IGindex taking me to Bankruptcy

[arabianights]

Dunno, German is a hoax, they invented it in the Franco-Prussian war for a laugh. So there is no way of translating this document.

 

[BSD]

haha yup sorry basically they show significant discrepancies in price between the real DAX per data they collected from the Deutsche Börse vs prices ABN AMRO - now RBS - where showing at the exact same time on their marketindex CFD trading platform.

Not good eh.

Theres too much text explaining the whole thing in the link up there for me to translate going into methodology, findings etc, but that's the outcome in a nutshell.

Remember Magellan, guy I posted about with the 50000% retrurn on their trading competition, well, live his fills etc started deteriorating more and more to the point where it wasn't working at all any more.

Now he's at a real direct access broker and all is fine and dandy again.

 

[BSD]

Oh and yeah they also mention the possibility that every single customer could potentially get his / her own prices to set off their respective stop losses if they aren't tooooo faaar away at the time, that that wouldn't pose any great difficulty at all from an IT / feasability standpoint.

But that conjecture apart the hard facts up there are just based on comparing the prices from one ABN account with the DAX at the same time.

 

[A Dashing Blade]

I would "imagine" <cough > that the ABN/AMRO now RBS price will also take into account their internal positions on simlar/related instruments eg dax futures , OTC instruments and equity positions.
Note also, that the related positions will be traded ie have bid and ask prices whereas the DAX index is gonna be calculated as a mid-price.

 

[bigboy]

Oh well ..Court Day passed..and ...IG did not turn up.

Q. Why did the chicken cross the road?

A. It didn't.

 

[PualoP]

IG took you to court and THEY didn't turn up?

 

[shadowninja]

And what was the verdict? Do they have to show up?

 

[Jack Hughes]

Does that qualify as contempt of court?

 

[ns1000]

Sounds highly unlikely to me. Which court was this?

 

[bigboy]

Well..that is what happened. I went, they didn't.
The case was adjourned before I got there. No notification, nothing. Just contempt for the individual imhfo!!
I didn't have a lawyer and I am waiting to find out what happens next.

 

[Rossini]

Maybe they saw this thread and felt sorry for you, I do.

 

[ns1000]

So when you say they didn't turn up you mean it was adjourned. If they didn't turn up, you would have won by default, so there's a bit of a difference. The court should still have told you if it was adjourned - pretty poor form.

 

[bigboy]

So when you say they didn't turn up you mean it was adjourned. If they didn't turn up, you would have won by default, so there's a bit of a difference. The court should still have told you if it was adjourned - pretty poor form.

Adjournment/not turning up, its all the same to me. I went, they didn't.

Q. Why did the chicken cross the road?

A. It sent a letter.

 

[ns1000]

If you don't know the difference between and adjournment and one party not turning up, then without a solictor you're f*cked.

 

[neil]

Hi Guys! Bigboy here!! Still not bankrupted. And I still have not been informed of the adjournment date. IG have not informed me. Their solicitors have not and I'm waiting to here from the court...couldn't have missed it, could I? I did go skiing last week!

You will know if you missed it when someone turns up to arrest you on a non appearence warrant

 

[bigboy]

Ok guys and gals, It all boils down to the interpretation of this, I reckon:

In a letter from IG about providing evidence of funds:

"Unfortunately, if evidence is not received within two weeks of the date of this letter, we will be left with no alternative but to change your account to operate on a cleared funds basis. This type of account requires you to have cash on account to cover the deposit requirement as well as covering any running losses with cash. If you have any open positions, this may lead to your account becoming marginable and put your positions at risk if there are insufficient funds on the account to cover both the deposit requirement and any running losses."

So if you don't provide evidence of funds and your account goes negative...what happens?

 

[bigboy]

What..not even anyone from IG can answer this question?

 

[ian]

You could always take Plan B approach.

Turn up at the next court appearance wearing a skirt and makeup also a tinfoil hat would add to the ensemble.

Tell the court that you will pay all monies due including courts costs and produce banknotes that you have made yourself from old newspapers.

Try not to overdo it though, you don't want them to think your just nuts!

 

[meanreversion]

Is it REALLY the business of IG to be tracking all its client to ascertain which ones it thinks have access to inside information? I mean, come on..! How do you tell if a client is simply lucky, OR he has inside information.

Maybe a client is an awesome trader, is making loads of money, so they decide to track him, and he hits drawdown. Client is still well up, but IG lose money. They stop following him, and he starts to make money again. Is this REALLY their business model?

This is all very far-fetched, but I can see it appeals to people's paranoia.

 

[BSD]

Does anyone know why spreadbetting is actually taxfree in the UK ?

(Futures trading was tax free actually in Germany also for some odd reason till Schröder became Chancellor in 1998, not that that benefitted me as it was when I was just starting out lol !).