Implication of not sending ack for any NewOrder, Modification, Cancellation

, ,
1

Imported from previous forum

2

Hi,

I wanted to understand about legal binding / financial implication of not sending any ack’s to NewOrder, Modificaiton, Cancellation over fix.

Is there any public body which governs or resolves such disputes if they arise.

Thanks & Regards,

3

Amit,

In my opinion
Legal Binding/ Financial Implication - Depends on what have been agreed between you & your counterparty at the time of signing the Electronic trading agreement including the onus of a financial liability in case of errors like these. Hope this helps.

Regards

4

Hi, Amit,

Your Electronic Trading Agreement should state the implications because as a broker you would you would have the ownus on youself ofr the unack orders. I dont think there is any public body to govern this.
If as a broker one fails to ack the modification or cancellations over fix I believe the broker is at risk of taking the positions post that activitiy if the technical issue is at the broker side.

Hope this helps.

Regards,
Savio