Personal EURCHF losses

NVP

Legendary member
37,787 2,112
Hi All,

Is there any Saxo clients in Singapore that have been negatively impacted by their CHF re-pricing.

Some of us are coming together to combine our efforts. If so, please email to [email protected]

great idea - consolidate all affected parties and seek legal advice as a group.............saves on costs ............also escalate your issues on social media regarding the firm involved..........suggest you also use that to get more fellow traders with you who lost out

N
 

Splitlink

Legendary member
10,850 1,234
I'm not railing against the SNB. There are more knowledgeable people able to debate the rights and wrongs of that, than I. However, it seems to me that it has a right to defend itself against what appears to be an increasingly weaker euro.

But dealers, including so-called bucket shops ,many of the latter being quite reputable (moreso than a lot of brokers, by the looks of it) are required to act responsibly with clients money.

On the other hand, a lot of so-called traders have been caught with their pants down and must bear their share of responsibility, too.

Blame is a heavy burden---no one wants to carry it.
 

mebz

Junior member
13 2
Thanks again Mebz

That is a good idea to coordinate a team effort I will see what they say next week. I really hope they can let me trade again as I have been with them for a long time now.

I am trying to be strong but this will put my life upside down. I wont be able to pay this off for decades.

I will keep everyone posted

Get in touch mate. [email protected]

This is no time to be shy....
 

billyjean

Active member
120 5
Thanks again Mebz

That is a good idea to coordinate a team effort I will see what they say next week. I really hope they can let me trade again as I have been with them for a long time now.

I am trying to be strong but this will put my life upside down. I wont be able to pay this off for decades.

I will keep everyone posted


everyone seem mourn from having a huge loss, and they always got my deepest sympathy.
I dont have any proper knowledge with regulation law, or much of it. no matter what I see this not proper to handle such inevetible event.
while i've got opposite result, proper lot size at tickmill account, and give positive result, beyond my expectation. next day I read several article saying there's a huge affect with some brokers, some are having $225 million loss, others cease out their service, another one close their UK branch service. and I'm getting worries my profit would canceled, and I rush to apply withdrawal, and it's done as usual.
it appear several brokers having similar legal action, I imagine more specific way to legalize such act, if this happen to me. did they gonna form a debt collector squad, and knocking at my front door as shown my negative balance trading statement ?
whether i'm going to pay or not and what action is taken if I refuse to pay.
 

dealer911

Well-known member
436 24
My thoughts with all who got carried out on this last week - it's going to be complex ! I guess brokers will struggle to completely wipe negative balances especially if much of the position was hedged.
If they cancel all the losing trades would they then have to cancel all the winning trades (there must have been some on the right side) also the hedged losses will be actual realised losses for many brokers.
I think in this case even prudent risk management and size control were effectively useless - a £20pp position would have lost £60k! How can you provision for that ? -Anyway I hope there is a legal way out on a technicality for all those who suffered life changing losses here!
 

spinola

Established member
614 138
Hi guys

I am negative with IGMARKETS at about $280K AUD.... My stop was at 1.200 but IG closed me out at 0.925.

Have spoken to someone at IG but he said he would get back to me as I have no way of paying this off... I am thinking about bankruptcy... I have no assets to sell to make way for this money.
I am in Australia and was hoping someeone could share any news about IG and are in the same boat


regards
TT

If you have no assets to sell, then , there is nothing for them of yours to liquidate in an attempt to gain any settlement of debt etc.

So, check your local bankruptcy laws. But know this, bankruptcy is designed to protect YOU. So if bankruptcy is the answer, let THEM pay the court costs for it too.

But , again bankruptcy is designed to protect YOU from creditors.

They'll likely have to write it off their books. You can't get blood out of a stone.

But any bankruptcy costs ? let them initiate it and pay for them.


Just a thought.
 

forker

Senior member
2,688 500
I think the takeaway here is to avoid getting anywhere near currencies whose central banks are controlling the value outside of standard mechanisms. You obviously can't avoid all risk but keeping clear of the elephant in the room is definitely something to think about
 
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spinola

Established member
614 138
I think the takeaway here is to avoid getting anywhere near currencies whose central banks are controlling the value outside of standard mechanisms. You obviously can't avoid all risk but keeping clear of the elephant in the room is definitely something to think about

A false currency floor is a trap door .
 

ffsear

Senior member
2,260 513
Sorry to here this. I think IG really should write these debts off as I can't see them being collected. The only risk to you will be if they sell the debt off to some form of collection agency. I don't know if SB companies do this though.
 
 
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