Jaydee
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Hi all
Just wondering if I have a case here and if someone else has had a similar experience.
I am with a well known and reputable broker for buying equities (not spreadbetting or cfds). I have both a SIPP account and a cash account - neither is DMA.
A couple of weeks ago I purchased MKS on both accounts at the same price. Last Wednesday (6th), I locked in my profit by moving my stoploss to 345 on both the SIPP and Cash account. On Thursday (7th) at 15:04, MKS traded 345 and, consequently, I anticipated my stop to be triggered at this time - it wasn't. In fact, the cash account fill occured some 12 minutes later, 15 ticks below my stop. Even worse, the SIPP account stop was filled 40 minutes (!!!) later, 38 ticks below my stop.
MKS is a liquid FTSE 100 stock and the sizes I was trading were not large; both being under the NMS/EMS for MKS. I have also aquired a trade history for Marks & Spencer for all the trades made that day. Looking at the time I should have been filled, I can see that there was adequate liquidity to have had both accounts filled within a penny of the stop price.
The broker has made every excuse in the book saying the stops were triggered but wouldn't fill automatically so it had to be passed to the dealing team to fill but they were asleep and had to be woken up...etc. The end phrase was that they were within their SLA and each trade was at the correct price.
Personally, I am disgusted and will be writing a formal complaint to them tomorrow. I then expect to have to contact the financial ombudsman to settle this.
I have been around the markets for a while and never come across such a situation before. I certainly didn't expect this service from a brokerage such as this (they will remain nameless for the moment).
Is there anyone else who has had a similar dispute (with a none spreadbet firm)? Does my case sound watertight?
Thanks
JD
Just wondering if I have a case here and if someone else has had a similar experience.
I am with a well known and reputable broker for buying equities (not spreadbetting or cfds). I have both a SIPP account and a cash account - neither is DMA.
A couple of weeks ago I purchased MKS on both accounts at the same price. Last Wednesday (6th), I locked in my profit by moving my stoploss to 345 on both the SIPP and Cash account. On Thursday (7th) at 15:04, MKS traded 345 and, consequently, I anticipated my stop to be triggered at this time - it wasn't. In fact, the cash account fill occured some 12 minutes later, 15 ticks below my stop. Even worse, the SIPP account stop was filled 40 minutes (!!!) later, 38 ticks below my stop.
MKS is a liquid FTSE 100 stock and the sizes I was trading were not large; both being under the NMS/EMS for MKS. I have also aquired a trade history for Marks & Spencer for all the trades made that day. Looking at the time I should have been filled, I can see that there was adequate liquidity to have had both accounts filled within a penny of the stop price.
The broker has made every excuse in the book saying the stops were triggered but wouldn't fill automatically so it had to be passed to the dealing team to fill but they were asleep and had to be woken up...etc. The end phrase was that they were within their SLA and each trade was at the correct price.
Personally, I am disgusted and will be writing a formal complaint to them tomorrow. I then expect to have to contact the financial ombudsman to settle this.
I have been around the markets for a while and never come across such a situation before. I certainly didn't expect this service from a brokerage such as this (they will remain nameless for the moment).
Is there anyone else who has had a similar dispute (with a none spreadbet firm)? Does my case sound watertight?
Thanks
JD
