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tdlawyer
tdlawyer, Lawyer
Category: Law
Satisfied Customers: 1096
Experience:  11 years experience of general practice.
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Hi TD Lawyer, lets talk about the execution speed now.

Customer Question

Hi TD Lawyer, let's talk about the execution speed now.
Submitted: 3 years ago.
Category: Law
Expert:  tdlawyer replied 3 years ago.

tdlawyer :

I'm right with you - lets do it.

tdlawyer :

Execution speed then ...?

Customer:

Took very long.

Customer:

1 minute

Customer:

Sent an email

Customer:

Blamed it on my software

tdlawyer :

Really?

Customer:

changed the software

tdlawyer :

That's ridiculous.

Customer:

kept persisting

Customer:

sent a request to be checked again

Customer:

ignored.

Customer:

ducked my request

Customer:

then released an ultimatum if you don't five it i will leave as a client

Customer:

then said opps sorry its a latency issue that we did not spot

tdlawyer :

hmmmm

Customer:

my friend and your friend haha said its a break of the implied term

tdlawyer :

Yes, I can see that it is likely to be. However, what you usually find is a term in their contract excluding liability for such latency issues etc. But, ..... never that easy.... Are you trading as a business or as a hobby?

Customer:

hobby

Customer:

the key is

tdlawyer :

Then you're likely to be a consumer.

Customer:

i asked them what happened, they said it's the software, asked again, and ducked the issue

tdlawyer :

Okay. Well, lets just assume it's their fault for the moment.

Customer:

if they fix it in the first go I believe that would not be an issue

Customer:

Yup ok

tdlawyer :

Which it probably is :)

tdlawyer :

Then they will seek to rely on their exclusion/limitation of liability clause.

Customer:

ok

tdlawyer :

but in response, you are likely to point them to the Unfair Contract Terms Act 1977 and the Ufair Terms in Consumer Contract Regs 1999.

Customer:

fortunately, they said nothing about limitation on liability on latency.

tdlawyer :

Basically, they say that clauses which create a significant imbalance in the position between consumer and business and which are on standard terms are unfair and unenforceable (the regs). The Act states that such a clause is only enforceable if it is reasonable. I would argue that it might not be reasonable because they advertise immediate execution services an this is time sensitive price information etc.

Customer:

They only said transactions which takes advantage of latency arbitrage may be revoked

tdlawyer :

They usually have abroad disclaimer- IT/technical issues etc.

Customer:

said trading system is provided "as is"

Customer:

That's what they said

Customer:

makes no warranties (express or implied),
representations, or guarantees as to merchantability, fitness for any particular purpose or otherwise with
respect to the Trading Systems, their content, any documentation or any hardware or software provided by (the broker)

Customer:

lol

Customer:

that's definitely unfair

tdlawyer :

Lol. Yea :) Well, that's the argument ... so you see where this will go! There is some really useful guidance on what is and is not fair on the OFT website on this.

tdlawyer :

It's worth having a quick look at - you can use it to beat them with if they cite their exclusion clauses!

Customer:

OFT?

tdlawyer :

Office of Fair Trading.

Customer:

would you argue that it's negligence ?

Customer:

system doesn't even spot the error itself

Customer:

i made around 100 trades

Customer:

and the problem was never found

Customer:

asked them and they ducked the question

tdlawyer :

http://www.oft.gov.uk/shared_oft/reports/unfair_contract_terms/oft311cons.pdf

Customer:

fixed it within 10 minutes after i threw in an ultimatum

tdlawyer :

Funny that ...

tdlawyer :

So it goes to show it wasn't a beyond repair kind of issue, or anything you end.

Customer:

yes.

Customer:

That's the catch here.

Customer:

the person was simply lazy and did not bother to investigate on the issue substantially.

Customer:

so its clearly negligence

Customer:

also a poor system

tdlawyer :

Forget negligence - different thing.

tdlawyer :

Poor system maybe, yes!

tdlawyer :

But I do think there is an argument with these issues that you are in the right, because they sell them as being platforms with instant execution.

tdlawyer :

to take am minute can, in some cases, be seriously big money!

tdlawyer :

Of course this isn't addressed specifically in their T&Cs etc., but I expect, certainly before the Ombudsman, you'd have a pretty good shout on this one.

Customer:

cool

Customer:

that is quite nice

Customer:

my friend has a question for you

Customer:

i posted it for him on here before no one replied on it

Customer:

Ill post it on another question 1 moment

tdlawyer :

Okay.

Customer:

done that

tdlawyer :

I'll try and answer it for him when you post more detail :)

tdlawyer :

Are we done on this one?

Customer:

yes

tdlawyer, Lawyer
Category: Law
Satisfied Customers: 1096
Experience: 11 years experience of general practice.
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