IG binaries shenanigans

Sharepunter said:

Thought I'd start a thread to highlight some of IG's questionable practices.
Please add any that you discover.

To start the ball rolling here's one I spotted today.

The opening level of the 12:40 to 13:00 FTSE100 20 minute binary was originally stated as 5938.08. I entered it in my watchlist.
Part way through the 20 minute period I clicked the item in my watchlist to place a bet and lo and behold noticed that the opening level (stated on the "order" ticket) had been upped a point to 5939.08. I didn't proceed.

An interesting position would have arisen if I'd been able to place an UP bet and the opening level showed 5938.08. The opening index value of the 13:00 hourly was 5938.42 and I believe the 12:40 to 13:00 binary settled as a down. However, without access to Bloomberg prints by which IG settle the FTSE binaries I cannot be 100% certain.

Perhaps all was well and IG had two settlements. One based on 5938.08 opening and the other on 5939.08. Who knows? But why change the opening level part way through?

I'd advise everyone to check that the opening level on the deal ticket is as expected.

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tar said:

shenanigans
It is an error only , send them an email and they will send u a screen shot of the bloomberg print , i asked them for this few times and they responded very well , and if the sett is wrong they will correct it .
This screenshot is from IG :

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Sharepunter said:

tar - your reply shows you have missed the point!

I am querying why IG changed the opening level of the 20 minute binary part way through the 20 minute period. The opening level is determined by IG not by Bloomberg prints.

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Sharepunter said:

tar - the opening level of the 20 minute binaries is not determined by Bloomberg prints. It is set arbitrarily by IG as stated in IG's binary bets terms & conditions. If you check you will see that the opening level of a 20 minute binary is not necessarily the same as the closing level of the previous 20 minute binary.
I don't agree with you that IG can't gain by changing the opening level part way through the period.
If they have 2 opening levels but only 1 closing level they can if the punter doesn't realise!

Anyway, my initial post is to make people aware of the situation (which I admit is rare) but to check that the opening level on the ticket is the same as in their watchlist or prices.

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Sharepunter said:

tar - the opening level of the 20 minute binaries is not determined by Bloomberg prints. It is set arbitrarily by IG as stated in IG's binary bets terms & conditions. If you check you will see that the opening level of a 20 minute binary is not necessarily the same as the closing level of the previous 20 minute binary.
I don't agree with you that IG can't gain by changing the opening level part way through the period.
If they have 2 opening levels but only 1 closing level they can if the punter doesn't realise!

Anyway, my initial post is to make people aware of the situation (which I admit is rare) but to check that the opening level on the ticket is the same as in their watchlist or prices.

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brettus said:

Tell the effing FSA on these *******s.

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