Join our investing community

Trading FTU: Bought 1,995,000 FTUDA but Comsec called for me to cancel!

Discussion in 'Shares' started by wdongli, 24th May, 2011.

  1. wdongli

    wdongli Well-Known Member

    Joined:
    31st Mar, 2010
    Posts:
    1,292
    Location:
    Perth
    FUT: Bought 1,995,000 FUTDA but Comsec called for me to cancel!

    Yesterday, I put a order for 1,995,000 of FUTDA at $0.005.

    FUTDA is symbol during FUT price consolidation: 10 for 1. Before this consolidation FUT bidding price was $0.001 and selling price was $0.002. I put the order since I believe if I could buy in at $0.005, and didn't expect I could buy them in.

    However just about 1 hour ago when I read and write for my mind updating, I got a confirmation Email that I have bought them in. I checked the price in the market and found FUTDA bidding price was at $0.011 around. That made me very happy.

    However just a few minutes ago, Comsec called me and said it was a mistake made by a broker and the transaction to buy "1,995,000 of FUTDA at $0.005" would be cancelled. It is unfair:

    1. Everyone makes mistake. But could I cancel any executed order since I make mistakes? If not why this broker could?

    2. Comsec said it was ordered by ASX due to system mistakes, which if true, is acceptable. But Comsec needs to provide proper documentation from ASX to explain what the causes are for this mistakes.

    3. I made mistakes while I bought in IMI. Since I put a order at $0.001 while its price was $0.006. Actually at last the price suddenly crashed to $0.001. I got what I didn't want. I could not cancel my order since if I could, the order of the market would collapse.

    So now I wait for the formal documentation from ASX to support Comsec's saying. If they could not give the reasonable explanation I would try to protect my right in the market.

    Any words and suggestions would be welcome since I could be biased.
     

    Attached Files:

    Last edited by a moderator: 24th May, 2011
  2. wdongli

    wdongli Well-Known Member

    Joined:
    31st Mar, 2010
    Posts:
    1,292
    Location:
    Perth
    FUTDA: I made a mistake

    FtuDa is wrong symbol which should be FUTDA so it was wrong to say the FTUDA was suspended for trading.

    ***
    A email from Comsec to inform a reversed transaction was got at about 11 am of Perth time without any explanation of the reasons of the reversing transaction, as shown in the attached file, "Comsec Trade confirmation Email to buy and reverse.png"

    So I called Comsec for an explanation.

    1. The lady could not find the records of the transactions.

    2. The lady promised to check what happened and called me back.

    3. I failed to get into my account and got the feed back information that told me the account after I tried to recover my password.

    Two screens were stored for my further inference, "Comsec Password Query 1.png" and "Comsec Password Query 1.png"

    which makes me very inconvenient but would like to wait for the calling back.

    ***
    No calling from Comsec so I called it at about 12.30pm(Perth Time) and lady talked to me for about 10 minutes and she wanted to talk to her manager first and then called back to me. At about 1.30pm I got the call fro this lady and she transgerred my call to a trading specialist. This time I raised a few questions:

    1. Could I get the access to my account soon?

    2. Who was responsible to buy FUTDA for me, who was responsible to reverse the transaction, and is it systematic wide mistakes or just a broker's mistake?

    3. If a broker or individual made mistakes, he/she should take the responsibility as that if I made mistakes in the market. I could not accept the reversing due to a broker's mistake. It was unfair. I keep my legal right.

    4. I mentioned the guy who called me first and said it was because ASX system problems but I could not accept it since FUTDA was not suspended to trade. I need formal documentation from comsec to clarify the legal right and responsibility which everyone should follow.

    5. The man I talked to, is a trade specialist, who could not answer my questions but promised Comsece would send the formal documentation about the transaction to me if ASX would send the information to them. I asked how long I would wait for. He just could not confirm.

    6. However I got a new temporary password and then now I could get access to my account.

    As market players we have to learn to be businesslike investors. I would try all to protect my right and learn from what I would do.

    I will give Comsec sometimes to sort out what happened and then I would call them. It is business that you could not escape your responsibility and not protect your right!

    ***
    I am looking for information to get a solution. So in case it is needed, the price of FUT in comsec was attached. The file name is "FUTDA market price on 24 May 2011.png."

    By the way, the following link for the information in disputation would be very helpful. It is not normal for disputation happens in business world. We don't need to be desperate but we have to do what we should do.

    Commonwealth Securities Limited, in which you could find more information what you can do and should do.

    ***
    Dispute Resolution

    At CommSec, we put our customers at the centre of everything we do. We also accept that sometimes we get things wrong, and when this happens we’re determined to make them right again.

    Our team is ready to listen and help you with any problem or complaint you might need resolved.

    Your compliments also encourage us to keep striving to serve you better.

    It’s all about you!

    So if you have a complaint, compliment or other feedback, please talk to us.

    ...more continued.

    ***
    I will ask ComSec to give me the explanation on the rules, principles, and guidelines on what kind of transactions could be reversed legally and rationally. Before I get that I would just sharpen my minds to prepare. Any information would be welcome.
     

    Attached Files:

    Last edited by a moderator: 24th May, 2011
  3. wdongli

    wdongli Well-Known Member

    Joined:
    31st Mar, 2010
    Posts:
    1,292
    Location:
    Perth
    ASX letter from Comsec: Very fair and acceptable!

    Very happy to get a call from Comsec to explain the reasons why my FUTDA buying transaction was reversed, and receive a ASX Letter from Comsec about it.

    Actually I was planning to shut down my trading account in Consec since I don't want to do any business with anyone I could not be fully trusted.

    But what Comsec has done give me more confidence on it. I will keep to trade with Comsec.

    The letter from ASX is attached, "Participant Letter FUT.pdf". It is fair to let more people to know how quickly Comsec responses to the disputation and properly does its job. Anyone if are responsible, deserves the respect.

    Thanks Comsec.

    Thanks Tropo.

    It is a happy ending!
     

    Attached Files: