[PSA] WARNING ! Standard Chartered Platform Users

Yowzer

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Would advise those who trade with SCB to avoid using them for now or be very careful. Some of you may have noticed sluggishness in their systems or problems receiving the OTP. Or other quirks. But I suspect the problem runs deeper.

20uvpes.jpg


Look my stop loss trigger price. Look at executed price.

Stop loss set at 108.68.
It was triggered at 112.75


The trading range that day (monday) was between 112-114. It never came remotely close to my stop. I had another stop that day. Both was triggered automatically very close to ending bell for no reason at all.

I'm not sure how they will account for this or anyone else who lose their position in event of a rally. Their stop loss now can trigger high above the actual set price. What if it only triggers way below the set price or not at all. This calls into question the reliability of their other orders.

Matter currently under investigation. Use at your own risk.
Btw, I do have a US brokerage too. But was using SCB for certain reasons.
 
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Perisher

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Would advise those who trade with SCB to avoid using them for now or be very careful. Some of you may have noticed sluggishness in their systems or problems receiving the OTP. Or other quirks. But I suspect the problem runs deeper.

20uvpes.jpg


Look my stop loss trigger price. Look at executed price.

Stop loss set at 108.68.
It was triggered at 112.75


The trading range that day (monday) was between 112-114. It never came remotely close to my stop. I had another stop that day. Both was triggered automatically very close to ending bell for no reason at all.

I'm not sure how they will account for this or anyone else who lose their position in event of a rally. Their stop loss now can trigger high above the actual set price. What if it only triggers way below the set price or not at all. This calls into question the reliability of their other orders.

Matter currently under investigation. Use at your own risk.
Btw, I do have a US brokerage too. But was using SCB for certain reasons.

Nice. Would like to know what's the issue too. Usually stop loss activate liao should sell at that or below that price.
 

MikeDirnt78

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there were already warnings made NOT to use the SCB account to trade. i have used this account since its started and i have never tried those type of orders.

if i need those type of orders, i will go to a proven and tested trading platform. IB is 1 of them.
 

Asphodeli

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For a dirt cheap platform, please don't expect stellar reliability...
 

ValueInvestor

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Would advise those who trade with SCB to avoid using them for now or be very careful. Some of you may have noticed sluggishness in their systems or problems receiving the OTP. Or other quirks. But I suspect the problem runs deeper.

20uvpes.jpg


Look my stop loss trigger price. Look at executed price.

Stop loss set at 108.68.
It was triggered at 112.75


The trading range that day (monday) was between 112-114. It never came remotely close to my stop. I had another stop that day. Both was triggered automatically very close to ending bell for no reason at all.

I'm not sure how they will account for this or anyone else who lose their position in event of a rally. Their stop loss now can trigger high above the actual set price. What if it only triggers way below the set price or not at all. This calls into question the reliability of their other orders.

Matter currently under investigation. Use at your own risk.
Btw, I do have a US brokerage too. But was using SCB for certain reasons.

its a cheapo platform, if u wanna go for quality maybe try IB?
 

chuanz

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For a dirt cheap platform, please don't expect stellar reliability...

This statement I disagree. Cheap is not excuse for sloppiness. If the platform offers stop-limit order, it should be expected to function and perform as what would be expected of a stop-limit order, i.e. do it's job.

If the cost cannot cover the maintenance of this particular function, then I'd rather they remove the stop-limit function. Just provide "basic" buy/sell.
 

Asphodeli

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This statement I disagree. Cheap is not excuse for sloppiness. If the platform offers stop-limit order, it should be expected to function and perform as what would be expected of a stop-limit order, i.e. do it's job.

If the cost cannot cover the maintenance of this particular function, then I'd rather they remove the stop-limit function. Just provide "basic" buy/sell.
Yes you're right, but looking at the way people "abuse" the system by using it to trade without understanding the rules of the exchange (see limster's posting), I think its justifiable to expect some quirks. However, whether it is SCB's fault, the exchange rules, or the user's "abuse", it's hard to trace.

Since there are multiple factors which may or may not cause this issue, its best to just assume a lower standard

Sent from Sony D5833 using GAGT
 

MikeDirnt78

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Are you sure it is SCB and not a function of Yowzer's odd lot being given less priority?

I thought its normal for traders to avoid trading odd lots to avoid priority issues. Especially in the era of HFT where bid offer prices can appear and disappear in milliseconds.


http://nyserules.nyse.com/nyse/rules/nyse-rules/chp_1_3/chp_1_3_4/chp_1_3_4_10/default.asp

the lot size is 1 for US stocks. i think its a system error. but you have been warned. its true the type of orders are there and expected to perform as required. as a user, its better we exercise our own discretion. to me the no minimum commission rules benefit still outweighs the glitches which can be avoidable if you dont panic and do trading.
 

lalalalalala

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how i think it is coded is that once the stop loss is triggered, sell market order 50shares. it just so happens that someone bought up a large amount of shares with a market order, upping your average.

This is what i think happened, and no i'm not from scb
 

limster

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the lot size is 1 for US stocks. i think its a system error. but you have been warned. its true the type of orders are there and expected to perform as required. as a user, its better we exercise our own discretion. to me the no minimum commission rules benefit still outweighs the glitches which can be avoidable if you dont panic and do trading.

Don't confuse 'lot size' with 'odd-lot'. The exchanges have their own definition of odd lot.

(ii) When a bid or offer, including pegging interest is established as the only displayable bid or offer made at a particular price and such bid or offer is the only displayable interest when such price is or becomes the Exchange BBO (the "setting interest"), such setting interest shall be entitled to priority for allocation of executions at that price as described in this rule, subject to the provisions below.

(A) Odd-lot orders, including aggregated odd-lot orders that are displayable, are not eligible to be setting interest.

______________________


But I did a little more digging. Maybe your order wasn't even executed on a major exchange like NYSE. Take a look at IBKR's procedure for odd lot:

http://ibkb.interactivebrokers.com/node/1062

IB will not direct-route odd-lot orders which initiate positions to primary exchanges, therefore these type of orders should be Smart Routed so that IB's routing system can send the order to an ECN for execution.

Those that want to be day trader and don't know about odd lots... maybe need to read up more or get makan by others?
 

MikeDirnt78

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Those that want to be day trader and don't know about odd lots... maybe need to read up more or get makan by others?

you are probably right. :s13:

i dont know such things because i dont do trading especially with SCB platform.
 

peterchan75

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Something like this now !

6-blind-men-hans.jpg


But it would be great if TS can let us know what SCB's reply or finding.
 

Yowzer

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From SCB, the gist of it.....

Technical fault. The orders not supposed to be executed but somehow the exchange let it through. Besides my incident, there were other orders that day which were already deleted but still executed. The problem is unlikely to occur again. OUr team is on the problem. Our system is/will be going through a major upgrade but timeframe unknown. Will update again soon on status.

Meanwhile. Advised not to use that function.


I'm quite sure nothing to with odd lots or price spikes/anomalies, exchange routing etc. All this may cause delays in execution, and fulfilled price may even be higher than stop price. But market price must at least hit or be very near the stop level in the first place. But the whole trading range for that day was well clear of my trigger level.
 

SpeedingBullet

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SCB should just disable the function for the benefit of everyone.

I think SCB is like a dinosaur in the US mkt, kena makan by everyone else. I can't imagine a limit down move for a stock that wipes a stop out in SCB :s13:

IB is crazy good you can choose where you wanna route ur order, best yet when u let IB route for u, i do see cases of ppl getting stuff cheaper than they asked for :s12:
 

Yxy

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yah I definitely had fills from IB better than what I actually set.
SCB is garbage lol :s13:

IB is crazy good you can choose where you wanna route ur order, best yet when u let IB route for u, i do see cases of ppl getting stuff cheaper than they asked for :s12:
 

Perisher

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Switching to IB when I have $100k USD.:D
 
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