FTSE100 Spreadbet Execution problem

[chrissutch]

I've got to put my hands up, I've been with Tradindex since 2002 ,their spreads are not the best and their platform is a bit clunck click "meaning no bells or whisles" And This is the first problem that I have had with them in this time , Their customer sevice is on the ball, But I still do not excuse them from this transaction.
However I will continue to trade through them.

 

[capitalspreads]

Problems with wall street feed

as many commentators mentioned on the 3rd.. most SB companies (mainly temporarily) halted their dow prices for a time because the Futures feeds from the CBOT went down (and remained down for almost 2 hours!!) because SB companies take bets and act as an exchange they were able to alter the pricing feeds to the actual Dow cash index, although this does take a few minutes to happen. Firstly the SB has to realise there is a problem at all (!!) then the new ticker feed has to be propegated through the systems.

Capital Spreads moved its feeds and was back up in a couple of minutes. But spare a thought for those clients who have 'real' positions on the exchange and were unable to get out of their positions at all for two hours. Most DA traders will have no phone capability, back up, at all. For these people there was absolutely no comeback.

Simon

 

[bootsyjam]

Haha!
I love you lot! So your response is "at least we weren't down for a couple of hours like other people were." Phew, I feel so much better now, thank you capital spreads. I feel secure again. Even though I can't close a trade by phone as a last resort when it matters, irrespective of trade feed issues. Oops!!

 

[capitalspreads]

bootsy

not sure who you were unable to close with over the phone as the thread seems to be based upon a 'poorly written e-mail' not on an actual failure to make a phone trade. All SB companies allow trading over the phone .... but clients have to be slightly reasonable. If a company has an internet trading system and it goes down you would hardly expect that company to have dozens/possibly hundreds of people sitting around waiting to answer the phones on the off chance that the trading platform failed.

If you expected this of every trading platform/financial market in the world I can assure you that the costs of trading would increase massively as the exchanges / brokers / SB market makers etc etc all over the world would pass this cost onto the clients.

So when problems occur (and after all this particular one was not of the SB companies making ) clients must expect some delay in phone answering.

If an exchange goes down, for traders on that exchange that is the end of the story... NO TRADING...SB companies are not perfect (of course) but in the particular instance mentioned they performed far far better than the exchange ..especially as the market was quite volatile at the time.

cheers

simon