CMC markets -legal action

[Aston1st]

Aston if you mean me I didn't reply to the info you sent me because I forgot about it...

Okay I see, I was wondering as my post was quite lenghty. And had expected a one liner in acknowledgement.

It made me realise that obviously this is an open forum and for all intents and purposes Spread Betting Companies could use these forums like anyone else.

At the same time my post may have been quite boring or lacked significance to comment on

The amounts spoken about were small but have added up into a few thousand.

To the other posters who are interested in carrying an action perhaps a meet up some time may be a good idea.

 

[oneinamillion]

Okay I see, I was wondering as my post was quite lenghty. And had expected a one liner in acknowledgement.

It made me realise that obviously this is an open forum and for all intents and purposes Spread Betting Companies could use these forums like anyone else.

At the same time my post may have been quite boring or lacked significance to comment on

The amounts spoken about were small but have added up into a few thousand.

To the other posters who are interested in carrying an action perhaps a meet up some time may be a good idea.

I have signed off this site but then recieved more private e-mails from people had same problems with CMC. So i decided i shouldnt leave you alone here.

Let me know if you organise a meeting, i will bring some evidence and ideas how CMC is manipulating prices, more importantly manipulating the system they control to make profit unfairly.


It is not imposiable to take this thieves to cleaners and shut it down. I have seen few impossiable thing before.

 

[oneinamillion]

Aston1st. I pleased to see that you are prepared to take a stand on this. I was going to start a new thread but, there are still a couple of breaths left in this one (just). From reading the reviews, of CMC, you can see that there are several disgruntled clients.

The subject of the new thread would have been to suggest that all you guys got in contact, via PM and prepared some viable plan of action. I did, in fact, contact onemillion by PM and gave him some confidential information.

I'll leave the question of proposed legal action to one side for the moment and concentrate on other avenues to explore. There are two other possibilities that could be considered. Firstly, a formal complaint to the FSA although, they're not the quickest of people out of the blocks. The second suggestion is to make a united approach to the Office of Fair Trading or Trading Standards office covering the London E1 area. From comments that I've read, in these reviews, there are legitimate complaints that the OFT would be obliged to take seriously.

In conclusion, I wish you the best of luck and hope that the good guys win.

Hi alan

how are you, and thanks for the info

 

[Lee Shepherd]

I have signed off this site but then recieved more private e-mails from people had same problems with CMC. So i decided i shouldnt leave you alone here.

Let me know if you organise a meeting, i will bring some evidence and ideas how CMC is manipulating prices, more importantly manipulating the system they control to make profit unfairly.


It is not imposiable to take this thieves to cleaners and shut it down. I have seen few impossiable thing before.

They're a bookies, manipultaing the price is called adjusting the spread.

They can use legitimate systems that allow this.

Look for yourself.

This is one example of how SB firms can track gamblers.

Click to enlarge £1mil, I felt the need to put this as you dont seem to read things, ie small print.

Anyway, why are you still looking to gamble with spreadbet firms, thought you were a trader in the markets, not a joker in the casino's.

 

[jerry828]

You show me yours, i show you mine.

Let me know if you organise a meeting, i will bring some evidence and ideas

You're REALLY sure you're in the right place Milly? Wouldn't it be easier to simply consult with your local sauna club/public mens room?

 

[DT]

Surely everyone is aware that spread betting firms operate a parallel market - they are pretty clear about it and also cover themselves in the T&Cs that you sign up to. Skewing the spread and/or delaying fills probably isn't illegal - it is their market after all and you can't expect them to give you good fills when the underlying is moving rapidly and they can't hedge as easily.

If their business practices were such an issue for you why did you carry on using them to the point where you lost several hundred grand?

 

[oneinamillion]

Actually, looking at your other replies, I'm not sure why they haven't banned you all ready. You're clearly irrational and not particularly bright.

Sorry DT but i just cant stand these Joke Traders. I wont waste time giving them a polite answer.

For your question, CMC is providing a service and that service must stay with in the rules and regulations. this applies to any company.

giving you worst price and executing the same trade at best at same time is cheating and market manipulation.

Also, intentionaly delaying orders for 20-30 sseconds, ometime forever, has a purpose which is expecting market move either side then they can execute the trade away from clients order to pocket the difference.

They do not accept this crime (i have told them in the past) bcos it is illigal.

they make different price for different clients depending position of client. If CMC want to take a extra bet in the market, then they should take the risk with their own assets, not with clients money.

i have stopped trading with them

 

[barjon]

Sorry DT but i just cant stand these Joke Traders. I wont waste time giving them a polite answer............

...then please don't waste your time or mine giving them impolite ones.

jon

 

[oneinamillion]

You're REALLY sure you're in the right place Milly? Wouldn't it be easier to simply consult with your local sauna club/public mens room?

they deleted again. see if they delete this one too.

Dear Joke Traders,

I wish you my best wis***hessss"

not.

You know what i mean!

 

[oneinamillion]

...then please don't waste your time or mine giving them impolite ones.

jon

why dont you stop them putting their bad jokes here.

 

[gooseman]

giving you worst price and executing the same trade at best at same time is cheating and market manipulation.

how in any way is this market manipulation? it's their market...they do as they please. you don't like it you don't trade with them. if they executed straight away and missed a tick, they'd wear it, similarly if they executed and missed a tick you'd wear it by not getting a fill. to avoid this thye trade on their rules.
seems perfectly fair to me. you KNOW they do this sort of thing and you still trade with them. that's what i don't get.

i'm actually not having a pop here i'm genuinely trying to reason....

 

[oneinamillion]

how in any way is this market manipulation? it's their market...they do as they please.

Stock market is the most regulated market and is getting more regulation. They cant do as they please, otherwise they wouldnt put i.e sing like "CMC is regulated by FSA".

Lets assume that you are trader for one second,(not a Joke Trader). Do you give price to to clients well away from the the price is available.

Do you try to cheat so you can close your client's position less then it should be?

 

[oneinamillion]

Incidentally, I do have pin striped trousers on today. I got them in the sale. But I could have paid full price. Honest [/QUOTE]

I cant say what i realy want to say. but

you know what i mean pr....

 

[arabianights]

one million, cmc have no obligation at all to match the real market prices, and if they did if I infer your trading style correctly then you'd be being stopped out all the time. Best execution does not apply to spread betting companies.

And I, as a trader who makes bad jokes, often have bids and offers in miles away from the market. Absolutely nothing wrong with that at all. It's recommended and desired, even. Adds liquidity. Actually at the moment I don't have anything right on the market because I don't want a significant position coming into the conference at 2 o clock...

 

[gooseman]

listen d*ckhead-i'm trying to have a reasoned discussion.

I'm fully aware of the regulations in the markets. The main difference between the 'stock' market and the CMC market is one is on an exchnage and one is against a bookie. Regulated by the FSA can mean a whole variety of things, and those things are included in guidelines which again can be worked within. they are NOT strict rules.

if i was pricing to a client what i would take into account is my risk profile (vol, greeks, strike etc) and then look at the underlying market. i.e can i get all of my hedge away at this price, am i willing to take a risk for my hedge, etc and then show a price. what then happens is i either hedge straight away or i can possibly run my risk and maybe take an extra few ticks of profit depending on the delta of the trade. that is my risk, taken onto my book. i do this quite a lot so believe me when i say i know what i am talkig about.

there is no cheating involved-unless i deem it necessary i won't take on risk on the counterparty behalf.

now some of this might be way above your head but this is how the real market works.

 

[oneinamillion]

one million, cmc have no obligation at all to match the real market prices, and if they did if I infer your trading style correctly then you'd be being stopped out all the time. Best execution does not apply to spread betting companies.

And I, as a trader who makes bad jokes, often have bids and offers in miles away from the market. Absolutely nothing wrong with that at all. It's recommended and desired, even. Adds liquidity. Actually at the moment I don't have anything right on the market because I don't want a significant position coming into the conference at 2 o clock...

Issue is not if CMC giving real market price. I knew their price is not real market price, that was ok with me. few tick away from the market was not bothering me. I did accept their price when i can execute the trades without any intervention.

But taking a position against client and making as diffucult as possiable for your client to get in and out of the position by simply controling and using the software and very different price to one client and different to other client at the same time is called market manipulation.

 

[oneinamillion]

listen d*ckhead-i'm trying to have a reasoned discussion.

I'm fully aware of the regulations in the markets. The main difference between the 'stock' market and the CMC market is one is on an exchnage and one is against a bookie. Regulated by the FSA can mean a whole variety of things, and those things are included in guidelines which again can be worked within. they are NOT strict rules.

if i was pricing to a client what i would take into account is my risk profile (vol, greeks, strike etc) and then look at the underlying market. i.e can i get all of my hedge away at this price, am i willing to take a risk for my hedge, etc and then show a price. what then happens is i either hedge straight away or i can possibly run my risk and maybe take an extra few ticks of profit depending on the delta of the trade. that is my risk, taken onto my book. i do this quite a lot so believe me when i say i know what i am talkig about.

there is no cheating involved-unless i deem it necessary i won't take on risk on the counterparty behalf.

now some of this might be way above your head but this is how the real market works.

Mr Trader, if you are talking about structuring derivatives product which you will sell to your clients.

You calculate your risk and if your client is happy with your price, they deal but you have to provide price for the client as the market maker ofthe product you sold (unless product is tradable in somewhere else).

If you trade goes against you and your client want to cash in. Do you tell them, no sir i a not taking the loss, i have to close your position at the price it will suits me.

This is very simple question, and no you cant do that, it is called fraud.

 

[gooseman]

then what happens is i show a price at which i want to deal and if the counterparty deems that to be a 'sh*t' price they go elsewhere in the market to deal.

if i had my hedge and model correct i take the edge so it wouldn't matter if the intial trade moved against me.

 

[oneinamillion]

listen d*ckhead-i'm trying to have a reasoned discussion.

I'm fully aware of the regulations in the markets. The main difference between the 'stock' market and the CMC market is one is on an exchnage and one is against a bookie. Regulated by the FSA can mean a whole variety of things, and those things are included in guidelines which again can be worked within. they are NOT strict rules.

if i was pricing to a client what i would take into account is my risk profile (vol, greeks, strike etc) and then look at the underlying market. i.e can i get all of my hedge away at this price, am i willing to take a risk for my hedge, etc and then show a price. what then happens is i either hedge straight away or i can possibly run my risk and maybe take an extra few ticks of profit depending on the delta of the trade. that is my risk, taken onto my book. i do this quite a lot so believe me when i say i know what i am talkig about.

there is no cheating involved-unless i deem it necessary i won't take on risk on the counterparty behalf.

now some of this might be way above your head but this is how the real market works.

I didnt see nice remark.

How did you get involved with a small brain of yours in structured derivatives product?

 

[gooseman]

I didnt see nice remark.

How did you get involved with a small brain of yours in structured derivatives product?

as previously noted you know f*ck all about me so continue slinging mud as i really don't give a flying sh*te.