who is liable for a loss due to a software problem ?

are They liable ?

  • yes

    Votes: 2 4.2%

  • no

    Votes: 46 95.8%
  • Total voters
    48
W

Wallace

do you agree that chart/order entry program authors, brokers' usually only ? account
software, and data feed providers including exchanges are liable for any and all losses
that are a direct result of a problem with Their software ?
 
Generally the trader is liable for that type of risk. It's in the contract you sign when you open an account.
 
Check the fine print...I've never seen a software disclosure (release) that admitted to any liability for failure of the product.
 
I agree with other posters. The only way you can nail down software or datafeed vendors is if you can prove a clear malice (or, perhaps, misselling) on their part. Otherwise, they are normally pretty much covered.
 
Quote from brownsfan019:

Have you bothered to read all those agreements you agree to when you open an account? If not, your answer may be right there.
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don't bother..skip it,cause i know what's in it. basically it says-no matter what-it's all your fault. no one would be liable for your losses. not data vendors,not software(cause they normally say-use it as is,without any warranty or accuracy). same for broker-we not guarantee your execution. same for internet provider-we will try our best, however..we cannot guarantee 100% of the time. and so on..
 
Virtually all software comes with a license declaring the software is unfit for any activity whatsoever and the user takes all responsibility for trying to do something useful with it.
 
Quote from Random.Capital:

Virtually all software comes with a license declaring the software is unfit for any activity whatsoever and the user takes all responsibility for trying to do something useful with it.
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Very good point. Im fat, some software comes with extra exclusions. For exmple Java machines come with a disclaimer they should not be used in controlling nuclear reactors and doing so would break the license terms.

Imagine auto-trading software where the license terms indirectly ban users from using software in live trading...
 
Quote from Bob111:

don't bother..skip it,cause i know what's in it. basically it says-no matter what-it's all your fault. no one would be liable for your losses. not data vendors,not software(cause they normally say-use it as is,without any warranty or accuracy). same for broker-we not guarantee your execution. same for internet provider-we will try our best, however..we cannot guarantee 100% of the time. and so on..
More...

My question was actually the answer, but thanks for your clarification. Sometimes it's good for someone to answer their own question.

:D
 
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