TPT & Quoted data bug?

HI 
Im curently using TPT 14.10.00.05 with the default configuration:

Native I/O (non-PIPE)

     Data Format: 'DELIMITED'

     Character set: ASCII

     Delimiter = '|' (length 1), x'7C'

     EscapeTextCharacter = '' (length 0), x''

     Quoted data: No

     OpenQuoteMark = '"' (length 1), x'22'

     CloseQuoteMark = '"' (length 1), x'22'
Im getting a parse error on a line 
1|2|string3|"string4|string5|6|7
Paramater 4 is not being parsed due to the open quote. It is reading until EOL as the paramater
Quoted data is set to No!
So why is TPT attaching importance to the (") and expecting a CloseQuoteMark. Surely it should just be treated as a character?
IS this a BUG in TPT?