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Cancellation
(redirected from cancelation)

   Also found in: Dictionary/thesaurus, Legal 0.01 sec.
cancellation
A broker's notice to a customer that an erroneous trade credited to the customer has been voided. For example, if a brokerage firm mistakenly purchases 200 shares of stock for an account when the customer has entered an order for only 100 shares, the firm will send the customer a cancellation for the 200-share trade to void the original confirmation and then will send a new confirmation showing the correct trade.

Cancellation
A notice by a broker to a client that the broker has made a mistake and has taken steps to rectify it. For example, if a client makes an order to buy 1,000 shares and the broker mistakenly buys 2,000, he/she must sell the extra 1,000 shares and bear any losses himself/herself. Afterwards, the broker must inform the client of what has transpired and provide full documentation. This ensures that the broker simply made a mistake and was not trading maliciously or improperly.


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Spokesman Charlie Hobart said the move keeps delays and cancelations from spilling over into the next day.
22 — the day after an FAA inspector discovered the use of the unapproved parts — causing flight delays and some cancelations.
The cancelation occurred during fueling earlier Tuesday but NASA's managers and engineers were trying to find out what was the problem with the valve which worked fine during a countdown 24 hours earlier, the paper noted.
 
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