very good thread






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Broker-Vergleich

This post has been edited by Rumpfe: Mar 4 2010, 12:08 AM

mate any updates.... as far as i know there is ...

Yes indeed....OSK refunded me all my losses on the oversell situation referred to in the previous posts on this thread and credited my account to cover my losses. So kudos to them for that......

The unfortunate thing was that a few days before that happened there was another situation with ALAM (5115) where I used the OSK online system to buy 70 lots last Tuesday (23/2). The system showed that the trade was UNMATCHED at close of business on the 23rd. Luckily I downloaded and kept the screen-shots - so I sent the following email to OSK:

" I tried to buy ALAM today at 1.80 and the online trading system showed me UNMATCHED at close of business.

Now, the online trading system shows me that I bought 1 lot of ALAM (Out of 70 lots placed) when the market was closed for lunch.

See attached document for proof.

The online trading system shows:

23/02/10 N***** Buy ALAM MYR1.800 Internet COMPLETED 7000 6900 100 0 Detail
01:26:49

When I checked the orders I placed at close on Tuesday, ALAM was shown as UNMATCHED.

Now it shows that 1 lot was bought when the market was closed for lunch and that 6,900 units are unmatched,

If you check the BURSA records today, you will see that NO Lots were sold at 1.80 - so why does my account show that I bought one lot at 1.80 when the trade was unmatched and I didn't???

Also, how can I buy 1 lot of ALAM when the market is closed for lunch????"


I have not yet received an answer to this or a resolution of this problem - and of course the price of ALAM (5115) has risen since I wanted to buy it.....losing me RM350 to date.

I messaged my remisier and she replied they were "looking into it" (again) and that I should NOT trust the online trading system for any OSK share-dealing until the OSK upgrade was completed.....What to think when your remisier tells you not to trust the system...

That is the current situation with OSK's online trading platform as of today's date as far as I know.

Thanks for your help with my previous issue - now do you want to address this one...?

This post has been edited by David_Brent: Mar 1 2010, 10:05 PM

hahhah friend i will try my best ....

You are a star!

hahahha introduce more clients to me la then fren hahhah.... just jk its part of my job to assist clients regarding who is their dealer or remisier =)

wah chianping, u earn our respect.. kudos to you..

i hope there are more staffs like you do, so we can ease all the hassle and have a smooth transaction with OSK..

btw, wat for u need so much clients, i thou u guys dun earn commission de?

We'll get smooth transactions with OSK when they get their online trading system working properly and all these time-wasting errors get fixed.

The reason that companies invest in IT systems is to eliminate errors and ensure 100% up-time and 100% accuracy - and save money. That is not the case at the moment with OSK IMHO.

Can you imagine how much time, money and human effort is being wasted because their IT system is full of glitches that have to be fixed and dealt with by people like Chianping?

hahhah we dunt earn commision but it is part of our job to generate sales . We paid dealers have sales target to hit which is the brokerage.hhahaha
hopefully i can assist you guys... I am really a small potatoe in osk .The most i can do is just forward the complain to my boss ,talk to him and follow up .Thanks ya for the compliment.

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Added on March 3, 2010, 1:23 pmfren really sorry for the inconvenience cause .We are upgrading out system and also trading platform and hopefully the new system will be up soon. I am sure the new system can satisfy everybody needs =)

This post has been edited by chianping: Mar 3 2010, 01:23 PM

Well - it's all very well "hoping" and "I am sure-ing" but what people want is an ethical broker that will do what they promise and take responsibility when things go wrong.

As of Friday close NO ONE has even bothered to deal with my ALAM problem (see above) - so, if you want to deal with a company like OSK where - if they lose you money - you've got NO RECOURSE - then go ahead.

Regarding OSK's UPGRADING to their online system that CHIANPING posted about, OSK's new Terms and Conditions say:

The system will now validate each SELL order against your securities holdings (which we deemed to be correct at the time you execute your order) to prevent over-sold position. However, we put you on notice that our system may not have the complete list of your securities holdings at the time you execute the SELL order as we are unable to cater for any transfer of securities executed during the day and/or any intraday phone orders and/or any corporate actions. Hence, it is your sole responsibility at all times to ensure that you have sufficient securities for delivery purposes and shall not at any time rely on the information provided by the system but to do an independent verification with your Dealer's Representative and or from the records obtained from the Bursa Malaysia Depository Sdn. Bhd. Please take note that you are still bound by the terms and conditions of the Account Opening forms including all the applicable rules and regulations.

See that everyone??

".......it is your sole responsibility at all times............cannot cater for .... any corporate actions......and you shall not at any time rely on the information provided by the system............"

NO RESPONSIBILITY FOR ANY OF THEIR CORPORATE ACTIONS.

So if they mess up your trades and LOSE YOUR MONEY - I would not expect them to take any responsibility whatsoever....

Strongly Recommend Forum Members to read OSK's new Terms and Conditions effective February 25th - especially about their online trading platform - and check very carefully before you give these people ANY of your money.

This post has been edited by David_Brent: Mar 7 2010, 12:53 AM

I think other brokerage have similar rules, I registered other brokerage, their T&C is also minimum 3 pages long, same as OSK, so I think it is like a standard.Basically the T&C can be summarized like this:"Everything is your fault, even though it is our fault. When you sign the agreement to be a customer of a brokerage, you have to be bounded by those T&C.

Basically you cannot take any legal action on them of any financial losses incurred even though it is the brokerage fault, if you do that, the court will throw out the case before you can say the word:OSK

Yes. I am sure you are correct.
Until there is some proper consumer protection or unfair contracts legislation the situation will likely remain the same.

wooo fren chill la .... i did forward your case to my boss but currently he is in china now ... so i dunno did he did anything but seriously i think he will take some action....

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Added on March 8, 2010, 8:56 ambut frens let be fair .... the previous issue OSK knew its the platform problem and they did cover ur losses rite?

This post has been edited by chianping: Mar 8 2010, 08:56 AM

Yes - OSK did cover my losses from that event as I mentioned above and I thanked you and gave kudos to OSK for that.
But the errors keep happening - and I'm hoping for OSK to cover my ALAM losses.

The account balance/information and stocks on-hand part of the system is not working this evening - so tomorrow I effectively cannot trade.

I cannot even check my trading account balances on one of the KLSE's best days in two years - that is just not acceptable IMHO...especially as things are not getting better and no one takes any responsibity for these failures.

I just think that forum members should be aware of what they will have to deal with if they open a brokerage account with osk188.com - that's all.



This post has been edited by David_Brent: Mar 8 2010, 11:06 PM

Sorry David to hear about your problem with OSK.

So looks like Maybank is not as bad.

At least in my one year of trading with them, there is no such BIG issue as with matched and unmatched problem..

I use OSK for about 2 years already. But since I don't trade with their online interface, I don't face this problems so far. Hope you get to resolve you problem David.

Thanks guys (and gal! )....
Will keep all informed on here as to progress....

The battle continues.....

Ganbatte (がんばって), David san!

Best of luck to you.

This post has been edited by SKY 1809: Mar 16 2010, 11:03 PM

I have now received a letter from a "V.P." at OSK dated February 24th but the Pos Malaysia envelope shows it posted on March 9th and it was delivered today.

We all know THAT trick....

The letter from OSK confirms the settlement I referred to above but includes a "gagging clause" and also forbids me (Yes! ME!) from:

" ...divulging in any manner the details pertaining to this settlement and/or arrangement to any party...."

It also contains a document for me to sign (although the official who wrote the letter forgot to ask me to sign it) that says:

"......I shall not make any further claims and/or commence legal action against the Bank howsoever arising including making any reports and/or complaints to any party....."

So - I am "gagged" from saying anything further by OSK!**

Go Figure!!!

I am still pursuing my ALAM claim

**So I won't........

This post has been edited by David_Brent: Mar 12 2010, 12:42 PM