Are all LCG's clients on the dealing desk ?

[KILI01]

Hi,

I have noticed that all my colleagues that trade on the LCG platforms (London Capital Group with their white labels) has just started complaing that all their trades are being processed on the dealing desk ? Is it true or they basically have no luck or maybe this is a secret here ?

 

[gle101]

Hi,

I have noticed that all my colleagues that trade on the LCG platforms (London Capital Group with their white labels) has just started complaing that all their trades are being processed on the dealing desk ? Is it true or they basically have no luck or maybe this is a secret here ?

There could have been a technical error, causing LCG to switch to dealer intervention. If they spotted some kind of group aberration trading, they might take some action to prevent this from taking place. Also, if you are all high frequency short term traders it might not be appreciated by LCG.

 

[PipStar]

There could have been a technical error, causing LCG to switch to dealer intervention. If they spotted some kind of group aberration trading, they might take some action to prevent this from taking place. Also, if you are all high frequency short term traders it might not be appreciated by LCG.

As you know already we dont care whether we are appreciated by LCG for our trading techniques. We are here to make money. A trader that makes money is an aberration for a spreadbet company so of course they need to take some action to prevent this from taking place. I know many traders including myself have been put on dealer confirm with LCG outfits.

 

[gle101]

As you know already we dont care whether we are appreciated by LCG for our trading techniques. We are here to make money. A trader that makes money is an aberration for a spreadbet company so of course they need to take some action to prevent this from taking place. I know many traders including myself have been put on dealer confirm with LCG outfits.

Yes I agree, but one has to be aware how these market makers operate in order to thread safely. Often many traders blame the SB for all kind of misconduct, when in fact they have not themselves applied basic trading practice.

 

[lancenicolase]

Yes I agree, but one has to be aware how these market makers operate in order to thread safely. Often many traders blame the SB for all kind of misconduct, when in fact they have not themselves applied basic trading practice.

You're absolutely right gle101. Many blame their brokers for anything that happens to them.

 

[dsb104]

As you know already we dont care whether we are appreciated by LCG for our trading techniques. We are here to make money. A trader that makes money is an aberration for a spreadbet company so of course they need to take some action to prevent this from taking place. I know many traders including myself have been put on dealer confirm with LCG outfits.

Spot-on. Happened to me too. Even had profit removed from my account, a day afterwards.

 

[Jon41]

For what reason out of interest? Would be keen to know the circumstances.

 

[dsb104]

Placed a trade before a news announcement. I guessed right, but they retrospectively deleted it, saying it was "off market", which it wasnt. I was on manual execution (2mins+ to trade) ever since after that.

 

[gle101]

Placed a trade before a news announcement. I guessed right, but they retrospectively deleted it, saying it was "off market", which it wasnt. I was on manual execution (2mins+ to trade) ever since after that.

What did the mean by "off market"? If there was no technical error causing a substantial delay before the actual news release, I see no reason why your trade should not have been valid.

LCG have to respect the EU MiFID financial directives, which clearly states that discrimination of clients is not allowed.

 

[Ross Spur]

What did the mean by "off market"? If there was no technical error causing a substantial delay before the actual news release, I see no reason why your trade should not have been valid.

LCG have to respect the EU MiFID financial directives, which clearly states that discrimination of clients is not allowed.

'Off market' means that they took a bet that lost them money and want to back out. If it had gone the other way it wouldn't have been off market, of course.

 

[gle101]

'Off market' means that they took a bet that lost them money and want to back out. If it had gone the other way it wouldn't have been off market, of course.

I have been trading with CS for many years. Never had a problem with them reverting a trade in this way. I suspect there are more to this story than what is being told.