Privacy

[trader_dante]

I was very surprised and somewhat dismayed to open a letter this morning from IG Markets and read about their relation with T2W and how it relates to your privacy.

I've decided not to post anything from the letter as it says "Private & Confidential" at the top but I wondered if anyone else has received such a letter and whether they are concerned?

Tom

 

[trendie]

you mean the
"... You have been introduced to us by Trade2Win to whom we pay a portion of the dealing commission/spread/funding that we apply ......" bit?

and " ... We may share certain data regardng your account, including transactions and account details, with Trade2Win." ??

EDIT: TD, my edit was happening as you replied!!

 

[trader_dante]

you mean the
"... You have been introduced to us by Trade2Win to whom we pay a portion of the dealing commission/spread/funding that we apply ......" bit?

Effectively, T2W can deduce the scale of trading that we transact with IG??

I was actually thinking of the next two sentences after that, Trendie.

 

[Charlton]

you mean the
"... You have been introduced to us by Trade2Win to whom we pay a portion of the dealing commission/spread/funding that we apply ......" bit?

and " ... We may share certain data regardng your account, including transactions and account details, with Trade2Win." ??

EDIT: TD, my edit was happening as you replied!!

That alone would be illegal under the Data Protection Act

Charlton

 

[trader_dante]

That alone would be illegal under the Data Protection Act

Charlton

That is what I am thinking.

I don't use IG for much other than the odd low stakes trade but I am extremely concerned by this and how other companies may be doing the same thing.

 

[GladiatorX]

That is what I am thinking.

I don't use IG for much other than the odd low stakes trade but I am extremely concerned by this and how other companies may be doing the same thing.

Another reason to trade DMA

 

[zupcon]

That alone would be illegal under the Data Protection Act

Surely brokers share data with introducing brokers all of the time ?

 

[trader_dante]

Can I add that I am not upset with T2W's involvement in this but I am just concerned over IG's. They say they can share"transactions" and "account details" so one can deduce that this could include how much money we pay in, how much money we take out, what trades we do and at what size, our P&L etc...again, I would have thought that the reason for this would be to prove to T2W how they were earning their kickback. E.g. "TD deposited £500 and traded 5 times at £5 a tick so you have earnt X amount" but still...

 

[zupcon]

Can you remember how you opened your account with IG ?

Did you click a banner link by any chance ?

 

[GladiatorX]

Can I add that I am not upset with T2W's involvement in this but I am just concerned over IG's. They say they can share"transactions" and "account details" so one can deduce that this could include how much money we pay in, how much money we take out, what trades we do and at what size, our P&L etc...again, I would have thought that the reason for this would be to prove to T2W how they were earning their kickback. E.g. "TD deposited £500 and traded 5 times at £5 a tick so you have earnt X amount" but still...

My interpretation is that they NOW have an agreement, whereby if you sign up with a referral for Trade2Win then bla bla bla ... I didn't get the letter though ...

What i don't understand is what information do Trade2Win have, that verifies that you are indeed the IG account owner - An email address ?

Does this mean that all members of Trade2win (Somehow ? ) who have an IG account, will have this information sent to T2W ? Or just people that gave certain information ?
Because i should warn Robster.

 

[trader_dante]

My interpretation is that they NOW have an agreement, whereby if you sign up with a referral for Trade2Win then bla bla bla ... I didn't get the letter though ...

No, it's obviously been going on for some time because I have had my account with IG for as long as I can remember and it says:

"We will continue to operate on the following basis: You have been introduced to us by Trade2Win..." etc

 

[donaldduke]

There doesnt seem to be any reason for IG to reveal names or email addresses as far as i can see.

 

[Trader333]

Whilst I don't know the arrangement that T2W has with IG, I would think that there is a deal that would involve commission paid to T2W based on either transactions made or something similar. I suggest that IG be contacted and asked exactly what information is being given.


Paul

 

[trader_dante]

Whilst I don't know the arrangement that T2W has with IG, I would think that there is a deal that would involve commission paid to T2W based on either transactions made or something similar. I suggest that IG be contacted and asked exactly what information is being given.


Paul

Will do tomorrow.

 

[Black Swan]

Can I add that I am not upset with T2W's involvement in this but I am just concerned over IG's. They say they can share"transactions" and "account details" so one can deduce that this could include how much money we pay in, how much money we take out, what trades we do and at what size, our P&L etc...again, I would have thought that the reason for this would be to prove to T2W how they were earning their kickback. E.g. "TD deposited £500 and traded 5 times at £5 a tick so you have earnt X amount" but still...

Generally if you open an account for an SB company (by way of introduction) they may give you an account opening commission they do give you a % commission based on the volume of business the client does thereafter. It's paid retrospectively each month. YOU AS AN INDIVIDUAL ARE NOT NAMED, YOU ARE A REF. NUMBER. The SB Co and the introducer do not *share* knowledge on the individual. Hope that helps.

 

[Splitlink]

Were you all introduced by T2W?

 

[donaldduke]

I use adblock myself and go to websites direct.

But it's good to see other members contributing towards Sharky's fat dividends.

 

[montmorencyt2w]

I am a client of IG and have not received such a letter. But I was a client of theirs before I joined T2W, and was certainly not introduced to them by T2W. Also I imagine my account is a bit smaller than Tom's, which may be another reason ...

 

[DionysusToast]

Just more fuel to my casino theory...

http://www.trade2win.com/boards/general-trading-chat/85318-wall-street-casino-minus-sum-game.html

 

[tomorton]

Generally, information relating to an individual covered by the Data Protection Act can only be disclosed with the person's consent. It is staggeringly bad customer care that IG seem to believe they may not have fully informed their customers of the arrangement with T2W, even if consent to disclose data has been given, hence they felt the need to refer to it in their recent letter.

On the other hand, in this case, they may be compliant with the Act if if the data is not traceable to an individual by name, or of the data has elsewhere been placed in the public domain by that person.

Whereas IG should have been more clear about what they were doing, it seems that consent to disclose data arising in the future can be withdrawn by the individual.