Shoud broker compensate the loss?

Quote from FutureMann:

Because broker's server was down for several hours, you couldn't close you position. should the broker compensate the loss because of this?
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Their servers were up and down for a little over an hour but were out for about 30 minutes straight.

They have 2 different numbers you can call to close a position, 1 in house and 1 run by a third party that several firms use.

I would sugest getting a list of all these numbers in a spreadsheet to make it easier for you in these situations going forward. I have about 20 various numbers on mine and find it helpful especially when some lines are busy.
 
Please forgive me not to mention my broker's name because in general they offer me good services. It's just this freaky incidence caused me devastating loss and I hope they would take some responsibility and give me proper compensation.
 
Quote from FutureMann:

Please forgive me not to mention my broker's name because in general they offer me good services. It's just this freaky incidence caused me devastating loss and I hope they would take some responsibility and give me proper compensation.
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C'mon. A "devastating loss" means that you were carrying far too much weight. I've seen no service interruptions or bulletins therein (with IB).
 
Quote from vikana:

many many years ago I had a similar issue where Cybertrader had a server error. I kept all logs and argued for months, and eventually they paid the majority of the loss.
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Did you go to any arbitration at some agency like CFTC?
 
312-580-8127

You should have called this number if the others did not work.

Every broker even GS & NewEdge are going to have downtime.

Oh yeah, and if you do sue your broker for this, expect everyone else to give you a big FU when you try to move to another firm.
 
Quote from FroggerMan:

312-580-8127

You should have called this number if the others did not work.

Every broker even GS & NewEdge are going to have downtime.

Oh yeah, and if you do sue your broker for this, expect everyone else to give you a big FU when you try to move to another firm.
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"big FU"
how do you know?
 
hmm... Maybe because every firm / exchange asks you if you have every sued another firm. When they ask you to explain and you say because your previous firms servers were down for 30 minutes and you lost money so you sued them they will tell you to get lost.
 
Quote from FutureMann:

Please forgive me not to mention my broker's name because in general they offer me good services. It's just this freaky incidence caused me devastating loss and I hope they would take some responsibility and give me proper compensation.
More...

I guess you could have suffered the same devastating loss if all your communications went down, or a rare emergency caused sudden market closure.

I think the best way to protect against such contingencies is to have cheap long out of the money options in place, where feasible.

By the way, if it is IB, be sure to file a formal complaint, if not already done, which for them is a special internal process. That ensures that it is reviewed by management. Until you do that, you are just chatting with support. I am not saying that you will win but it is worth a try.
 
a lot of firms run a business model for the cheapest rates so you pay for what you get at times. if they compensate you for a down server they have to charge higher rates. you can't have one without the other this isn't the federal government its a business that has to be profitable or close.

Quote from FutureMann:

Because broker's server was down for several hours, you couldn't close you position. should the broker compensate the loss because of this?
More...
 
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