Spread Betting Prices

MrFroggy

Newbie
4 0
Hello, I am new to spread betting, I had a demo account for a few months and recently decided to try it for real. However I lost a bet today and I am wondering about the reason why. I made a down bet on the FTSE 100 rolling daily with tradefair and then for 1 minute the FTSE 100 price went from 5965 to 6005 then right back down from 6005 to 5965. My question is how and why did this happen? I have checked the London stock exchange website and it doesn't show the FTSE getting anywhere near 6000 today.

Thanks for any help

 

BeginnerJoe

Senior member
3,329 350
I don't see a spike of this magnitude in my data. Perhaps you should ask the bucketshop why their price spiked like that. Bucketshop prices only approximate the real market. So they can make the price up to whatever they like. Still, it would be interesting to see what they are saying.
 

MrFroggy

Newbie
4 0
Thanks for the advice, I sent them an email and they refunded my loss and restored my position. There was no explanation of what went wrong so I don't know what happened.
 

pboyles

Legendary member
8,072 1,302
Thanks for the advice, I sent them an email and they refunded my loss and restored my position. There was no explanation of what went wrong so I don't know what happened.

Nothing went wrong, its what they do, just another way to take your money.
 
M

member275544

0 0

capitalspreads

Experienced member
1,452 79
as pboyles and beginner joe are quite aware spread betting companies do not do this . if they wish to give their real names (rather than hide behind anonymity) i will happily demonstrate for them the meaning of the word 'libel'

the price spike was caused by an incorrect price input by a dealer and all trades were reinput without the need for clients to call us

foggy's trade would have been reinstated no matter what he had done. Frankly these kind of claims are so stupid because if we actually did such a thing the FOS and FSA would fine us huge sums... as our terms clearly state all our prices must be referenced to underlying markets.

simon
 
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BeginnerJoe

Senior member
3,329 350
as pboyles and beginner joe are quite aware spread betting companies do not do this .

The OP posted a chart that says his SB company did do it. If they didn't do it, why did the chart look like that ? Are you suggesting the OP posted a fake chart ? Where is your proof ? Let's have your name for a bit of libel.
 
Last edited:

capitalspreads

Experienced member
1,452 79
beginner joe

i clearly said that the chart spike was because the dealers had accidentally loaded an old price sheet (which had the wrong 'fair values' on it) .. this caused the incorrect price... they immediately realised the error and spent the next few hours re-instating all the client positions/orders etc which had been influenced by the price spike .... unfortunately this took sometime as trades/orders had to be identified apportioned replaced etc .. all of which had to be dome manually

when errors do occur all we can do is apologise and sometimes compensate (which is more than you will get from an exchange when they f**k up)

the claim that SB companies routinely play some kind of pricing trick is clearly incorrect. aside from errors Capital Spreads never adjusts prices to take out stops/harm clients or try to influence markets in any way... we have alot of staff members and have been in existence for 10 years... if we did such things do you not think that an ex staff member or (more likely) an employee that we have 'let go' wouldnt have 'whistle blown' to the regulators by now?

i would challenge you to find a single verifiable instance of a price shown by us, which had caused any harm to a single client, which could be demonstrated as having been 'influenced' by us.

Simon
 
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ffsear

Senior member
2,167 446
The OP posted a chart that says his SB company did do it. If they didn't do it, why did the chart look like that ? Are you suggesting the OP posted a fake chart ? Where is your proof ? Let's have your name for a bit of libel.


HA! you just got owned!
 
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capitalspreads

Experienced member
1,452 79
errrr

one wonders why i bother to put up explanations as some people just dont bother reading them... i have said (twice now) what happened... all client positions were reinstated etc etc... what more can i say?

maybe i should go on a pilgrimage and bow down in penance on bended knee to the holy shrine of the 'markets' (which is probably some server centre in the docklands!)

Simon
 
 
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