CMC new terms and conditions

olwenh

Active member
112 0
I received an e-mail today from cmc advising about a change in their terms and conditions - with a link to the details.

The link doesn't work for me - anyone know what it's about?

o
 

awoodj

Active member
142 0
The main link works

The main link to the pdf file works but the summarised changes bit does not. Not had a chance to wade through and spot the differences so hopefully they will send out the correct link shortly.
 

eminem

Active member
185 1
There are only 4 changes that I can see, i will post them up if anybody is interested.
 

darrenf

Well-known member
481 3
neither link works for me.

I had a further email saying to copy/paste the link to ie search bar- this doesn't work either!

Not that I'm suspicious of them or owt, but if someone can post the main changes, I would very much appreciate it.

(My email to them not yet answered and can't find a link on their website either - Twats!)
 

awoodj

Active member
142 0
Please do post them

Be interested to know if they are anything significant to worry about.
 

Delmonico

Junior member
25 0
I second darrenf.
Am also having the same problems + tardy reply from D4F as usual.
So perhaps eminem will be so good as to post them.
Cheers
 

eminem

Active member
185 1
Okies here they are:

1.1 We have clarified the fact that the End User Licence for our trading software forms part of the Agreement between us.

6.6 We have inserted a new clause to clarify the fact that we may avoid any purported contract based on a price which results from an alteration or modification of our trading platform in a way not authorised by us.

18.2(c) We may charge an administration fee in the amount of £200.00 upon the occurrence of each Specified Event.

20.6 We have inserted a provision to clarify the fact that we may cease to offer bets in a particular underlying at any time. However, before we do so, we will give you prior notice specifying the date before which you should close out all your open bets in relation to that underlying, failing which we will close out those remaining open bets positions ourselves.



1.1 - no comment needed
6.6 - so a hack is out of the question then??
18.2 - dunno what the original referred to, have to have a look, prob wont affect me tho (he said hopefully)
20.6 - another one sided change to hinder the punter and line the pockets of CMC...alledgedly.
 

darrenf

Well-known member
481 3
Yes. Thanks eminem.

Nothing too ominous after all.
 

chump

Senior member
2,212 274
20.6 has potential for trouble. If it refers to the fact that they will drop a particular instrument at some point in time,fair enough,but alongside that do they give some form of minimum notice term which would give players notice either not to get in ,or reasonable notice to get out of a trade?.
In addition, from the transcript given is there any reason that may not be simply interpreted to mean that CMC have the right to refuse any bet ,on anything, at any time ? If they can then presumably that means you can only guarantee to close out an open bet by taking the closing position with another SB ?
 

stevespray

Experienced member
1,289 154
Looks to me like 20.6 is a kneejurk reaction to the Regus saga. I'm think I'm right in suggesting that Regus suggested to all shareholders that they contact their brokers and request that their shares be made unavailable for 'stock lending'. The effects seemed two fold, 1) A short squeeze - the price rises, 2) No stock was available to short sell so the spreadbet companies were unable to hedge short positions.
Again I would ask the question "Is this another attempt by the spreadbet company to remove an element of risk on their part ?" Surely they need to determin their risk at the time they enter into the contract with the customer and not use someking of 'harry hindsight' method. If I was forced to close an open position I would challenge them on it. It would be very easy for the punter to argue that term 20.6 was unfair to the detriment of the consumer and therefore invalid as it was not individually negociated.

Steve.
 

tradertim

Member
68 5
I too was unable to view either link, but on asking D4F they sent me PDF & Word attachments yesterday (with the full terms of business & the changes respectively), without delay. If your links still don`t work, then I suggest you ask D4F for the same.
 

DerekL

Newbie
8 0
Hi,
I too had problems with the link but got it to work by copying and pasting to my browser address bar. You must copy up to and including ".PDF" though - this bit was not underligned by my email client (outlook express).
 
 
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