Easy2Spreadbet lost market price orders warning

[DerekL]

Last night at around 5pm I opened a long bet on the FTSE100 cash at the closing price and with a market price stop at the low of the day. This was not a guaranteed stop. This morning at around 7:30 before the market opened I noticed my stop had gone and their quoted price was well below where my (market price) stop had been placed. My position was therefore left with no safety stop and the market was falling. I phoned the trading desk with my concern and they were remarkably casual about the fact that their system had removed my stop. They could only reinstated a stop at their quoted price less a few points.
Naive I might be but I do not expect my stops to be removed and in this case I expected to be stopped out at the best price below my market price stop being that the price had gapped.

 

[fibonelli]

You should make an internal complaint and then inform the FSA if your complaint is not successful. Also find out why their system removed the stop.

Thanks for letting everyone know about this.

 

[A Dashing Blade]

Was the stop GFD (good for the day) or GTC (good till cancelled)?

 

[stevespray]

Last night at around 5pm I opened a long bet on the FTSE100 cash at the closing price and with a market price stop at the low of the day. This was not a guaranteed stop. This morning at around 7:30 before the market opened I noticed my stop had gone and their quoted price was well below where my (market price) stop had been placed. My position was therefore left with no safety stop and the market was falling. I phoned the trading desk with my concern and they were remarkably casual about the fact that their system had removed my stop. They could only reinstated a stop at their quoted price less a few points.
Naive I might be but I do not expect my stops to be removed and in this case I expected to be stopped out at the best price below my market price stop being that the price had gapped.

The system will still have a record of the stop and when it was placed and what kind of stop it was (ie GTC). Your stop, based on what you have said, should have been triggered not long after the market close. If it's their mistake then they would have to make good the loss.

Steve.

 

[DerekL]

It was "COGTC" - a closing order good-till-cancelled. This has happened at least once before - I cannot remember if it was on the new platform or the old. I should have learned from the experience - I may have thought it was just a cut-over glitch (if it was on the new).