IG Group - Breach of FCA Rules?

[igeurchfloss]

http://www.reuters.com/article/2015/06/04/swiss-franc-ig-idUSL5N0Y93M020150604

Article just out.... IG traded ahead of the clients that got filled at 0.9250 and at better prices. They initially said they had no liquidity for first 10 mins

 

[MajorMagnuM]

should thin out their rakes a little

 

[bwge]

I G is not the same as it use to be..............
I have moved on and am transferring my business elsewhere
not having my eggs in one basket

the only thing I like about IG is getting FREE charts after doing the minimum trades
but place my trades elsewhere

 

[igeurchfloss]

Two more stories...I believe based on the Reuters one


http://news.forexlive.com/!/ig-trad...-snb-cap-was-removed-says-ig-clients-20150604

http://www.forexcrunch.com/snbomb-disturbing-information-on-ig-and-alpari-uk/

 

[moka2]

OTC "Brokers" Why bother?

Why do people go to such OTC ( Over the counter brokers) offering CFD/ OTC options, Spreadbets and worst of all Binary Options
When better regulated TRUE exchange traded products are available
in form of
Futures
Levergaed ETFs adn Option
Options on futures etc (and Spreads made up of Exchange Traded Options)

You are in the market to take Market Risk not the additional and stupid risk of Broker conflict of interest + Broker default Client money safety!

 

[igeurchfloss]

@moka2 - Good question....and to most its a lesson learnt. For those that can stand up again after crippling losses with IG, I'm sure they will stick to the ECN guys with no dealing desks.

 

[moka2]

@moka2 - Good question....and to most its a lesson learnt. For those that can stand up again after crippling losses with IG, I'm sure they will stick to the ECN guys with no dealing desks.

To be fair to OTC brokers if we are talking about Black swan event (Swiss Franc) and it's effect on negative balance a trader would be in same boat (sinking) if the position was on a Exchange traded product! Futures / Option (Sold)

The only reason OTC appeals is for Leverage which is a double edged sword but people conveniently forget that fact and start complaining when things go against them which are then magnified due to leverage
Compund that with the fact that any tom dick and harry can start a FX brokergae is places like Seychelles for pittance


Flip side of OTC,
-NO participation in Client money safety insurance scheme ( except in UK)
- Hard to establishTrue "No conflict of interest"
- How do we know that the price action claimed by broker is TRUE market? since there is no central exchange
One Fx broker may say my EUR/USD pair traded at xxx
Other one may say mine traded at YYY

If this was a currency Futures then the exchange is the TRUE PLACE

Simple and clear