FTSE 350 Spreadbet Journal

mmmmmmmm.......

I returned form work this evening and upon looking at my positions, I had a pending order to Buy Astrazeneca at 3270, which was filled, but when I checked the daily chart, todays candle high doesnt reach 3270 and the information popup on the candle says high 3249.75 and the close 3241.74 but on my open postions list the order has been filled and it says the current price is 3233.99????
Anyway I dont understand, and I would appreciate it if anyone can fill me in?

Of course if Astrazeneca goes up i will be better off as my order is filled now, but if they go down, my order , well I think shouldnt have been filled.

Any thoughts?

Seems odd. Astra got nowhere near 3270 today, as far as its real price is concerned. I would be surprised if the spread opened so far out to take in 3270 with maximum mid-price 3247.0. That would suggest a spread on a FTSE100 company of over 1-2%.

But was your order with an SB firm and based on real price or future, for say September or December? SB prices are their quotes and theirs alone, not directly equivalent to the underlying share.

Hello there tomorton
Yes my order was with a SB firm iii.co.uk and it is the September contract.
I understand that their prices are not exactly the same as the real prices, but they are close...right?
The chart I checked belonged to the same firm, its on their platform, however I didnt check the sprerad, but I did this morning and its 15.5 pts this morning and even adding the full spread to the high of yesterday doesnt hit 3270.
Do the spreads change throughout the day?
I will call them on Monday.
Thank you for your thoughts.

Yes, for example, using yesterday with AZN share prices against Finspreads September quotes -
Open = 3211.5 (3215.9)
High = 3247.0 (3249.8)
Low = 3208.0 (3210.2)
Close = 3241.0 (3241.7)
Spread currently 15.5.

What the SB tick chart does not show is spread, just mid-price. Yesterday was a volatile day with the key Bernanke speech in our pm session. I wonder if your firm seriously widened their spreads to allow for this. The customer would only be able to contest this if watching the platform at the time and logging the spread.

On the other hand, I have occasionally seen tick charts with obviously rogue data, and you should not be disadvantaged by this.

Hello there tomorton, thank you for your reply, maybe they did widen their spreads for that speech, however I will call them on Monday to ask about this.
It will be a serious dissapointment if this is the usual carry on with SB firms, I hope not.

I rang iii about the trade this morning, (also AZN had gone down and my stop had been hit).
They were very helpful, and put me through to someone on a dealing desk, who immediatly siad there was an error and refunded me immediatly.

possible bad points and I say only possible, are I hope I didnt get my refund promptly because I am only on a very small position 20p per point and
I hope this isnt a regular thing.

The good points were the people I spoke to were very polite , straight to the point, and the issue couldnt have beem resolved any quicker,im still happy with the service, thank you iii.

P/L so far £1.37

I'm afraid it is the usual carry on with spreadbetting firms. They will increase the spread as and when they please, there are some nightmare stories on T2W about SBetting. If/when you start making a serious profit you'll see a lot more of this type of thing.

Well done you and well done iii.