OSK is a truly dreadful organisation. Their trading platform is full of glitches (none of which they will admit to). As I found out today.

I queued to sell 4 counters today in the morning session through online trading and at the lunch break they were all 'UNMATCHED'.
I queued them again in the afternoon session and they all matched.
At 16.50 OSK phoned me to say I was over-sold on all four counters - that I had sold them twice and that I had to buy them back - at a higher price!


The fault was 100% theirs. They had sold the four stocks both in the morning AND the afternoon sessions.

But their system showed UNMATCHED and then 'COMPLETED' in the afternoon. The IT trading platform has major problems that cause these things apparently.

What a bunch of absolute incompetents.

Luckily I had all the screen print-outs from the Orders section to prove it was their fault.

Now they want me to buy the four counters back. The price has moved up since I sold them.

Do you think OSK will cancel their commisssions on these trades or cover my losses for having to suffer for their lousy system??

I doubt it since no one will take responsibility.

The dealer told me they have known about this system glitch for weeks now - but they have told no one and they are nowhere close to fixing it.

I could not believe that any IB would do this.....

Stay away from OSK unless you want dealing through them to cost you money.

This post has been edited by David_Brent: Feb 9 2010, 10:33 PM

Thank you for your kind offer.
I have PM'ed you.

Well - right now OSK have left me out to dry.....NO resolution of my problem.....seems no one at OSK willing to take ANY responsibility .......everyone trying to "CYA" (Cover Your Ass).... and shift the blame....

Chianping: still waiting for your comments and a solution .....

This post has been edited by David_Brent: Feb 19 2010, 10:20 AM

OK Mate.
I'm happy to wait till things get back to normal next week as long as this gets resolved......

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

You are a star!

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?

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

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.

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

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

The battle continues.....

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

Still waiting for a resolution of the ALAM purchase that was mysteriously made on my behalf by OSK's wonderful "system"......
So far - total silence from them on the matter......

So, that's it, is it??
OSK make a mistake that costs ME money on ALAM and it's entirely their fault and they just gonna walk away??

Thanks for everyone's support.

Luckily I have now contacted seven other people who got the same treatment as me from OSK - some worse - so they also want to pursue them to get justice and expose them for what they are.

The people you meet day-to-day from OSK in its branches are generally quite professional and pleasant people. But it seems this OSK Bank is a genuinely rotten business because of its directors and senior managers IMHO.

I feel really, really sorry for anyone who works for such a truly dreadful organisation......

This post has been edited by David_Brent: Mar 17 2010, 10:42 AM

Quite right. Well said!

We know who the guilty men are......

Who knows?
Who cares?
Whatever it is, I can guarantee OSK will screw up and it will cost you money.....

I have been using their 'straight-through to Bursa' system since the end of February. I think they must be rolling it out branch by branch....

The system has a slightly different interface and is very fast. I have sometimes keyed in orders and then immediately checked the 'Order Status' to find the transaction completed. If you mis-key or want to cancel or reduce your order - you have virtually no chance of amending your order, so be ultra careful whatever you do...

Also, I have keyed in orders that the system has rejected for no reason. I called my remisier and she told me to re-enter the order, but knowing OSK's record on placing double orders, I was reluctant to do that. So - expect rejected orders for no apparent reason.

Also, the system can end up costing you money. For example, I placed a 'BUY' order yesterday for the afternoon session for a counter at 0.64 (which was the last transacted price). I checked the system and it showed: RECEIVED but did not move to: 'IN MARKET' for about an hour. So I sms'ed my remisier who told me to key in the order again. Well, by the time all this happened, the counter had moved to 0.67. So I had to cancel my original order and re-enter a new order at a higher price so it cost me 3 sen more per share than it need have done if the system worked properly.

But - hey! It's only money, right....?

Hope the above is helpful.

No. That's the joke of the whole system. Without my remisier, I would have been lost - so she is still in the loop - and seems like they are monitoring the trades.
Can you imagine? You key-in a trade and the system shows 'RECEIVED' or 'REJECTED' - but then, nothing happens. Have you traded, or not?

Who are you going to call? The technical support guys at OSK188?? I don't think they will have a clue what your problem is. You will still have to call your remisier to sort out the mess the OSK system creates.



If they try to take the remisier out of the loop (as I suspect they want to do to save costs -lah) it will be even more of a disaster than it is now, 'cos you have no one to assist you IMHO.

For example: I updated my ABP on Monday to reflect the HAIO share split and BI - so my account page would show the correct information. That doesn't work either unless you call tech-support - who change it manually for you and then pretend the system is working correctly.

These people are unbelievable......

They are very good at removing their clients' money.....