Spreadbetting Thiefs

Advertising standards.
At this moment City Index is been investigated for miss leading its custermers.
On a website it states they take there prices from the underlining market.
In reality this is not true.
I have proof of this, also a letter from the company explaining how there prices are derived.
In this letter & taped telephone conversation.
Its states fair value can be adusted depending on the clients postion.
Also evedence that price manipulation happends and is currently happening.
Example.
If an Index moves in price value and its not sincronised with the futures price they can limmit the price move depening on where custermers stops are, if its more profitable for them not to reflect the futures price or not.

READ IT ANY WAY YOU LIKE THIS IS PRICE MANIPULATION

City Index dose not appear to be bothered about this.

After using Spread Betting people over the last year or so I have expieanced some unorodox methods to stop its custermers from making any money or restricting there profits.

City Index clearly in my expieiance is the worsed ever, next to D43 which is in second place.

As for City Index the time has come for them to clean up your act, FSA and Advertising Standards are on to you.
:clap:

Interesting stuff TomTom,

Do you have any links to this investigation as at this moment in time could be just a rumour or hearsay.

If so, you wouldn't want to cross the line into defamation, libel or slander against a company entity.

I know nothing of this investigation but just like many others would be interested to know what you have to back up these claims and 'proof' you talk of.

I would also rethink about your personal blog entry.

TomTom said:

Advertising standards.
At this moment City Index is been investigated for miss leading its custermers.
On a website it states they take there prices from the underlining market.
In reality this is not true.
I have proof of this, also a letter from the company explaining how there prices are derived.
In this letter & taped telephone conversation.
Its states fair value can be adusted depending on the clients postion.
Also evedence that price manipulation happends and is currently happening.
Example.
If an Index moves in price value and its not sincronised with the futures price they can limmit the price move depening on where custermers stops are, if its more profitable for them not to reflect the futures price or not.

READ IT ANY WAY YOU LIKE THIS IS PRICE MANIPULATION

City Index dose not appear to be bothered about this.

After using Spread Betting people over the last year or so I have expieanced some unorodox methods to stop its custermers from making any money or restricting there profits.

City Index clearly in my expieiance is the worsed ever, next to D43 which is in second place.

As for City Index the time has come for them to clean up your act, FSA and Advertising Standards are on to you.
:clap:

Click to expand...

pretty sure Finspreads(taken over by City Index) used to state the fact in their own declaration in their rules and info literature when you opened an account

A Client entering or leaving our market (ourselves ) may effect price quoted for a short period of time and clients should be aware of this when placing stops etc

= A Spike

It used to be in their brochure they sent out to new clients (punters) I guess many do no read it from cover to cover.

I am not aware if they still do inform new clients of this. I am going back nearly 2 years.

TomTom said:

Advertising standards.
At this moment City Index is been investigated for miss leading its custermers.
On a website it states they take there prices from the underlining market.
In reality this is not true.
I have proof of this, also a letter from the company explaining how there prices are derived.
In this letter & taped telephone conversation.
Its states fair value can be adusted depending on the clients postion.
Also evedence that price manipulation happends and is currently happening.
Example.
If an Index moves in price value and its not sincronised with the futures price they can limmit the price move depening on where custermers stops are, if its more profitable for them not to reflect the futures price or not.

READ IT ANY WAY YOU LIKE THIS IS PRICE MANIPULATION

City Index dose not appear to be bothered about this.

After using Spread Betting people over the last year or so I have expieanced some unorodox methods to stop its custermers from making any money or restricting there profits.

City Index clearly in my expieiance is the worsed ever, next to D43 which is in second place.

As for City Index the time has come for them to clean up your act, FSA and Advertising Standards are on to you.
:clap:

Click to expand...

Funny you should send in this post a few hours after i made a post saying how they are the first spread betting company that i have come accross that detail how thier quotes are derived aswell as mentioning false advertising. In fact it's a bit spooky...do you work for a competing SB firm by any chance?..lol :-0:innocent::smart:

FSA and Advertising Standards are on to you

Click to expand...

How do you know ?

Also the FSA would have no interest in this at all as what they have stated is not covered by the FSA so your only hope is trading standards.


Paul

Hi Trader333,

I believe by going through TomTom's posts (all nine of them) you both have crossed paths before, so has many others with this person.

He opens up threads and just moans.

TomTom, stop complaining and move on. We've heard it all before.

Take them to court, sue them and get back all that money you say they have effectively stolen from you, or at least by way of 'fraud'. Good luck with this.

We know that spread bet comapnies have bigger spreads than direct access and we know that during high volatile periods (ie news breaks) there prices can slow up and could affect a scalper. Try guaranteed stops. Try direct access, try finding another purpose in life.

Try anything but please stop moaning on about this subject you've been bleeting on about since you joined.

Contribute to this great chat forum with words of advice, I'm a great believer in free speech but I dont want to keep hearing the same story from the same guy over and over again.

Please, move on.

I believe by going through TomTom's posts (all nine of them) you both have crossed paths before, so has many others with this person.

Click to expand...

You are right, in fact now you have said it I do remember something but it was for a different SB company (CS I think). Anyway I tend to respond as I read and don't always look back to what I have previously posted.


Paul

Looks like the FSA has already had a go at them, although not because of thier pricing system etc.

[url=http://www.fsa.gov.uk/Pages/Library/Communication/PR/2005/030. shtml

This was about promoting high risk products without adequate risk disclosure and was 5 years ago. In many ways this was a trading standards type issue in that the advert didn't match the actual product offered and a £35K fine is a joke to a company of that size.


Paul

TomTom said:

Advertising standards.
At this moment City Index is been investigated for miss leading its custermers.
On a website it states they take there prices from the underlining market.
In reality this is not true.
I have proof of this, also a letter from the company explaining how there prices are derived.
In this letter & taped telephone conversation.
Its states fair value can be adusted depending on the clients postion.
Also evedence that price manipulation happends and is currently happening.
Example.
If an Index moves in price value and its not sincronised with the futures price they can limmit the price move depening on where custermers stops are, if its more profitable for them not to reflect the futures price or not.

READ IT ANY WAY YOU LIKE THIS IS PRICE MANIPULATION

City Index dose not appear to be bothered about this.

After using Spread Betting people over the last year or so I have expieanced some unorodox methods to stop its custermers from making any money or restricting there profits.

City Index clearly in my expieiance is the worsed ever, next to D43 which is in second place.

As for City Index the time has come for them to clean up your act, FSA and Advertising Standards are on to you.
:clap:

Click to expand...

Tom, We all know the spread betting co’s tricks and games (be they real or in our own heads). The problem is that, what you have written, is no basis for a legal challenge.
You say that City claim to base their price on the underlying – the problem is that basing or deriving a price on something does not guarantee that the price you get will be the same as. The underlying is just a basis to which they might add or subtract something from. Therefore there does not appear to be a promise made, either in advertising or the T&C, that the price that you trade on will directly replicate the underlying market condition.

The ASA are pretty much powerless. This is especially so if a firm makes an advertised representation directly to you without the use of a ‘middle man’ (ie a publication like a newspaper or magazine). The ASA generally work by warning the middle man that firm ABC have breached rules and to make sure that future adverts placed by firm ABC are kosher. If you have a direct mailing or email then there is no middle man and this pretty much screws the ASA. I had a case some years back where there was, in my opinion, a nailed on case of mis-advertising. We approached the ASA for support and were told that there was no way they could look into the matter because the misleading advert was placed on the firm’s own website. They therefore considered that if someone clicks onto the firm’s own website then a relationship between you and the firm has already been formed prior to a misleading content being read. To my mind the ASA were looking to duck out of the issue because they knew that they were powerless in such a situation.

You say that City Index isn’t bothered. Why would they be? What goes on is more or less ‘industry practice’. There was a muttering a year or two back about new rules being passed to make firm’s have to directly track the underlying but I don’t think these rules exist yet.

My advice would be; be careful where you place your stops. Whilst stops can help you keep losses down they can also hinder you. By placing a stop you are telling the firm where you WILL exit. In the real market the MM’s cannot see the stops. Better to keep your stop level in your head and then apply it when the time comes. You can of course place an ‘emergency stop’ with the firm (say 1.5 times distance) to protect you in case of another 7/7. These firms can be beaten, it’s just a case of moving some odds your way.

Steve.

stevespray said:

My advice would be; be careful where you place your stops. Whilst stops can help you keep losses down they can also hinder you. By placing a stop you are telling the firm where you WILL exit. In the real market the MM’s cannot see the stops. Better to keep your stop level in your head and then apply it when the time comes. You can of course place an ‘emergency stop’ with the firm (say 1.5 times distance) to protect you in case of another 7/7. These firms can be beaten, it’s just a case of moving some odds your way.

Steve.

Click to expand...

"Better to keep your stop level in your head and then apply it when the time comes." Steve, I agree with your post. However,the above statement is the only thing I just cannot recommend. Most experienced traders cannot handle it, and for a newbie, it could just be the worst experience possible. The mind, as I see it, cannot handle the pressure, so when things turn really bad, denial kicks in. It also makes for very stressful trading. I honestly feel that it is better to find a SB that will honor your stops. Your stop loss strategy might work very well for you, but for 99 out of 100 people, it is not a safe way to trade. The only time one can use such a stop loss strategy is, when the absence of a stop loss is part of a wider trading strategy, and not just to hide your exit level from the eyes of the SB company.

Trader333 said:

This was about promoting high risk products without adequate risk disclosure and was 5 years ago. In many ways this was a trading standards type issue in that the advert didn't match the actual product offered and a £35K fine is a joke to a company of that size.


Paul

Click to expand...

Yes..i did mention that it had nothing to do with CI's prices.Their advertisement policies are of no concern to me . I just thought i would mention it as some of the above posts were talking about advertising and FSA investigations.

thanks

adz said:

Yes..i did mention that it had nothing to do with CI's prices.Their advertisement policies are of no concern to me . I just thought i would mention it as some of the above posts were talking about advertising and FSA investigations.

thanks

Click to expand...

I think that many of the spreadbetting firms had certian advertising issues back in early 2000's. Didnt CMC get done for a big one at a tube station? Something along the lines of non selective target group?

Steve.

Spelling

TomTom said:

Advertising standards.
At this moment City Index is been investigated for miss leading its custermers.
On a website it states they take there prices from the underlining market.
In reality this is not true.
I have proof of this, also a letter from the company explaining how there prices are derived.
In this letter & taped telephone conversation.
Its states fair value can be adusted depending on the clients postion.
Also evedence that price manipulation happends and is currently happening.
Example.
If an Index moves in price value and its not sincronised with the futures price they can limmit the price move depening on where custermers stops are, if its more profitable for them not to reflect the futures price or not.

READ IT ANY WAY YOU LIKE THIS IS PRICE MANIPULATION

City Index dose not appear to be bothered about this.

After using Spread Betting people over the last year or so I have expieanced some unorodox methods to stop its custermers from making any money or restricting there profits.

City Index clearly in my expieiance is the worsed ever, next to D43 which is in second place.

As for City Index the time has come for them to clean up your act, FSA and Advertising Standards are on to you.
:clap:

Click to expand...

For goodness sake, learn to spell.

raybeer said:

For goodness sake, learn to spell.

Click to expand...

Great first post and welcome.

A bit unfair to critysize someone on their spelling dont you fink.

It still reads the saem.

Perhaps you could go out of your way to introduce yourself. We've just got rid of one keyboard warrior, we dont need any replacements.

Thanks.