IG Index dispute - advice welcome!

This is a discussion on IG Index dispute - advice welcome! within the Spread Betting & CFDs forums, part of the Commercial category; Originally Posted by stevespray How can a policy which which ensures that a client suffers the maximum possible loss from ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Mar 23, 2011, 10:58am   #46
tar
 
tar's Avatar
Joined Nov 2006
Re: IG Index dispute - advice welcome!

Quote:
Originally Posted by stevespray View Post
How can a policy which which ensures that a client suffers the maximum possible loss from a stop loss order represent 'the clients best interest'?
.
slippage is part of the game welcome to SB
But FWIW didnt notice that much slippage with IG ...

Last edited by tar; Mar 23, 2011 at 11:04am.
tar is offline   Reply With Quote
Old Mar 23, 2011, 1:21pm   #47
Joined Mar 2011
Re: IG Index dispute - advice welcome!

defender110 started this thread Hi everyone - thank you so much for all your help and I can offically claim victory! Their complaints line manager called me and 'as a gesture of good will' has voided the bet, and they even want to keep me as a customer! Thank you IG and thank you trade to win.


People power!!!
defender110 is offline   Reply With Quote
Thanks! The following members like this post: wackypete2 , Liquid validity
Old Mar 23, 2011, 1:35pm   #48
tar
 
tar's Avatar
Joined Nov 2006
Re: IG Index dispute - advice welcome!

Quote:
Originally Posted by defender110 View Post
Hi everyone - thank you so much for all your help and I can offically claim victory! Their complaints line manager called me and 'as a gesture of good will' has voided the bet, and they even want to keep me as a customer! Thank you IG and thank you trade to win.


People power!!!
, did you email the compliance department or only the help desk ?

Last edited by tar; Mar 23, 2011 at 2:01pm.
tar is offline   Reply With Quote
Old Mar 23, 2011, 1:45pm   #49
Joined Mar 2011
Re: IG Index dispute - advice welcome!

defender110 started this thread i emailed the help desk and then they esculated it to he 'dealing support team leader'
defender110 is offline   Reply With Quote
Old Mar 23, 2011, 1:58pm   #50
tar
 
tar's Avatar
Joined Nov 2006
Re: IG Index dispute - advice welcome!

Quote:
Originally Posted by defender110 View Post
i emailed the help desk and then they esculated it to he 'dealing support team leader'
That's good , u even didnt write to the compliance department ...
tar is offline   Reply With Quote
Old Mar 23, 2011, 2:08pm   #51
Joined Oct 2009
Re: IG Index dispute - advice welcome!

Unfortunately IG, Cityindex etc are execution only firms so they offer low spreads/rates but do not have to pick up the phone..there is no incentive for them too because their rates are so low. If you still want low spread/rates and some form of customer service then best using a white label of one of the big firms through a smaller brokerage.
Dannygee112 is offline   Reply With Quote
Old Mar 23, 2011, 2:12pm   #52
Joined Feb 2002
Re: IG Index dispute - advice welcome!

Quote:
Originally Posted by defender110 View Post
Hi everyone - thank you so much for all your help and I can offically claim victory! Their complaints line manager called me and 'as a gesture of good will' has voided the bet, and they even want to keep me as a customer! Thank you IG and thank you trade to win.


People power!!!

I was always quite certain that IG should offer this and would do it in the end. Well done you for not lying down and taking it.
tomorton is offline   Reply With Quote
Old Mar 23, 2011, 2:43pm   #53
Joined May 2001
Re: IG Index dispute - advice welcome!

Nice work. Well done.
stevespray is offline   Reply With Quote
Old Mar 23, 2011, 2:49pm   #54
 
trader_dante's Avatar
Joined Aug 2005
Re: IG Index dispute - advice welcome!

Quote:
Originally Posted by defender110 View Post
hello again, after my stern email threating I'm prepared to actually take action against IG a senior manager had attempted to call me to deal over the phone! I feel highly honoured, I missed the call but will reply later today. I will update you all with the result but I'm quite pleased i've got their attention!
Just as a matter of interest: did you direct IG to this thread?
__________________
Lessons from successful traders: http://www.trade2win.com/boards/firs...l-traders.html

Increasing trader performance: http://www.trade2win.com/boards/firs...rformance.html

Advice for getting a job in trading: http://www.trade2win.com/boards/gene...b-trading.html
trader_dante is offline Coach/Trainer   Reply With Quote
Old Mar 23, 2011, 2:56pm   #55
Joined Mar 2011
Re: IG Index dispute - advice welcome!

defender110 started this thread @Trader_dante
No, I had advised in written correspondence I had sought advice, I didn't state where or how. But I posted here just for me, for help, support and a second opinion.
defender110 is offline   Reply With Quote
Old Mar 23, 2011, 2:56pm   #56
 
arabianights's Avatar
Joined Jan 2007
Re: IG Index dispute - advice welcome!

Happy days
__________________
World's leading STIRs chatroom - www.propboards.com - register, then click on chat. Don't let the lack of posts on the forum put you off - the action happens in the chatroom. Targeted at locals, but hedge funds, brokers (including IDBs), market makers, and a few sizable amateurs are all represented. When it's quiet, banter is encouraged and anything goes.

No nuisance spread betters please. Anyone else welcome.
arabianights is offline   Reply With Quote
Old Mar 23, 2011, 3:04pm   #57
Joined Aug 2010
Re: IG Index dispute - advice welcome!

I had a quick look at the T&C and my interpretation is that if they suspend trading as they did they will either close bets at current value or void trades. Either way according to thier own T&C they shouldnt have let the trade continue so without doubt they were in the wrong.

Question is (as someone else pointed out) they would have also had customers on the other side of the trade, what did IG do about those trades? My thinking is they would have voided the trade straight away but it would be interesting to know.

It just proves the point that like most compainies (not just SB firms) IG will happily try it on if they think they can get away with it. The fact they settled so fast IMO does not reflect well on them as it adds weight to the argument that they knew they were in the wrong but tried it on anyway.
Mata Nui is offline   Reply With Quote
Thanks! The following members like this post: wackypete2
Old Mar 23, 2011, 3:29pm   #58
tar
 
tar's Avatar
Joined Nov 2006
Re: IG Index dispute - advice welcome!

Quote:
Originally Posted by Mata Nui View Post
I had a quick look at the T&C and my interpretation is that if they suspend trading as they did they will either close bets at current value or void trades. Either way according to thier own T&C they shouldnt have let the trade continue so without doubt they were in the wrong.

Question is (as someone else pointed out) they would have also had customers on the other side of the trade, what did IG do about those trades? My thinking is they would have voided the trade straight away but it would be interesting to know.

It just proves the point that like most compainies (not just SB firms) IG will happily try it on if they think they can get away with it. The fact they settled so fast IMO does not reflect well on them as it adds weight to the argument that they knew they were in the wrong but tried it on anyway.
IG didnt suspend trading , only switched the market to phone dealing , big difference .
tar is offline   Reply With Quote
Old Mar 23, 2011, 3:33pm   #59
Joined Aug 2010
Re: IG Index dispute - advice welcome!

Quote:
Originally Posted by tar View Post
IG didnt suspend trading , only switched the market to phone dealing , big difference .
In post 10 the OP states
"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."

That is a suspension of trading.
Mata Nui is offline   Reply With Quote
Old Mar 23, 2011, 3:51pm   #60
tar
 
tar's Avatar
Joined Nov 2006
Re: IG Index dispute - advice welcome!

Quote:
Originally Posted by Mata Nui View Post
In post 10 the OP states
"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."

That is a suspension of trading.
Electronic trading suspension , what u r talking about is something different it happens when there is suspension in the underlying market and the stock couldnt be traded any more ...
tar is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Financial Services Authority (FSA) fines City Index Limited (City Index) £490K Black Swan Spread Betting & CFDs 0 Jan 20, 2011 1:21pm
Broker offering index trading in Chinese Mainland Stock Index geraldmun Brokerages 5 Apr 24, 2009 7:40pm
Herrick Payoff Index and Index futures Rognvald Technical Analysis 2 Jan 7, 2009 3:18pm
How to extend a stock index backwards using another related index Lucas in london Technical Analysis 1 Aug 21, 2007 4:51pm
Refco and TT dispute $spreader Trading Firms 10 Aug 24, 2005 3:39pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)