CMC markets -legal action

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onemillion

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does onyone trade with CMC markets (cowboys). I have finanly decided to take legal action against them for market manipulation, trading against client and misleading information. I like to hear from people had problems with them. [email protected]
 
It's not going to turn out pretty. How are you going to prove any of the things you're alleging? Especially the market manipulation issue.
 
don't do it man, sounds expensive, and at the end of the day it's just a bookies. But please spit on them for me if you ever have to encounter them in person.
 
Read ALL the small print before you do this. You may find that they told you they were going to do what they did to you, before they did it.
 
please do not reply unless you have what i am asking for. just dont want to waste my time reading them.
 
for your information, have you ever tried to turn couple of hundred in to a one million in few month. i have and i was on my way before they made it so difficult to trade. i think this co needs a lesson and i promise i will teach them a lesson. Losing or making money is part of the game which i have no problem at all but stealing from the client by controling the system is agains all the rules, that includes FSA rules.
 
for your information, have you ever tried to turn couple of hundred in to a one million in few month. i have and i was on my way before they made it so difficult to trade. i think this co needs a lesson and i promise i will teach them a lesson. Losing or making money is part of the game which i have no problem at all but stealing from the client by controling the system is agains all the rules, that includes FSA rules.

so you don't find it funny when I refer to my fwiend, bigguss, dickus?

Throw him to the floor.

UTB
 
please do not reply unless you have what i am asking for. just dont want to waste my time reading them.

if you don't have time to read a few posts I really wouldn't bother with the big waste of time this case is very likely to be. They are running a parallel market and can quote you prices accordingly (the T&C's you sign up to cover this). The fact is they are a bookies; if you don't like their prices then don't trade with them. If its best execution etc.. you're after then get an account with a broker.
 
[here is another comedian. How many bookies you know changes the winning horses. they may have small prints but what you dont know they are still regulated by FSA rules. And i dont mind their prices, many times i punished them for giving not market prices, my problem with them is manipulate the system to couse looses which is against every rule, like not executing the deals.
 
So what have they actually done that you believe warrants this legal action?
 
1m,

It is pretty difficult to help when you won't tell us anything else except thet you are pissed off and you're going to get them. What is the exact nature of your complaint against CMC, and how do you intend to prove that any contract was breached?

If, for example, you had evidence that CMC were exercising your instructions based on conditions different to other clients (i.e. they singled you out in order that a Stop was breached), then you might have something. Still, I doubt very much that even if you had any evidence to show this, it would be admissible in court.

If your complaint, like most other complaints against SB firms, is that the price of the contract they were quoting (and you were trading) differed from the "underlying" enough for unexpected profits/losses to be incurred, then I'd advise you to say goodbye to the cash and save on litigation.

While it clearly frustrates you that, in your opinion, you have been mistreated by CMC, I will make a few points that you should consider before you go hunting for a scalp:

(All the following is based on the assumption you were Spread Betting rather than CFD trading; there is a big difference between these two contracts, but I honestly doubt any difference in the result of any legal actions you may undertake).

* By entering into a SB agreement, you accepted that the value of your payout would be determined by CMC. Yes, they sell their services (the provision of risk) by giving the impression that prices of the underlying will behave in a similar manner to some well publicised index etc... - however, in your T&C's you can be sure that CMC will have made a stipulation that prices may differ - Unless they have grossly abused the trust of their clients, your case will fall apart here I should think.

** Moving on from that, if I were instructed by CMC to defend them... (Which, I hasten to add i have not, nor am likely to be, nor would accept such an invitation anyway... you never can be too careful what you write on these bloody forums, even a joke offends some!)... I would do a regression on the "real" index vs, the price CMC were quoting. I expect you would find the two were very closely correlated, so any argument that they were grossly misleading you fails here. The fact that CMC know where to diverge a little doesn't matter (this would be were the SB / CFD argument differs, as a CFD will have some exchange listed underlying i think...).

*** Given that you've got a judge to accept the first two points, you still have to prove that CMC moved prices against you illegally. CMC will openly admit that they manipulate prices - they will say that, as part of good practice, they have limits on their risk. Once a certain level of risk has been met, or *in the view of their risk professional / head dealer / whatever*, CMC were overexposed - and, being the good and honest set of people they are, they changed the prices they were willing to deal at in order to reduce the flow of incoming risk, in order that they be able to meet their existing agreements. I guess this is the manipulation you are talking about?? Of course it's manipulation, but there is nothing (legally, at least), wrong with it. In dealing with CMC, the "market" you were trading was not the "true" index, but a combination of some underlying and the "market" of CMC customers. CMC will have told you this in some round about way before they accepted your deals.

**** You have mentioned that in the past you have "punished" CMC by quoting inefficient prices. By this I assume you mean make a profit, i which case you must suck it up. What goes around, comes around.

***** Given the size of figures you state, it would have taken more than one instance of this to bring about the losses you claim (or an act of Darwinian stupidity). At any time you were unsatisfied with the service CMC were providing, you could have moved. You were not obliged to deal with CMC if you didn't want to, and this will prove to be a difficult point to manoever around. In most contracts there is a "honeymoon" period where deals can be "annulled", but it sounds like your deals with CMC would have long outlasted such a period.

****** Although CMC are FSA regulated, I don't think SB's come under the FSA's jurisdiction (probably for the CFD part, that's it). For tax they are regarded as a bet, it doesn't make sense that you would be able to keep the profits tax free when you win, but run to a publicly funded body when things go wrong. You could try the ombudsman though.

******* The reality of the situation is that, in order to have a case, you will need to prove that CMC changed the price of a variable they were quoting by enough so as to warrant misleading you, frequently enough to show that it was intentional, and solely to make a profit from their clients. Even if you manage this, I doubt you'll get your money back, CMC will get a slap on the wrist. They will have written a contract that Houdini couldn't get out of, and, unfortunately, cases like this are only ever won by the guy with the biggest wallet, which in all liklihood isn't you.


Your only probable hope of getting something is to make enough noise that the FSA look at changing the nature of Spreadbetting. However little it may please you, the money is gone. Legal action is only going to cause you more hassle, time and effort - let alone more money, which suffice to say, you should take better care of.



p.s. I will add that i have no legal qualifications or formal education, and this should only be considered as my opinion, not as legal advice. Given that I've written all that, I believe I am entitled to remind you that Peter Cruddas is not the Messiah, he's a very naughty boy. In this case, Grant, I think crucifying him would be a little over the top (even if it's his first offence).
 
for your information, have you ever tried to turn couple of hundred in to a one million in few month. i have and i was on my way before they made it so difficult to trade. i think this co needs a lesson and i promise i will teach them a lesson. Losing or making money is part of the game which i have no problem at all but stealing from the client by controling the system is agains all the rules, that includes FSA rules.


You were on your way? From a few hundred to a million in a few months? Wow, you really are a superstar.

If you have a system this good, I suggest that you get on with using it elsewhere. And if it really is that good, you have no need for spread betting. Go get some real prices that cant be manipulated. By the end of a years trading, (assuming that diminishing returns to scale kick in somewhere), you will still be a multimillionaire, (perhaps even a billionaire) so who cares if you have to pay a bit of capital gains tax? In fact, you should probably move out to Dubai, its tax free and within 3 years you should be richer than the sheikh, so maybe they would make you the new one. Then you could assemble the worlds greatest legal team and finally avenge the injustices of CMC.

Chris
 
Listen guys, i dont need advice about trading and i dont realy take other's advice. that is the first rule when you trading.

But what i need if anyone had problems with CMC, like

After taking some good money from them, they stop you trading instantly and delay your trades long enough to couse you max loss. they deliberately slowing your account. they have always deny that , but i know for a fact that they are doing it deliberately. All the reasons they give, are nothing but lies. they are liying. Can i prove that, no problem.

Money disepears from your account, and you cant trace it and they also delay transfers as long as they can, then all they say sorry it was a technical error.

After slowing your account they always force you to trade at worst price. this happens all the time. Noting to do with underliying price, size or amount.

what they are doing is trading against clients while they are controling the system. i know so many people had problems with them. i like to hear from those people.

You all know how important is to keep a good reputation in financial market. one little mistake can bring the whole company down. i have seen enough cases in the past. Those co's need people like us to stay alive. Losing money is not the problem, but stealing from you, makes me annoyed. i honestly think This co should not be allowed to trade as they have broken every rule in the book. Proving all those points is not difficult, there are enough evidence around.
 
for your information, have you ever tried to turn couple of hundred in to a one million in few month. i have and i was on my way before they made it so difficult to trade. i think this co needs a lesson and i promise i will teach them a lesson. Losing or making money is part of the game which i have no problem at all but stealing from the client by controling the system is agains all the rules, that includes FSA rules.

If you were well on your way with your plan---and I have no reason to doubt you---- my question is:

Why did you stay with them after you had turned your few hundreds into a few thousands?

I have nothing against bookies, in their treatment of me, but when it became obvious to you that you were on your way to serious money you should have found a broker.

Split
 
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