Assent is pleased to offer its trading community a streamlined procedure for contesting potentially erroneous executions and inquiring as to the status of an order. Assent Branch Office Managers are encouraged to call (201) 356-1423 and selecting option 5 OR using: http://downloads.assent.com/erroneous/ - a centralized site from which to contest and/or research the status/outcome of orders or executions placed by Assent traders.
How to File a Potentially Erroneous Trade by Phone
By selecting option 5 when calling (201) 356-1423, you will be connected to a live person who will assist you with filing a potentially erroneous execution. Phone support will be available from 8:00am through 8:00pm EST. When calling in, please be prepared to answer the following questions: trader id, server on which the trade(s) occurred, symbol, side, price, execution venue, time of execution, bid/ask at the time of execution, and any additional information you feel might enhance the argument (such as news on the stock, prints before and after, etc.) If you do not know on which server the trade was originated from, please be sure to make it clear where you traded from (i.e. remotely, or from an Assent location, etc...)
How to File a Potentially Erroneous Trade Online
The website (http://downloads.assent.com/erroneous/) allows Branch Office Managers and/or their authorized designees to facilitate the submission of details of a potentially erroneous execution directly to the execution venue in which the trade occurred. Access to this site is restricted and requires a username and password for authentication. You can use your Admin logon and password to access the site. At the Branch Office Manager's discretion, he/she may choose to allow traders to also access this site so they may prepare and send their own filings/requests. Traders can log on using their ANVIL login and corresponding password.
Some "Notes" Concerning Erroneous Trade Procedures Per Market Center
Nasdaq –
Nasdaq Clearly Erroneous Policy
Please note, per Nasdaq:
"NASDAQ members will be charged a $250 fee for each additional complaint filed exceeding two unsuccessful clearly erroneous complaints during a calendar month. Each security listed in a filing is treated as a separate complaint for purposes of this fee. An unsuccessful complaint is one in which NASDAQ does not break any of the trades included in that complaint."
Note, Assent LLC will pass through these charges to you whether you file through Assent or directly via the Nasdaq Online Erroneous Form. Please review Nasdaq's Clearly Erroneous Policy for additional information, including instructions on how to file an appeal.
NYSE ARCA
Per NYSE Arca, "Generally, requests for a ruling should be made within 15 minutes of the transaction in question, although in some circumstances NYSE Arca may consider requests made up to 30 minutes after the transaction. NYSE Arca may consider, at its sole discretion and on a case-by-case basis, requests received after 30 minutes of the transaction in question, depending on the facts and circumstances surrounding such request."
For additional information please review NYSE ARCA's Clearly Erroneous Policy, which includes instructions on the appeal process.
