IG Index - September Dow closing price

[hpm]

Hi all,

I had a negative position on the September Dow with IGIndex which I opened a few weeks ago. Normally I close my positions or roll them over before expiry. This time I just let it expire. The last trading day for the September Dow was Thur 20 Sept.

The Dow closed Thursday at 13766. It closed Friday at 13820. The Friday high was 13877.

IGIndex closed my position at 13907. I don't get it - surely it should have been closed at approximately the Thursday closing level of the Dow - roughly 13766? I understand that the closing level is based on the underlying future (September Dow) - surely it can't be far different from the closing level of the Dow on Sept 20? Am I missing something?

Also, did anyone here have a positive position on the September Dow with IGIndex? What level did they close you at?

At the very least there is a lack of transparancy here - I dont know how IGIndex came up with the value 13907 - by my reckoning I'm out of pocket by at least 100 * my stake.

 

[shadowninja]

Give them a call. I had to have something sorted out and they were cool about it.

 

[PualoP]

Hi,

Were did you get the settlement price of 13766? You placed a bet on the underlying Sep 07 DJ contract traded on the CBOT, which closed at 13907: http://www.cbot.com/cbot/pub/cont_detail/0,3206,1560+46677,00.html

All seems more than fair to me considering IG gave you the actuall settlement price and not a Bid/Offer price around the settlement price. You should ring them up and say thank you for being so generous. Instead of losing 102 x stake you only lost 100 x stake :cheesy:

 

[hpm]

Thanks: that CBOT site is just what I was looking for. Yes, IG have been more than fair. Rather naively, I expected the Sep contract to close at roughly Thursday's closing price of the DJIA.

Hi,

Were did you get the settlement price of 13766? You placed a bet on the underlying Sep 07 DJ contract traded on the CBOT, which closed at 13907: http://www.cbot.com/cbot/pub/cont_detail/0,3206,1560+46677,00.html

All seems more than fair to me considering IG gave you the actuall settlement price and not a Bid/Offer price around the settlement price. You should ring them up and say thank you for being so generous. Instead of losing 102 x stake you only lost 100 x stake :cheesy: