Capital Spreads fraudulently changed the prices of trade executed 2 weeks ago!!!!!!!!

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Boradex, you won't get away with it so there is no point kicking up a fuss. I've been there and done that. CS reverse the trades. Try Finspreads. They don't (or didn't when I was a member)

Oh and if you do get away with it, let me know because the amount of ops I see is not even funny.
 
capitalspreads said:
Dear broadex, Simon is on holiday at the moment (sometimes he is allowed out of the office!) so I am replying on behalf of Capital Spreads. Maybe these screenshots attached will clear this matter up and show why we have reversed some trades.

As you can see the underlying SMI never actually traded at these prices since the spread was some 500 points wide meanwhile our spread remained fixed a 4 points and so the price displayed on our platform at the time was incorrect. I am sure you can appreciate that this is by no means "cheating" on our part and that if you happened to have traded the other way and lost money, we would have given you your money back.

Angus
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Yes, perhaps the underlying SMI, was not changed , but the futures September SMI was volatile for the past two weeks or even more. I only started looking at September futures 2-3 weeks ago and i noticed the high volatiliy on opening and closing prices almost every day for 2 -3 weeks. At first i thought there was a mistake and i never bothered to invest but i realised the spread was consistently wide for 2-3 weeks.- sometimes the opening prices were a couple points low and other times the closing prices were also very low....then i placed a couple of deals. I dont see how CS's mispricing for 2-3 weeks or even more could be a problem of the investor. If this was a once off price error, then it coud be understood. And i dont i cant be made to suffer for a mistake made by your system. If everyone was allowed to reverse the trades they dont like or they made mistakes on, then you might as well reverse a couple of losses i made on your Nikkei225 futures (which are a 100 or so points from the underlying Nikkei).

In addition, the fact that no one can not attend to my query since "Simon is on holiday at the moment" ] sounds unprofessional--- (surely there are other pple at CS who can resolve this matter). I have seen my trading resources go down and my autotrades cancelled and im incurring loads of opportunity cost and stress. I even wrote to CS again about the delay in responding to my query...and this is CS response ..."we acknowledged receipt your complaint and in line with Financial Services Authority regulations, we have up to 8 weeks to issue you with a final response with regards to your complaint" .Im just not happy!!!
 
trader_dante said:
Boradex, you won't get away with it so there is no point kicking up a fuss. I've been there and done that. CS reverse the trades. Try Finspreads. They don't (or didn't when I was a member)

Oh and if you do get away with it, let me know because the amount of ops I see is not even funny.
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and that's it isn't it? His 'edge' was finding mistakes in their pricing and ripping the back out of them..now it's over he's kicking off/crying foul play...luv it...:D
 
broadex said:
I dont see how CS's mispricing for 2-3 weeks or even more could be a problem of the investor. If this was a once off price error, then it coud be understood. And i dont i cant be made to suffer for a mistake made by your system.
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I know it's frustrating mate but you are best to move on. CS's mispricing has been going on for a lot more than 2-3 weeks. I was doing this back in 2007 and I still see opportunities every day and not just with CS.

The stand out trades I remember was buying the Kiwi at £5 and it went 700 pips in 37 minutes on an error. I spoke with Simon personally on that one. I've got the screenshot of my account here but it's not letting me upload images?

Another one was Coffee. Got that here too. Guess how much money I made when I put my entire account on a risk free trade buying Coffee at zero? Yes, zero.

I nearly threw up when that was reversed.

Had many nights taking hundreds of pips in seconds. And believe almost all of them got reversed.
 
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Palpable errors are one thing and are going to occur from time to time even in the best run outfits. But if the mispricing is as common as you suggest Tom, then I have to wonder if there isn’t another angle being played.

If CS (or any of the SBs) don’t want to take the other side of your outright and they can’t or don’t believe they can lay it off, then a deliberate mispricing gets round the ‘problem’ of even having to give an anomalously wide spread to dissuade punters.

Are there any rules on the size of spread SBs can make? I’m guessing there isn’t so they wouldn't have to use mispricing to achieve the same ends, but perhaps mispricing is less of a publicity issue than would be large spreads. After all, their primary marketing push is tight (LOL) spreads.
 
My trading strategy everyday is to identify low priced trades or overpriced trades. I don’t know whatelse a fair-minded investor should do?

Anyway im going all the way with this case ~(no matter what some pple have posted here)...if it means reporting this case to FSA,or Financial Ombudsman for an independent view or Consumer Direct, Contact trading standards or newpaper article ..... I have also approached my laywer with the details!

ITS NOT ABOUT THE MONEY BUT THE PRINCIPLE!!!
 
broadex said:
My trading strategy everyday is to identify low priced trades or overpriced trades. I don’t know whatelse a fair-minded investor should do?
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So, you think you’ve got a better pricing model than the bookie and over time the price should gravitate toward your price and away from theirs? Or do you mean you try and spot genuine mispricing and try and shaft them on it?

broadex said:
Anyway im going all the way with this case ~(no matter what some pple have posted here)...if it means reporting this case to FSA,or Financial Ombudsman for an independent view or Consumer Direct, Contact trading standards or newpaper article ..... I have also approached my laywer with the details!

ITS NOT ABOUT THE MONEY BUT THE PRINCIPLE!!!
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Bollox is it. It’s ALL about the money. You had your free lunch taken away.

While CS probably haven’t dealt with this as speedily as would have been in their interests to so do, and while the mispricing issue itself (providing it isn’t an angle they deliberately play) doesn’t cast them in a particularly professional light, I can see their side of it. Genuine error. Trade reversed. Everyone flat. Square one. No losses.

On the other hand, you could try your luck at taking it further. CS probably won’t budge/ FSA won’t give a sh!t. FOS don’t have any teeth. And you don’t have the wherewithal to take them to court even if you do have a legal basis to do so under contract law.

Best advice I can give is to let it go.
 
Have to agree with The Bramble, you tried to take advantage of a bad price, got caught, and now you're having a strop about it. If you want to talk about the principle, that is it.

Get over it pal. Trot on.
 
broadex said:
My trading strategy everyday is to identify low priced trades or overpriced trades. I don’t know whatelse a fair-minded investor should do?

Anyway im going all the way with this case ~(no matter what some pple have posted here)...if it means reporting this case to FSA,or Financial Ombudsman for an independent view or Consumer Direct, Contact trading standards or newpaper article ..... I have also approached my laywer with the details!

ITS NOT ABOUT THE MONEY BUT THE PRINCIPLE!!!
Click to expand...

irony-life-time-ukraine-female-demotivational-poster-1235751243.jpg
 
At least if you go the FOS route you have the satisfaction of knowing that it will cost the SB, whatever the outcome.
 
hacks said:
I think the FOS charge £400 for every complaint.
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You jest?

£400 for a complaint upheld or just for a complaint made?

Even with an eventual determination of vexatious complaint, a well organised group could inflict serious FOS handling overhead on any target SB they chose. The £400 a piece wouldn’t cause them much financial pain, but the time spent in dealing with FOS most definitely would as presumably there are minimum response times and fixed process and procedures involved etc?

Capital Spreads – are you listening? Mr. Aggrieved here could well organise a small cadre and tie you up for months. Give him back his free lunch. Or alternatively, seed me a new account with £10K and I’ll sort it for you.
 
Ross, why would you encourage someone with no case to take action that is going to cost an innocent party time and money?

because you're a two bit punter who can't make money in the financial markets by legitimate means and has nothing better to do with his time but to blame others and make life difficult for them.

much like the opening poster.
 
shortsell said:
Ross, why would you encourage someone with no case to take action that is going to cost an innocent party time and money?

because you're a two bit punter who can't make money in the financial markets by legitimate means and has nothing better to do with his time but to blame others and make life difficult for them.

much like the opening poster.
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Why has he no case, and who is the innocent party?
 
because he was picking off a palpably incorrect price. Their t's&c's cover this, and the ombudsman wouldn't give such a spurious complaint the time of day.

There is no case. Anyone with any common sense or fiancial markets experience would know there is no case. You don't.
 
shortsell said:
because he was picking off a palpably incorrect price. Their t's&c's cover this, and the ombudsman wouldn't give such a spurious complaint the time of day.

There is no case. Anyone with any common sense or fiancial markets experience would know there is no case. You don't.
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I respectfully point the honourable member to post 29 in this thread..
 
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