Why fyers were not able to allow their users to again add the stop orders. Why they couldnt even close the intraday orders at 3:15 pm. None of the other brokers went through this. If this was an exchange issue why other brokers were able to close their open positions at 3:15 pm and put other orders?
Where am I?
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The issue arose because NSE's clearing arm (NCL) canceled all pending orders during market hours across TMs/CMs without providing any reason just a short while before the market crash. As a result, several brokerages (Including us) faced technical issues. While the majority of intraday positions were squared off, a few users weren't able to exit their positions. We have informed all clients who faced intraday trading issues about the measures and subsequently closed out all positions the next day as soon as the market opened.
We cannot comment on other brokerages apart from saying that many of them faced similar issues. For more information, please read today's article on the Hindu Business Line. We tried to resolve it at the earliest. It's one of those odd days where things took much longer than usual as we needed to revert some platform related changes that took place as a result of erroneous order cancellation by NSE.
Tejas. I was simultaneously also trading other broker along with fyers. I was trading fno in that broker. While equities i was using fyers. He cancelled my order but there were no execution problems. I could later add the sl and close my position.
Specifically not able to close position and not able add SL again is something thats nagging though I didnt face this issue. If something like this happens again is your platform equipped to deal with it again?
For intraday we anticipate a fixed loss. Now many of us may not have factored a potentially 5-10 times bigger loss on every open position. That can actually really make a big hole in the account.
From what i understood, NSE clearing issue caused order cancellation. This happened across multiple brokers.
But why did it affect order placement in Fyers ? - was that also NSE fault ? Or did NSE order cancellation trigger another issue in Fyers ?
Its unfortunate that recovering from these problems takes all day. Ideally we want quick turnaround.
If there is a issue of this kind in their system they should temporarily ask their clients to not trade fno using their platforms till this issue is resolved.
If it can happen bwith equity too then users should be asked to brake from trading till it's resolved.