Brokers chasing after their clients following the "Black Swan"

[SuperSnake]

Hi Guys,

So far as I have heard, IG, FXCM and Saxo will be chasing after their clients with negative balances following the "Black Swan" and be asking to cover their losses.

Have you got any feedback? Do you know any other brokers who will?

 

[thang33]

Hi Guys,

So far as I have heard, IG, FXCM and Saxo will be chasing after their clients with negative balances following the "Black Swan" and be asking to cover their losses.

Have you got any feedback? Do you know any other brokers who will?

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... His first questions were do you have any assets to sell or how can you pay 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

 

[forker]

i honestly don't think they have a leg to stand on with this. they know full well that they wouldn't have much of a case in court especially since you are not the only one that has been burned.

 

[mebz]

Hi Forker. Can you elaborate as to what makes you think they don't have a leg to stand on? Any info that helps people would be very appreciated by many

 

[SuperSnake]

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... His first questions were do you have any assets to sell or how can you pay 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

Im so sorry to hear that... That's very tough... I do hope that they will not be pursuing with their claims, as you are a retail client, and I don't think that they have a chance.

Any one else...?

 

[mebz]

Dukascopy just announced no negative balances. Truly the right move for customers.

 

[forker]

Hi Forker. Can you elaborate as to what makes you think they don't have a leg to stand on? Any info that helps people would be very appreciated by many

They would be under the spotlight for potentially not passing on asymmetric slippage historically which will cast negatively on their case. Their engine that handles order flow with special attention being placed on how it dealt with this incident will also be under the spotlight. Brokers are making huge sums of money from retail, do you really think they are transparent and don't have methods of squeezing out extra chum from everyone. I highly doubt it. You only need to look at historical cases and the widespread dodgy dealings that's been all over the news over the last few years. Brokers always make out to be clean but they are in reality no different to the rest of the financial mess.

There are going to be many cases where court will be required following this situation so brokers are on their back foot at the moment in regards to their house and the spiders lurking within. You see regulators check if systems are in place but they rarely catch things before they happen. They always find the dirty laundry after the fact which is what is going to happen with this. So yes they can ask you for the money you apparently owe them but they are going to have to have a perfectly clean house before they really have a hope of getting anything and they can't hide it under the rugs either because it is widespread

 

[MegaCHFLoss]

I truly hope forker is right. The balance IG is chasing from me is several times my life savings (when I spoke to them they also asked how much money I had right now!).

It seems negligent, if not even criminal, that they accept stop orders from retail that are then filled at such absurd levels.

 

[thang33]

I truly hope forker is right. The balance IG is chasing from me is several times my life savings (when I spoke to them they also asked how much money I had right now!).

It seems negligent, if not even criminal, that they accept stop orders from retail that are then filled at such absurd levels.

That is true for me too. My life savings will not cover it plus decades of repayments. When I told them what I could pay he LAUGHED at me!!! He did not believe my situation so I had to send my bank account statements to prove it to him! THUGS!!!!

 

[gftrader32]

I truly hope forker is right. The balance IG is chasing from me is several times my life savings (when I spoke to them they also asked how much money I had right now!).

It seems negligent, if not even criminal, that they accept stop orders from retail that are then filled at such absurd levels.

That is true for me too. My life savings will not cover it plus decades of repayments. When I told them what I could pay he LAUGHED at me!!! He did not believe my situation so I had to send my bank account statements to prove it to him! THUGS!!!!

Do you mind sharing a bit more about your trade and your account size?

 

[MegaCHFLoss]

I'd rather not give more details for now on the trade/account size.

I am curious does anyone know about current investigations by the FCA into FX brokers? Did the asymmetric slippage one stopped at FXCMs fine or are they continuing? I would assume that the current shambles would warrant the FCA looking into how it was all handled.

 

[SuperSnake]

I'd rather not give more details for now on the trade/account size.

I am curious does anyone know about current investigations by the FCA into FX brokers? Did the asymmetric slippage one stopped at FXCMs fine or are they continuing? I would assume that the current shambles would warrant the FCA looking into how it was all handled.

Well, it definitely would, but, since most of it was hedged with LPs, I guess it will not really reveal anything.

I don't think ANY of us would have imagined this sort of stuff going on. Not even Jordan (damn him).

 

[SuperSnake]

ForexMagnates posted a list of brokers that have Negative Balance Protection.

http://forexmagnates.com/covered-brokers-forgive-negative-balance-following-chf-crisis/

Basically, the brokers that are not there will be chasing for their money back, I guess..

 

[SuperSnake]

So FXCM not only is chasing the negative balances, but is also covering them from the accounts that have positive balances from the traders that have more than one account. How about that???
It's stated that it is due to Force Majeur (act of God). I guess the the SNB's Jordan has been promoted to the rank of God. Beautiful.

 

[billyjean]

got another Tickmill announced about their readiness to buy client portfolios and assets of FX brokers who have run into difficulties due to recent market events related to record Swiss Franc volatility. I thought this could be another better solution for any traders who face difficulties,official announcement on their website : http://www.tickmill.com/company-news/tickmill-seeking-acquire-client-portfolios-fx-brokers/
how anyone see this, if there's any member had a plan to got this kindly share any experience, it may saves many fellow traders around. it's mya appear a better solution for any trader's account which mostly a mess got hit by the swiss black swan army.

 

[karmit]

...be sure to attend Mr Jordan's canonization ceremony.. henceforth called

"St. Jordan of SNB - deemed God"

 

[forker]

I suggest you all get together and find as many others in the same boat as possible and get a lawyer. They are going to try an chase you but you need to show them you are prepared to fight it. I also suggest you get hold of the fsa

 

[forker]

I still think they are on a losing foot with this but like any dog in a corner they will try scare tactics

 

[SuperSnake]

got another Tickmill announced about their readiness to buy client portfolios and assets of FX brokers who have run into difficulties due to recent market events related to record Swiss Franc volatility. I thought this could be another better solution for any traders who face difficulties,
official announcement on their website : http://www.tickmill.com/company-news/tickmill-seeking-acquire-client-portfolios-fx-brokers/
how anyone see this, if there's any member had a plan to got this kindly share any experience, it may saves many fellow traders around. it's mya appear a better solution for any trader's account which mostly a mess got hit by the swiss black swan army.

Are you serious?? A broker registered and "regulated "in Seychelles???
No thank you. And definitely not buying into that news. And the domain is just from July 2014... So they are not even 1 year old. Sounds like a scam to me.

 

[Splitlink]

I still think they are on a losing foot with this but like any dog in a corner they will try scare tactics

If they have a legal claim to recover money and it is worth their while, they will do so.

By it being "worth their while" I include bad publicity in the press. Making as much noise as possible is one of the few defences that the victim has.

This forum, much as I like it, is not read by the masses. You need the The Sun and Daily Mail. LBC and BBC, as well, if you can do it. Get it out on the street.

Getting picked off, separately, and as quietly as possible, is the way that they will prefer to fight you.

Banners and demonstrations outside offices are great. Lawyers are going to cost a fortune.