Commsec Down

[godzillaismad]

On a very hectic day, Comsec always seems to be down for the first 15 to 20 minutes. I can access the web login no problem since then... You just have to give it some rests when you having trouble connecting. It's no point trying to jam the site with loads of requests with page refreshes... One thing guys, how do you go short in Comsec? I thought you can only do a one day short trade with them?

 

[marklar]

It's pretty easy to whinge about Comsec when the platform goes down or has a hiccup, but you know 99.99% of the time it works well.

99.99% availability (a.k.a "four nines") is defined as 52 minutes downtime PER YEAR! Seems from the complaints on this thread that y'all have experienced more than 52 minutes of non-responsiveness from Comsec this financial year and it's barely half gone; that is CRAP service.

m.

 

[roland]

99.99% availability (a.k.a "four nines") is defined as 52 minutes downtime PER YEAR! Seems from the complaints on this thread that y'all have experienced more than 52 minutes of non-responsiveness from Comsec this financial year and it's barely half gone; that is CRAP service.

m.

well suit yourself marklar, you know that there are other choices out there. I offered some solutions here of how to get the best of Comsec, and my experiences. If you want to go and rubbish my repsonses that's up to you - no offence taken.

Everyone's individual problems tends to be amplified by the "heat of the moment". As for me, yes - I wasn't happy about the few minutes of downtime today, but the last time it happened defies my memory of putting a date on it.

 

[MichaelD]

the last time it happened defies my memory of putting a date on it.

The last time it happened was the last blow-off bottom.

Hmmm...maybe there's a contrarian indicator in there;

CommSec crashes = end of correction

 

[roland]

The last time it happened was the last blow-off bottom.

Hmmm...maybe there's a contrarian indicator in there;

CommSec crashes = end of correction

maybe it also kerbed some panic selling

 

[shares]

my orders don't seem to be going through?

anyone else having problems???

 

[Bullion]

Yeah I was/am having trouble still.



.... Just got an order through finally!

 

[shares]

my orders don't seem to be going through?

anyone else having problems???

never mind, after 5 minutes they went through

i can cope with a bit of lag : , just as long as it doesn't crash again

 

[xoa]

Yep, it's f*cking up yet again.

I'm moving to etrade.

 

[Prospector]

NAB not functioning now - SQL error (server error ) Dammit!

 

[adobee]

comsec sux.. by the time my order goes through the market moves 20%
it gives me enough time to walk out and get a coffee...

 

[stockwhizben]

Stupid NAB isnt working!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[blind freddie]

Don't get too excited Etrade is also down, website is gone completely

 

[adobee]

I have had two at market buys in on comsec for fifteen minutes... seriously how hard is it to buy at market..

 

[MichaelD]

I had no problems whatsoever closing the positions I needed to this morning (using ProTrader) - using limit orders. At Market orders always seem to take longer to process.

 

[stockwhizben]

nab phone down as well

 

[wolf]

its ****ed again!!

 

[laurie]

Just got through today told them if I had a margin call would the phones then worked of course it would even my loan summary page was not available for most of the day so how in the hell would I be able to see if I'm in a margin call

cheers laurie

 

[bigdog]

http://business.theage.com.au/commsec-customers-stymied-by-net-jam/20080124-1nzh.html

CommSec is one of the few winners from the market panic
* Mark Hawthorne
* January 25, 2008

AMID Tuesday's market meltdown, as blue-chip shares tumbled and CommSec account holders tried in vain to get online, one user called Myst posted on CommSec's user forum: "Has anyone tried suing them? Wonder if they're successful … "

The thought would have crossed through more than a few minds this week, as CommSec account holders watched helplessly as their portfolios dwindled in value while they were unable to sell via the log-jammed website.

Sadly for Myst, CommSec has well and truly covered its legal bases ”” just take a quick look at some of the terms and conditions CommSec account holders have agreed to.

It kicks off in 16(a)(iii) of the contract: "The accuracy, timeliness or completeness of the market information is not guaranteed by us or any third party."

Section 18 states: "We are not obliged to accept any application or instruction to trade, nor are we obliged to provide you with reasons for refusing your application or instruction to trade."

Just to reaffirm the point, section 23(a) states: "You acknowledge that we will make all reasonable attempts to enter your instructions to buy or sell securities as quickly as possible. However, should delays be experienced (i) in connection with the number participants or persons attempting to participate in the market at a point in time;

(ii) due to verification or authorisation processes; or (iii) due to delays relating to call waiting time, we will not be liable for any claims for lost opportunity."

And, just to well and truly cover CommSec's backside, there is section 27: "You will indemnify us against any actions, claims, demands, proceedings, costs, damages, expenses, liabilities and losses (including legal costs on a client and solicitor basis) paid, suffered or incurred by us directly or indirectly as a result of undertaking your instructions in respect of any dealings in securities."

So, in English, CommSec reckons it is under no legal obligation to provide accurate information to its 1.4 million Australian account holders, to actually facilitate a share trade for them, to provide any reason for not performing a trade and, should the system go belly-up during a run on the market, account holders give up all rights to sue.

All that for the bargain-basement price of $29.95 a trade ”” and not even a free steak knife in sight.

While CommSec is under no legal obligation to provide a reliable service ”” a point that could still be tested in court ”” it has at least admitted to a moral obligation to provide a stable network.

CommSec has offered some of its bigger clients refunds on their brokerage fees after many blew small fortunes during Tuesday morning's system meltdown.

One trader, who lost several hundred thousand dollars when the CommSec computer system refused to accept his pre-open sell-down of the company MEA, says he was offered a refund of his broking fees for the day.

"This morning got a call from CommSec, the most arrogant, least customer-oriented (but also the cheapest) broker I have ever dealt with," he wrote to Full Disclosure.

"Not only an apology for the debacle, but refunding the brokerage on the four trades I managed to get done, without being asked. Absolutely unprecedented ”” normally have to drag them kicking and screaming to any sort of mea culpa. Who says there is no such thing as bad publicity?"

We wonder if any mum and dad traders who lost out will be offered the same deal?

After all, CommSec does a daily average of 50,000 trades. In the first 90 minutes on Tuesday, it did 40,000 trades. At the standard price of $29.95 each, that's $1.2 million in broking fees. That ought to pay the wages of a few more telephone staff. Over the past three days of market panic, CommSec has earned in excess of $6 million from brokerage fees on securities alone ”” making it one of the big winners from the panic in the market.

 

[Sdajii]

Comsec Down! ARGHGH!

Comsec seems to have been knocked out by the storm, I can't access any company prices, data, etc! Not for about five minutes now!