Worldspread increase rolling funding charge by 360%

jackolan

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Well, that was a shock...

I'm on a SELL order and decided to roll it over (only the second time I've ever done that)... only to discover that between Thursday and Friday last week Worldspreads have changed their LIBOR rate (by an undisclosed amount)... meaning that my funding charge was 360% more than I expected.

I queried it with them and some guy called Stephen Martin said (quote) "Worldspreads are under no obligation to inform [me] in advance of a change in the interest rate and also do not need to tell [me] what the interest rate is"

Suffice to say... I'll be looking for a different broker.

Jack
 
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