structures; could be dead wrong tho....
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My software allows me to set the default limit order conditions, this includes sell, short sell, buy, size, route, and bid/ask increment conditions. The bid/ask increment option allows me to set the default amount above or below the current bid or ask. Suppose I want to short XYZ and it shows 25.01 on the bid and 25.04 on the ask. I can setup my short order such that I join the ask for a limit short at the best ask OR I can set it up so that the order goes out as 1 tick above the best bid (best bid is 25.01 in this case). Hence my short entry would go out as a limit at 25.02 so as to not violate the uptick rule.

Software platforms do funky things if the user doesn't configure all the options correctly (or just doesn't know about the options available).
 
Check the terms and conditions you agreed to when you opened your account. If theres a provision, your SOL. Otherwise, call em up and demand some cash.
 
Quote from Toonces:

I just found out that CyberTrader sometimes will change the limit price of your order. For example, here is the transcript of one of my trades from today

New smart order: short 1000 shares of SFNT at 25.45 on CyberX
New order: short 1000 shares of SFNT at 25.46 from BRUT

I placed the sell order at 25.45, and the order was entered a penny higher. The other day I had one where they added 6 cents to my sell price.

I called support, and I was told that CyberXchange sometimes changes the order to match the inside ask (on a sell order.)

I can't believe this is legal order handling rules. If I place an order, aren't they obligated to send it at that price?

I am officially done trading with them, BTW.
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You placed an order to sell at 25.45 or better (thats what a LIMIT is). On BRUT, the best BUY order was 25.46, which IS better than what you asked for. Cyber's system automatically determines what the best route will be to get you the best price. In this case, that means that they sent an order to BRUT for 25.46 to knock out that order. Assuming that order was still there and filled, that would be a price improvement for you, so I don't see what there is to complain about. Had that order not filled, Cyber's system would have automatically canceled that order and re-routed it to a better route, if there was one. Their system would not have just sent the order to BRUT at a higher price if there were no BUY orders on BRUT to match.

Thats what I got from reading their documentation on CyberX route. That also matches what you were told by their support. The main difference with Cyber is that they show you when they reroute the order. With many other systems, you will just be shown AUTO or SMART and the re-routing (if any) will be done behind the scene
 
Quote from j_medved:

You placed an order to sell at 25.45 or better (thats what a LIMIT is). On BRUT, the best BUY order was 25.46, which IS better than what you asked for. Cyber's system automatically determines what the best route will be to get you the best price. In this case, that means that they sent an order to BRUT for 25.46 to knock out that order. Assuming that order was still there and filled, that would be a price improvement for you, so I don't see what there is to complain about. Had that order not filled, Cyber's system would have automatically canceled that order and re-routed it to a better route, if there was one. Their system would not have just sent the order to BRUT at a higher price if there were no BUY orders on BRUT to match.
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I wish that were true. The best bid order was not 25.46. There was no fill. My order was not rerouted.

On the previous order I mentioned, I placed an order to sell at the best bid price. Instead of filling at that price, CyberXchange added 6 cents to my sell order. I didn't get filled, and I had to later sell at a lower price later.
 
I noticed the same thing Friday...... orders were being submitted that did not match my limit, were lower than the ask, and did not get filled. Seems like buggy software, or in my words, you get what you pay for.

Accounting: At 5:30PST is was shown with 48 open positions, and short positions in 3 companies. At 5:45, I was shown with a more realistic 24 open positions, no shorts, and 25 shares of AAPL rather than the 50 shown earlier. Screen shots on everything. Almost like they bring up a shadow database after the close, but they don't note that when you log on. So...... I'm still wondering how I did Friday.

Getting sick of unreliable information, suspect they have alot of bugs, and this has happened at least one other time. I make a few mistakes of my own but not sure I will trust my trading capital with them past April. To give them credit, I have not confronted them on this spe3cific info because it's after market close and I am looking at my alerts, etc for the next day, but I would make different decisions if I had 500 shares of a stock than 25. Unacceptable. Don't like the numbers ? Log in later !

Online chat help is useless, phoning is better. The parent company, Charles Schwab was very interested in my comments and is offering a bunch of free trades to come back. Streetsmart Pro is nlot as buggy, but I'm considering a few other platforms like Tradestation or Wealthbuilder.
 
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