IGindex requoted already closed trade?!

[Jack Hughes]

Ok, considering all the posts here, I think that regarding my initial thread, I do not have much of a chance to succeed and get money (taken from my account) on the winning trade back. Thanks for the advice and opinions on this one guys!
D.

Actually, I still think you have a good chance, so long as you don't back down as soon as they send you an Official Foboff. At the end of the day, they want to avoid disputes being referred to the FOS.

re. Ariel software, although the old platform was similar to CS's, I thought the current City Index one was their own?

 

[Jack Hughes]

If IG made a manifest error, how come the chart on their site still shows the same low three days later?

 

[gedward3]

If the charts IG made a manifest error, how come the chart on their site still shows the same low three days later?

I wonder that as well Jack. Was watching IG charts on friday whilst had open
a futures chart of 6B and the IG GBP/USD. There was a drop at 1 point on futures
of about 15 points yet the IG chart ticked up and hovered around the original
price and then dropped the 15 points in a second. I know people say you could arb
it but i bet they were requoting the sell orders whereby the stops that they could
see were taken out while they readjusted their book.

Still say SB are good longer term but sh1te for letting you catch the really quick
moves. The charts both looked similar afterwards though. Looks like a timing
thing they may use now and then

Ged

 

[thjb]

but it is often the trader needs first hand experiences in order to trade this market safely.[/QUOTE]

this is right ,if a trader can defeat the markets ,not only do that in IG ,but also do that in future exchange.
if there are the questions of IG above that will happen every hour ,every day ,every week, it maybe a real question ,but if it only appear little in one year and only on a crazy time ,can it be definited unfair questions for IG ?
let us have a suppose ,if somebody have a future account and a it-finance charts (data filled by prorealtime not by IG ),he can defeat the markets ,but he cannot defeat the markets only because with IG account at one time, will this be happened ?

 

[gnwalker]

I had the same experience and my limit orders were triggered at 4500 on a large short bet. The following day IG had taken over £18k of profit from my account and re-opened the positions. When I phoned to dispute this and try and negotiate some form of settlement I was given a short sharp "no chance". Irritatingly he suggested if I had closed the positions manually they could have potentially honoured some of these bets.

 

[Waterfield]

Financial Ombudsman is your best chance, especially if you have proof they are not refunding losses but cancelling profits.

Some spread betting companies I know would re-enter your position and/or allow you take profits where you would have got out...they usually only allow you to do this once though.

 

[Jack Hughes]

I had the same experience and my limit orders were triggered at 4500 on a large short bet. The following day IG had taken over £18k of profit from my account and re-opened the positions. When I phoned to dispute this and try and negotiate some form of settlement I was given a short sharp "no chance". Irritatingly he suggested if I had closed the positions manually they could have potentially honoured some of these bets.

Completely ridiculous. Your limit was hit at their quoted price on their system, which is still clearly shown on their chart. For them to suggest that they could have honoured the bets if you'd closed manually just makes them look even more dodgy. Definitely one for the FOS

 

[gnwalker]

I am not sure there is much point as the T&C's that someone posted earlier allows them to do this. Actually about 6 years ago I got caught on the wrong side of a bet on Barclays Bank during triple witching expiry. They refunded me the money on the same basis/explanation they have taken these profits.

 

[thjb]

some experience by trade with a bank many years agoenglish not accurate )
this case will depend on if you have closed the positions when you login or phone to IG.if you don't close the position when you know at once( there will be a record that the time of login or phone with IG ), that maybe make against you.
because if you hold this positon after you have known the re-open position ,that mean you want to bear the risk and profit for the positon in the future even if several minute ,and this holding action will acquiesce in the loss before, but if you close the re-open position at once,this dealer will maybe cancel from initiate.
refer to you

 

[gnwalker]

interestingly I have just been through the statements and I did manually close 1 position out via mobile phone dealing platform at a price of 4684 and another at 4857, yet they said the market bottomed at 4813. The rest of mine closed at 4500 or 4452 via limit orders which then prevented me from closing them manually.

 

[thjb]

close the positions means close the re-open positions,sorry
I remeber the staff of the bank told me :

they donot know what the initiate reasons of the opened position and how long time I will hold it,
so ,they cannot close it ,even if they make the mistakes and I have no mistakes.
but they re-open it on account ,that is mean to ask me if I will decide holding or closing it by the initiate reason,if I hold the re-open position ,all will begin from now on although I have no mistakes before.if I close the re-open positon at once,that will be another way to solve the mistakes by bank ect.
there will maybe a different solve where you are .
refer to you

 

[thjb]

for reference only -------refer to you

 

[Luminox]

My two pence:

IG probably wouldn't do anything to jeopardise their market leading reputation. Whatever they did, they probably did it by the book. That is not to say that it's not worth challenging however.

It'll be interesting to know the outcome if you do decide to pursue the matter.

All the best

 

[gnwalker]

Having looked at all the facts I have written to IG today to seek clarification. I have nothing to loose, the only thing that really annoys me is the fact I was clsoing out positions succesfully which they have honoured and would have kept closing more out if the limit orders had not been hit. So it seems the limit orders ended up costing me a fortune as whilst they closed the positions they were still open but yet I had no power to close them! The intention for me to close is evidenced by the two trades made beneath 4900.
I shall update once I get my response back.

 

[Jack Hughes]

I hope you've withdrawn all your funds and stopped trading with them in the meantime.

 

[gle101]

My two pence:

IG probably wouldn't do anything to jeopardise their market leading reputation. Whatever they did, they probably did it by the book. That is not to say that it's not worth challenging however.

It'll be interesting to know the outcome if you do decide to pursue the matter.

All the best

Any idea about why Capitalspreads had about the same low that day (approx 4400). Do they use the same algorithm and price feed? Anybody got any experience if CS did consider the trades below the 4800 to be erroneous trades?

 

[Waterfield]

It's probably an algorithm out of hours formed off the DOW not the FTSE FUT, hence the spike to 4400 not 4800.

No idea about the feeds, you're best off asking big Simon.

Phil.

 

[gle101]

It's probably an algorithm out of hours formed off the DOW not the FTSE FUT, hence the spike to 4400 not 4800.

No idea about the feeds, you're best off asking big Simon.

Phil.

Why not FTSE future, was the Euronext Liffe exchange closed at the time of the huge draw down?

 

[Jack Hughes]

Any idea about why Capitalspreads had about the same low that day (approx 4400). Do they use the same algorithm and price feed? Anybody got any experience if CS did consider the trades below the 4800 to be erroneous trades?

All the SB using IT Finance charts have the same low, I think, so it amazes me that IG is trying to renege on bets.

 

[gle101]

All the SB using IT Finance charts have the same low, I think, so it amazes me that IG is trying to renege on bets.

Nothing strange in reverting an erroneous trade. The problem here seems to be that the algorithm that many uses for the price feed has faulted, resulting it not keeping up with the underlying asset. We want the MiFID regulations to work. This must be applied the other way around as well. If the price quote is erroneous (not in correlation with the underlying asset) the SB has every right to revert the trade on basis it being an erroneous trade.