IG Index dispute - advice welcome!

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Old Mar 21, 2011, 9:01pm   #9
 
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Re: IG Index dispute - advice welcome!

Mmm welcome to IG Index.. one of my stocks popped on the open the other day, tried to exit for a profit and it wouldn't let me do it till it was way back down.. funny that.. worrying too..
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Old Mar 21, 2011, 9:03pm   #10
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Re: IG Index dispute - advice welcome!

defender110 started this thread BTW to to clarify, IG are arguing that even if I had called through and my call have been answered they could still not accept a stop order - "during this time we we were unable to accept trades and stops edited at this time of suspension."
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Old Mar 21, 2011, 9:04pm   #11
 
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Re: IG Index dispute - advice welcome!

Hi,

To the best of my knowledge the underlying was still trading during all the, er, fun, so there is no reason at all they couldn't have got you out (your fill may have been horrible mind)

Only way I may be wrong here is if nikkei futures went limit down. Actually, typing that, they may well have done, it's stirring a memory in my mind. If that was the case then you would have had to take best bid after that...
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Old Mar 21, 2011, 9:16pm   #12
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Re: IG Index dispute - advice welcome!

defender110 started this thread I was betting short term on the following blip, they locked me out between 21:37 - 22:10
Click the image to open in full size.

This image shows how my edit position option (ie add a stop limit) was removed so I was at IG's mercy:
Click the image to open in full size.
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Old Mar 21, 2011, 9:42pm   #13
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Re: IG Index dispute - advice welcome!

If they switch the market to "phone dealing only "then u cant add/edit stops/limits online , no new here ... anyway write to compliance@igindex.co.uk
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Old Mar 21, 2011, 9:44pm   #14
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Re: IG Index dispute - advice welcome!

defender110 started this thread @Tar
Will do, i'll let you all know how it goes.
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Old Mar 21, 2011, 9:47pm   #15
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Re: IG Index dispute - advice welcome!

BTW even u monitor your positions , u should use stops , anything could happen ...
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Old Mar 21, 2011, 9:52pm   #16
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Re: IG Index dispute - advice welcome!

Although I haven't had the opportunity to read the relevant section of the T&C, this sounds worrying.

On IG's side, I would suggest they have probably the right to cease offering a market whenever they choose, whether they invoke force majeure as justification or not.

However, they should not profit by such actions and I hope the very least settlement you get from them would be their voiding of the trade. Obviously, not the happiest outcome considering you were in the money at one stage, but maybe you will convince them to adjust your account by the consideration you would have obtained if you had manually closed your position at the moment they curtailed this market.

After that, a move to another SB firm might be the first item on the agenda.
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