Best Thread Capital Spreads

FXSCALPER,

Glad to hear you've swithced companies mate, well done.

If your playing direct access and spread betting, why not just stick to DMA. Then you can call yourself a trader as a profession as oppose to a gambler.

Now you've changed companies, anyone else that feels to do so can as well, it's the only language companies understand if their not listening.

Hopefully now Nine has helped put this to bed and we can all move on to better things in life and put this down to a bad experience with another person gambling with spread bet companies.

I wish you luck in life FXSCALPER and hope you get back all that money you lost with spreadbetting from direct access.
 
Lee Shepherd said:
I wish you luck in life FXSCALPER and hope you get back all that money you lost with spreadbetting from direct access.
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Queen%20Bitch.jpg
 
capitalspreads said:
A lot of comment in the two days away.

As for FX's questions ... which i have answered about five bl***dy times.

If we rejected a trade and subsequently filled it don't you think that would break just about every FSA, Mifid rule in the book? So the answer is no we don't ..Is that clear enuf? Please do not confuse a 'trade rejection' with a message saying 'there has been a problem with the trade please check your open positions' (or words to that effect). i.e very occassionally, as we are a web based trading platform (rather than a downloaded one), there can be connection faults between our servers and your pc. If your pc does not get a trade confirm, or rejection, on a trade request made by you within a certain time period it will default to a message telling you to check your positions (or trade blotter) to see whether the trade has happened or not. I personally would consider this to be a very good safety valve. My dealers make hedging trades via various exchanges and quite frequently it is difficult to know, immediately, whether we have been filled or not because there is no confirm ticket on screen.

Other question... Yes we reject some trades.... I have said this god knows how many times. .. no we do not do 'requotes' the client must made the trade attempt again...again this is blatently obvious to anyone with an account with us.

No doubt somehow these answers will cause offence to somebody somewhere. Some people always think that every trade they ever make should be accepted no matter what. I am afraid that the market do not (and never have) worked that way. As many readers here who have actually traded 'direct access' will know very well, frequently somebody, somewhere, is just faster than you and you end up on the 'offer' or 'bid' with nothing done.

Simon
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Simon, You say not to confuse the “Trade Rejected” message with the message which says “Please check your open positions” – the problem is that the “Please check your open positions” message box clearly starts with the heading “TRADE REJECTED”. The first time I experienced this I was quite confused. Lucky for me the trade went in my favour. In that particular case I had a day of appointments with clients – I could have easily gone out and not noticed that a position had opened even thought the ticket clearly stated “Trade Rejected”. You have stated that the only way for a client to open a trade, after a “Trade Rejected” ticket is issued by your system, is for the client to attempt a further trade – this clearly isn’t the case if a “Trade Rejected” ticket (along with advice to check open positions) could lead to a situation where a trade may or may not be open. I understand you point about connectivity between your systems and that of a client. That seems like a problem which simply cannot be solved – it is the nature of trading via the internet. I would suggest that you need to replace the box which says “Trade Rejected” followed by “Please check open positions” with a box which clearly indicates that some kind of communication error has occurred and warns the client that they need to contact you swiftly in order to establish their true position.
I say this because I have had a “Trade Rejection + Check open position” notice which I followed. I checked my open positions and no positions were revealed. However, a few minutes later, a position showed up. As it was I was here and I was able to deal with the situation. I have also had two positions open on my account based on only one order. Again I noticed this within 5 minutes or so and was able to telephone dealing to check what had happened. Within a few minutes your dealing staff were able to cancel the second position. All these cases were made easier because I was actually here closely monitoring my computer. This meant that any potential dispute was limited merely to ‘a spread’ in the particular market which I was trading. I would however question what would have happened if I hadn’t spotted or reacted to the error so swiftly. This perhaps is the ‘danger’ which FX alludes to in is posts?

With regard to your direct access broker..... if you are not getting immediate conformations (from electronic based markets) then I would think about changing brokers! Anyone who keeps you hanging about waiting to see if you were filled is clearly living in the 70’s.


Steve.
 
stevespray said:
Simon, You say not to confuse the “Trade Rejected” message with the message which says “Please check your open positions” – the problem is that the “Please check your open positions” message box clearly starts with the heading “TRADE REJECTED”. The first time I experienced this I was quite confused. Lucky for me the trade went in my favour. In that particular case I had a day of appointments with clients – I could have easily gone out and not noticed that a position had opened even thought the ticket clearly stated “Trade Rejected”. You have stated that the only way for a client to open a trade, after a “Trade Rejected” ticket is issued by your system, is for the client to attempt a further trade – this clearly isn’t the case if a “Trade Rejected” ticket (along with advice to check open positions) could lead to a situation where a trade may or may not be open. I understand you point about connectivity between your systems and that of a client. That seems like a problem which simply cannot be solved – it is the nature of trading via the internet. I would suggest that you need to replace the box which says “Trade Rejected” followed by “Please check open positions” with a box which clearly indicates that some kind of communication error has occurred and warns the client that they need to contact you swiftly in order to establish their true position.
I say this because I have had a “Trade Rejection + Check open position” notice which I followed. I checked my open positions and no positions were revealed. However, a few minutes later, a position showed up. As it was I was here and I was able to deal with the situation. I have also had two positions open on my account based on only one order. Again I noticed this within 5 minutes or so and was able to telephone dealing to check what had happened. Within a few minutes your dealing staff were able to cancel the second position. All these cases were made easier because I was actually here closely monitoring my computer. This meant that any potential dispute was limited merely to ‘a spread’ in the particular market which I was trading. I would however question what would have happened if I hadn’t spotted or reacted to the error so swiftly. This perhaps is the ‘danger’ which FX alludes to in is posts?

With regard to your direct access broker..... if you are not getting immediate conformations (from electronic based markets) then I would think about changing brokers! Anyone who keeps you hanging about waiting to see if you were filled is clearly living in the 70’s.


Steve.
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Steve, is it possible for you to go back to a black font? I find it hard reading your post.
 
FXSCALPER2 said:
You, on the other hand, take ages to fill the trade which I cannot cancel if I wish. Then the open position doesn't show for a long time so I can't do anything with it. This is completely unacceptable. What I am saying here is revamp your[tries not to swear:D] platform so this issues do not arise.
Click to expand...
Tell me FXSCALPER, when does this happen? Are you trading the news? A couple of month back I experienced the same problem, but not anymore. Trading through a SB (fixed spread) during news releases is a tricky business and could be risky, due to the fact that the real market could have a wider spread. I would not be trading during news releases, if I knew a delay might occur with a particular SB, while executing my order. My point is, who is to blame if you are taken for a ride?
 
[QUOTE:Simon]
i.e very occassionally, as we are a web based trading platform (rather than a downloaded one), there can be connection faults between our servers and your pc.[/QUOTE]

Seems your hinting that a stand alone based trading platform such as CMC's are more robust when compared to a web based platform for Client trade executions???

Steve's 70's quote made made me think of that Internaxx add...:D
With Simion stood with his dealer's admiring his new IT system and discussing how advanced his arial software is.....Then someone mentions using a Direct Access broker like Interactive Brokers ....:D

If people haven seen the add......
YouTube - Internaxx Online Share Dealing and Investment
 
...... Classic

Check out that guy in the beige safari jacket with the tash and glasses.... amazing!

Steve.
 
Simon, You say not to confuse the “Trade Rejected” message with the message which says “Please check your open positions” – the problem is that the “Please check your open positions” message box clearly starts with the heading “TRADE REJECTED”. The first time I experienced this I was quite confused. Lucky for me the trade went in my favour. In that particular case I had a day of appointments with clients – I could have easily gone out and not noticed that a position had opened even thought the ticket clearly stated “Trade Rejected”. You have stated that the only way for a client to open a trade, after a “Trade Rejected” ticket is issued by your system, is for the client to attempt a further trade – this clearly isn’t the case if a “Trade Rejected” ticket (along with advice to check open positions) could lead to a situation where a trade may or may not be open. I understand you point about connectivity between your systems and that of a client. That seems like a problem which simply cannot be solved – it is the nature of trading via the internet. I would suggest that you need to replace the box which says “Trade Rejected” followed by “Please check open positions” with a box which clearly indicates that some kind of communication error has occurred and warns the client that they need to contact you swiftly in order to establish their true position.
I say this because I have had a “Trade Rejection + Check open position” notice which I followed. I checked my open positions and no positions were revealed. However, a few minutes later, a position showed up. As it was I was here and I was able to deal with the situation. I have also had two positions open on my account based on only one order. Again I noticed this within 5 minutes or so and was able to telephone dealing to check what had happened. Within a few minutes your dealing staff were able to cancel the second position. All these cases were made easier because I was actually here closely monitoring my computer. This meant that any potential dispute was limited merely to ‘a spread’ in the particular market which I was trading. I would however question what would have happened if I hadn’t spotted or reacted to the error so swiftly. This perhaps is the ‘danger’ which FX alludes to in is posts?

With regard to your direct access broker..... if you are not getting immediate conformations (from electronic based markets) then I would think about changing brokers! Anyone who keeps you hanging about waiting to see if you were filled is clearly living in the 70’s.


Steve.
Click to expand...

Hmmm i think that falls under Capital Spreads "Palpable Error" clause. Still waiting for guidance from Capital Spreads on what procedure clients need to follow to reconcile all trades against Capital Spreads true data which , as it seems clients do not have full sight of.

So far they have said absolutely nothing highlighting procedurers to follow and frequency/form of Capital Spreads tick data to allow this to take place and can only assume vacant clients are open to bleeding cash from their accounts on these rogue pricing errors.


AWAITING PROCEDURE. OVER
 
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Crap Buddist said:
Hmmm i think that falls under Capital Spreads "Palpable Error" clause. Still waiting for guidance from Capital Spreads on what procedure clients need to follow to reconcile all trades against Capital Spreads true data which , as it seems clients do not have full sight of.

So far they have said absolutely nothing highlighting procedurers to follow and frequency/form of Capital Spreads tick data to allow this to take place and can only assume vacant clients are open to bleeding cash from their accounts on these rogue pricing errors.


AWAITING PROCEDURE. OVER
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I think you have to keep track by yourself. Using a external feed for monitor the movement of the underlying asset and comparing it to the SB quote. I don't think any SB will make a refund unless you claim it. Feel free to correct me if I am wrong on this assumption. The only time I can think of the SB making a refund without claiming it is, when there was an obvious technical feed error causing a stop loss to be triggered.
 
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guys,, cantor is offering ft100 shares at market price till end of the month and free DOW JOHN NEWS WIRE.
 
gle101 said:
I think you have to keep track by yourself. Using a external feed for monitor the movement of the underlying asset and comparing it to the SB quote. I don't think any SB will make a refund unless you claim it. Feel free to correct me if I am wrong on this assumption. The only time I can think of the SB making a refund without claiming it is, when there was an obvious technical feed error causing a stop loss to be triggered.
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Capital Spreads have said they automatically make good a client who has had a trade stopped due to palpable errors. But RECENT reoccurring posts suggest this just isnt happening.

Now if Capital Spreads are able to detect palpable errors and claw back monies based on their prices (which may be temporarily palpable in nature at times due to the erm, nature of systems trading) then it makes sense that they provide this assayed actual true data to the clients so they can reconcile each trade.

Transparency, nothing else, no ones trying to catch anyone out, I mean if a tick is a tick then let the chips fall where they may yes ? now clients need access to actual true capital spreads data which isnt always reflected on the charts or dealing prices it seems, hence then need for clients to reconcile against True Prices which Capital spreads obtain/keep... that just needs to be passed on.

So to sum up capital spreads say they automatically refund due to palpatations etc. but clearly its not happening is it ? Hence let the client reconcile their own trades.

Now how do they get the true data ?
 
crap buddist

we do not hold exchange market information (but we can of course get hold of it quite simply) we only hold our own 'quote' information. Any client with a complaint about a fill level would merely have to access the exchange trade information. It would be a bit difficult if we provided both the exchange data AND our own price data as this would surely be a conflict of interest. And given the level of trust shown by some it would hardly satisfy a complainant.

If there is a query/complaint about adverse fills on price errors we will always correct the error. We cannot just ignore a fair client complaint.

If the price error is against us then of course we provide full data to the client. Generally 'time and sales' data from Bloomberg or Reuters or whichever data supplier we use for that instrument. We cannot just say "in our opinion the price was not there" we must prove it.

Cancel trade requests

We are not going to allow clients to just cancel trade requests. Sorry but it is just not going to happen. Either the trade gets accepted or rejected. Black or White. Trade processing is down to seconds these days anyway so this should not be an issue anymore anyway. Processing of orders is a different matter as we are talking about standing intructions left with CS as the market moves through a trigger point (the price set by you, the client). Whether we fill these in a second or in 20 seconds makes no odds as the event of the activation is not in doubt. Over a data release we will get hundreds of orders activated in a couple of seconds. Unfortunately we still have to ensure that the activation of the orders is 'fair' for the client. This can take a while.

We had a period about five months ago when there was a delay on trades appearing on account open positions (not on the acceptance of the trades but on their subsequent apperance on your open position sheet) but that was for only a tiny period when a new upgrade was failing miserably. It has been many months since this has been an issue at all. when I place a test trade it appears almost instantly in my account.

Simon
 
capitalspreads said:
crap buddist

we do not hold exchange market information (but we can of course get hold of it quite simply) we only hold our own 'quote' information. Any client with a complaint about a fill level would merely have to access the exchange trade information. It would be a bit difficult if we provided both the exchange data AND our own price data as this would surely be a conflict of interest. And given the level of trust shown by some it would hardly satisfy a complainant.

If there is a query/complaint about adverse fills on price errors we will always correct the error. We cannot just ignore a fair client complaint.

If the price error is against us then of course we provide full data to the client. Generally 'time and sales' data from Bloomberg or Reuters or whichever data supplier we use for that instrument. We cannot just say "in our opinion the price was not there" we must prove it.

Cancel trade requests

We are not going to allow clients to just cancel trade requests. Sorry but it is just not going to happen. Either the trade gets accepted or rejected. Black or White. Trade processing is down to seconds these days anyway so this should not be an issue anymore anyway. Processing of orders is a different matter as we are talking about standing intructions left with CS as the market moves through a trigger point (the price set by you, the client). Whether we fill these in a second or in 20 seconds makes no odds as the event of the activation is not in doubt. Over a data release we will get hundreds of orders activated in a couple of seconds. Unfortunately we still have to ensure that the activation of the orders is 'fair' for the client. This can take a while.

We had a period about five months ago when there was a delay on trades appearing on account open positions (not on the acceptance of the trades but on their subsequent apperance on your open position sheet) but that was for only a tiny period when a new upgrade was failing miserably. It has been many months since this has been an issue at all. when I place a test trade it appears almost instantly in my account.

Simon
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Good and solid replies, thank you Simon.
 
gle101 said:
Good and solid replies, thank you Simon.
Click to expand...

You astound me, you really do. So one of Simon's dealers is going to take ages to decide whether to fill the trade, he can reject it but you can't cancel it? Why? How can he get away with that? How can he say, 'sorry, it just isn't going to happen' and people say 'that is great, thanks you'? So I hit USDJPY at 108.20 and it takes 20 seconds to fill, I am sitting there looking at the price and so is Simon's dealer. He can reject (basically cancel) the trade but I can't withdraw it? That is too funny.

ok people, I am off. Simon has answered my question really. You will have to trade with all the problems because 'it just isn't going to happen'. My job here is done. If people read this and still day trade with Capital Spreads, well what can you say, eh?

Enjoy.
 
FXSCALPER2 said:
You astound me, you really do. So one of Simon's dealers is going to take ages to decide whether to fill the trade, he can reject it but you can't cancel it? Why? How can he get away with that? How can he say, 'sorry, it just isn't going to happen' and people say 'that is great, thanks you'? So I hit USDJPY at 108.20 and it takes 20 seconds to fill, I am sitting there looking at the price and so is Simon's dealer. He can reject (basically cancel) the trade but I can't withdraw it? That is too funny.

ok people, I am off. Simon has answered my question really. You will have to trade with all the problems because 'it just isn't going to happen'. My job here is done. If people read this and still day trade with Capital Spreads, well what can you say, eh?

Enjoy.
Click to expand...
Good luck and take care!
 
capitalspreads said:
crap buddist

we do not hold exchange market information (but we can of course get hold of it quite simply) we only hold our own 'quote' information. Any client with a complaint about a fill level would merely have to access the exchange trade information. It would be a bit difficult if we provided both the exchange data AND our own price data as this would surely be a conflict of interest. And given the level of trust shown by some it would hardly satisfy a complainant.


Simon
Click to expand...

yes of course as capitlal Spreads provide a derivative price and offer that to clients on which they can trade, Agree it makes no sense to send the cleint off to speak to exchange about the integrity of the exchanges price and thats not the issue. The issue is with clients being able to reconcile their trades with the price that you capital spreads supply to its own clients.

And that is what makes it even more comical, you are pulling your own prices yet somehow expect all customers to be fully aware of your own price even though your own price is made some time after the event.

Thats why clients need to have access to Capittal Spreads prices ,even though you say they reflect the underlying.

So how does a client get this capital spreads price data, which is unique to Capital Spreads ?

What is the procedure to allow reconcilliation as clearly you are retro reconcilliating your quotes against historical exchange data, at times and clawing back monies from clients because you state it was a palpable error some hours previous.

Clients only want the same but they need Capital Spreads true price quotes when you lot decide its true and dealable, even if thats several hours after the underlying has shifted.



If you are settling prices based on your derived(and supplied) quote to your clients , then clients only need that. Thats the beauty of it, clients wont need 28 different price feeds to reconcile against, they only need the one, yours. Thats all there is to it.
 
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