Making a claim against a cfd provider

[TomTom]

Apoligies Accepted .

NS1000 so stopping him closeing at 200 ( 10% of the toatal postion ) a time through online platform is ok ?
He even attempted to close at 200 over the phone and the dealer claimed low volume on a major index at 16.00hrs so they could not accept his instructions.
Even though a 2000 clip is high, the orders could be put in to the market at lower sizes by CMC to close the postion, as sugessted wouldnt you agree ?

This is clearly obstruction on there behalf.

Still think CMC was right and dont have a case to answer ?

Others who have problems with SpreadBetting Firms executing the close of postions through what ever problems/excuses makes intresting reading when the result of the closure of the trade has a negative effect on the custermer.

 

[ns1000]

Apoligies Accepted .

NS1000 so stopping him closeing at 200 ( 10% of the toatal postion ) a time through online platform is ok ?
He even attempted to close at 200 over the phone and the dealer claimed low volume on a major index at 16.00hrs so they could not accept his instructions.
Even though a 2000 clip is high, the orders could be put in to the market at lower sizes by CMC to close the postion, as sugessted wouldnt you agree ?

This is clearly obstruction on there behalf.

Still think CMC was right and dont have a case to answer ?

Others who have problems with SpreadBetting Firms executing the close of postions through what ever problems/excuses makes intresting reading when the result of the closure of the trade has a negative effect on the custermer.

Actually, I don't think he has an automatic right to close online in larger size than the market. Let's be honest, he wasn't asking to close £200 was he, but £2000 in 10 clips. If he'd been able to do £200 online and then had the other 9 clips rejected you'd be on here complaining how they always reject trades. As I said, in their terms and conditions they'll be something about their right to limit the size a market is good in. I also don't believe he has told you the whole story; did he ask on the phone how he could close his trade, or just demand to be able to deal 10 times at £200? If they refused to close his position, then they've acted wrongly, but if they simply haven't closed a large trade at the price he demanded but still acted according to their t&c's, then there's nothing you can do. It's not great customer service, but this is CMC.

 

[TomTom]

Hi NS1000,
All orders online was refered to dealer, ( telephone dealer ) When the time came to close the postion.
So orders to close at 200 entered on the online platform market maker was refered to dealer, this was just miunites after the platform accepting buy orders of 300 & 500.
ASAP he phoned the desk and that was when the problems arose. A request for the the 2000 postion to be closed at smaller sizes, the dealer did advise that he knew who to clip the market but then refused to place these orders. It was explained that there is a 2000 long and, wanted to close this postion, dealer stated he could not accept any instructions to close my position.

My friend was not one one to panick, as this conversation would be recorded, it was confermed by CMC they had the transcript of this conversation but it would cost ( dont know exact figure but over £100 ) £100. Payment sent and chechque cashed. Chased up confermed they got transcript then never sent it. Now they claim they have no records of what was said when the dealer was called as per message on platform.

This appears to me that CMC have questions to answer, I saw his trading statement for the day in question with a large postion built in a small time frame, then no action untill CMC liquidated the postion in less than half hours time from when the last buy order was accepted on the online platform.

Volume was there in this Index as I was trading in large lots on the other side.
One of my thoughts is that his orders were not put into the market to cover there postion, resulting in a loss for the firm when the postion was closed, and someones head would roll for at CMC for this hense the obstruction tactics used.

This will come out in the wash, with the relevent renumeration reimbursed pluss considerable compensation for there actions one way or another.

 

[stevespray]

Hi NS1000,
All orders online was refered to dealer, ( telephone dealer ) When the time came to close the postion.
So orders to close at 200 entered on the online platform market maker was refered to dealer, this was just miunites after the platform accepting buy orders of 300 & 500.
ASAP he phoned the desk and that was when the problems arose. A request for the the 2000 postion to be closed at smaller sizes, the dealer did advise that he knew who to clip the market but then refused to place these orders. It was explained that there is a 2000 long and, wanted to close this postion, dealer stated he could not accept any instructions to close my position.

My friend was not one one to panick, as this conversation would be recorded, it was confermed by CMC they had the transcript of this conversation but it would cost ( dont know exact figure but over £100 ) £100. Payment sent and chechque cashed. Chased up confermed they got transcript then never sent it. Now they claim they have no records of what was said when the dealer was called as per message on platform.

This appears to me that CMC have questions to answer, I saw his trading statement for the day in question with a large postion built in a small time frame, then no action untill CMC liquidated the postion in less than half hours time from when the last buy order was accepted on the online platform.

Volume was there in this Index as I was trading in large lots on the other side.
One of my thoughts is that his orders were not put into the market to cover there postion, resulting in a loss for the firm when the postion was closed, and someones head would roll for at CMC for this hense the obstruction tactics used.

This will come out in the wash, with the relevent renumeration reimbursed pluss considerable compensation for there actions one way or another.

Words of advice - Take this to the Financial Ombudsman Service and specify that they ask for the tapes of the conversations. What else the Ombudsman comes up with doesnt really matter - what matters is that you will have the tapes and, if the dealer is heard to say what you say he said, then you'll have a decend court case.

Steve.

 

[TomTom]

Thanks Steve,
Allready done this, Odbusman Investigating now. It has taken a while however all will come out in the wash.

Tapes had been requested under the data protection act, and they quote they cant find them, this sounds very dodgey after requesting payment and conferming that they have this transcrip, then suddenly report we can not find that is required.

Still this will come out in the wash.

Thanks for your input Steve & ns1000

 

[A Dashing Blade]

A fellow trader I know well had similar problems . . . He was over £2k per point Long. . . . When he requested to sell at 200 per point excuses like low market volume at 16.00hrs

Fair enough on something like FTSE or Dax (I'm guessing European as you're talking about 16.00 hrs) for the full 2k as selling the equivilant of 200 contracts (FTSE) is gonna result in seriously f*cked slippage, but no way on something like the Stoxx (which can easily accomodate that size).

But the equivilant of 20 contracts . . . bullsh1t.

 

[TomTom]

Dashing Blade, needed to close on Dax, at that time of the day , Volume or not ( there was adiquate volume to cover even with clipping 12-20 a time would of been oborbed ) CMC accepted buy orders minunites before at 200 & 300per point. Then made excuses / caused obstructions when it came to close.

Looking forward to what comes out when Odbusman Concludes his investigation.

Will keep you all posted