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; I had a quick look at the T&C and my interpretation is that if they suspend trading as they did ...

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Old Mar 23, 2011, 3:04pm   #57
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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.
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Old Mar 23, 2011, 3:29pm   #58
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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 .
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Old Mar 23, 2011, 3:33pm   #59
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Re: IG Index dispute - advice welcome!

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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.
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Old Mar 23, 2011, 3:51pm   #60
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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 ...
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Old Mar 23, 2011, 4:10pm   #61
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Re: IG Index dispute - advice welcome!

As a matter of interest, how do you stand with IG in overall profit/loss terms? I suspect that if there's any dispute SBs tend to be more generous to clients who don't take money off them.
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Old Mar 23, 2011, 4:33pm   #62
 
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Re: IG Index dispute - advice welcome!

.

Last edited by A Dashing Blade; Mar 23, 2011 at 4:35pm. Reason: didn't read whole thread
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Old Mar 23, 2011, 6:33pm   #63
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Re: IG Index dispute - advice welcome!

defender110 started this thread
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Originally Posted by Ross Spur View Post
As a matter of interest, how do you stand with IG in overall profit/loss terms? I suspect that if there's any dispute SBs tend to be more generous to clients who don't take money off them.
I'm now in overall profit, although it's in the 100's not 1000's. I suppose they we're egar to allow me to continue trading in the hope I loose this back.

I was reading an article on this site that apparently over 90% traders loose money via SB. I do not know if this is true but it would explain why IG index is currently valued at 1.7 billion - and that's sterling!

I hope to continue trading the news when events occur, appears to me the safest way to make money. I would have been laughing if they hadn't blocked me from selling my stock (by not answering the phone!), would have been quids in but their big and i'm small - and there's nothing I can do about it
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Old Mar 23, 2011, 7:46pm   #64
 
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Re: IG Index dispute - advice welcome!

(p.s. I just noticed your note - they still make the defender!)
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