Capital Spreads fraudulently changed the prices of trade executed 2 weeks ago!!!!!!!!

[shortsell]

I respectfully point the honourable member to post 29 in this thread..

absolutely - i agree.

 

[wackypete2]

Maybe I'm missing something...
The OP made completed a round turn trade, made money, withdrew some or all of the money, trade was reversed by sb firm, OP now has negative balance. It would seem the OP has the money in question and the SB firm needs to chase him down to get it. If this is the case what's the problem? Let the sb firm take him to court and risk having to show documents and proof.

Someone enlighten me if I am mistaken.

Peter

 

[Ross Spur]

Maybe I'm missing something...

Someone enlighten me if I am mistaken.

Peter

Shortsell is the expert and might be able to help, as the rest of us know nothing, apparently.

 

[shortsell]

Shortsell is the expert and might be able to help, as the rest of us know nothing, apparently.

??? the vst majority on this thread have said the same as me - it's just you and the original poster who seem to think it has any merit.

 

[wackypete2]

You don't have enough information to determine if there is any merit or not. Suppose these "mistakes" in pricing occur frequently? It wouldn't be hard to convince a judge, arbitrator, or whoever that there may be something else going on here. You would only need to find an instance where they did not reverse a trade in their favor but did reverse a trade not in their favor. Shouldn't be hard to do if these occur frequently. But, as I said, there's not enough information to say there is no case.

I still say the OP made out fine, has the money in hand, and should not contact the sb firm again.

Thats my opinion.

Peter

 

[shortsell]

You don't have enough information to determine if there is any merit or not. Suppose these "mistakes" in pricing occur frequently? It wouldn't be hard to convince a judge, arbitrator, or whoever that there may be something else going on here. You would only need to find an instance where they did not reverse a trade in their favor but did reverse a trade not in their favor. Shouldn't be hard to do if these occur frequently. But, as I said, there's not enough information to say there is no case.

I still say the OP made out fine, has the money in hand, and should not contact the sb firm again.

Thats my opinion.

Peter

if that's your opinion that's fine.

i tend to take the view that if you deliberately f@ck people over - in the markets or in life - you deserve what comes to you and have no right to moan when someone inevitably f@cks you.

if you decide to work with a broker/market maker IMO you should be looking to establish a mutually beneficial relationship - if not, then one day it is going to go wrong.

i bet if this guy was long from the right price and was stopped by the erroneous spike down he would be sreaming bloody murder, but in spite of that thinks the free lunch he 'earned' is his to keep.

personally i hope they take him for the cash he owes, plus any legal costs they incur in getting it back, as that is what he deserves - that's my opinion.

 

[lovespreadbetting]

Found this thread interesting!!

I have many times been knocked out of my stops due to unreasonable opening or closing prices which are not related to the underlying financial product and NEVER has my SB company – Capital Spreads come back to say sorry we will reverse your losses. Why should SB companies be the only ones to benefit from such price movements and google on the net (an even on Trade2Win) and see how many pple are complaining about SB services) Some of you chaps like Black Swan – your responses have made me to think that you either work for SB companies or you are blatantly jealousy of this guy’s strategy. How many of you can say Capital Spreads or your SB called me to say stop limits were wrongly hit and reversed my losses???

Sometimes SB companies take pple for granted because of limited regulation. Before I moved to Capital Spreads, I was with City Index and I was fed up with their obvious cheating. I was both long and short on a couple of trades at the height of the credit crunch. My short trades had profit of about £6k and long trades had £4k losses. Then one day I noticed all the short trades which had positive trades were reversed and the long trades with losses were left open. The reason for the closure that that I did not have sufficient margin. However my argument was why closing the trades with profits and leaving the trades with losses and the case was left unresolved when both trades were reported to have not sufficient margin. And I ended up forking the £4k to clear my account. Anyway I just took it on the chin and moved on.

I think the thread starter is doing a great thing. Stand up for your rights. If Capital Spreads has been consistently mispricing their products, as you say for some weeks, one believing that those futures were volatile, and traded on the futures, closed the positions, and took the money then I don’t see my Capital Spread’s ground. They have made the situation worse by ignoring this sad chap and telling him to wait for someone on holiday.

 

[wackypete2]

i tend to take the view that if you deliberately f@ck people over - in the markets or in life - you deserve what comes to you and have no right to moan when someone inevitably f@cks you.

if you decide to work with a broker/market maker IMO you should be looking to establish a mutually beneficial relationship - if not, then one day it is going to go wrong.

I don't disagree with you on these points. What I'm trying to say is even though the OP may have been in the wrong doesn't mean he can't build a case and win. It's is very possible to be 100% wrong on something but still win in court or settlement if either: a) the other party doesn't want to air some dirty laundry in court or b) the other party is incompetent or c) the other party is using illegal or unlawful tactics as a regular course of conducting business.

Peter

 

[tar]

I don't disagree with you on these points. What I'm trying to say is even though the OP may have been in the wrong doesn't mean he can't build a case and win. It's is very possible to be 100% wrong on something but still win in court or settlement if either: a) the other party doesn't want to air some dirty laundry in court or b) the other party is incompetent or c) the other party is using illegal or unlawful tactics as a regular course of conducting business.

Peter

But it is not worth the try , he could pay up to the nose if it didnt turn well . And BTW Capitalspreads didnt gain anything from this price error , they took their money back no gains in fact they still want money form him , so i dont think it is a tactic from their side not to mention the bad PR they are getting from this .

 

[wackypete2]

But it is not worth the try , he could pay up to the nose if it didnt turn well . And BTW Capitalspreads didnt gain anything from this price error , they took their money back no gains in fact they still want money form him , so i dont think it is a tactic from their side not to mention the bad PR they are getting from this .

True, it may not be worth it. The illegal tactic here, IF IT IS BEING DONE (we don't know), is if the sb firm misquotes regularly and conveniently only reverses trades that they lost. Someone here suggested it happens maybe a bit too frequently.
You say the sb firm didn't gain anything from this price error. How do you know that? Are there any customers who LOST money and did not get a refund on this price error? or other price error. You are looking at it as just this 1 transaction when the probabilities would suggest there are more.

Peter

 

[wackypete2]

Anyway, this may be beyond the scope of the original post. My apologies.

Peter

 

[lovespreadbetting]

The thread starter has nothing to lose - he can hire a charity law solicitor. Capital Spreads has to deal with bad publicity - the costs are exponetial!!!

 

[Ross Spur]

Another angle is that the SB was consistently quoting prices that were incorrect, thus deliberately misleading the client. It then took them two weeks to decide they'd made a mistake, by coincidence when the OP was in profit.

T&Cs always stress that we have to trade on their prices, not a 'real' market, so why should clients be expected to know when they're being supplied the 'wrong' prices? This will be even more true if/when SBs follow CMC and start offering rolling cash prices on things like oil, when it's difficult to know what the quote should be.

 

[Black Swan]

Maybe I'm missing something...
The OP made completed a round turn trade, made money, withdrew some or all of the money, trade was reversed by sb firm, OP now has negative balance. It would seem the OP has the money in question and the SB firm needs to chase him down to get it. If this is the case what's the problem? Let the sb firm take him to court and risk having to show documents and proof.

Someone enlighten me if I am mistaken.

Peter

Hi Pete hope things all good with you,

Nope it was he who was mistaken, he forgot to do a runner..but how could he given what he thinks is trading is exploiting price ineffeciencies? So he had his account rimmed out by CS..ouch..unlucky..

 

[Black Swan]

The thread starter has nothing to lose - he can hire a charity law solicitor. Capital Spreads has to deal with bad publicity - the costs are exponetial!!!

 

[lovespreadbetting]

Found this thread interesting!!

I have many times been knocked out of my stops due to unreasonable opening or closing prices which are not related to the underlying financial product and NEVER has my SB company – Capital Spreads come back to say sorry we will reverse your losses. Why should SB companies be the only ones to benefit from such price movements and google on the net (an even on Trade2Win) and see how many pple are complaining about SB services) Some of you chaps like Black Swan – your responses have made me to think that you either work for SB companies or you are blatantly jealousy of this guy’s strategy. How many of you can say Capital Spreads or your SB called me to say stop limits were wrongly hit and reversed my losses???

Sometimes SB companies take pple for granted because of limited regulation. Before I moved to Capital Spreads, I was with City Index and I was fed up with their obvious cheating. I was both long and short on a couple of trades at the height of the credit crunch. My short trades had profit of about £6k and long trades had £4k losses. Then one day I noticed all the short trades which had positive trades were reversed and the long trades with losses were left open. The reason for the closure that that I did not have sufficient margin. However my argument was why closing the trades with profits and leaving the trades with losses and the case was left unresolved when both trades were reported to have not sufficient margin. And I ended up forking the £4k to clear my account. Anyway I just took it on the chin and moved on.

I think the thread starter is doing a great thing. Stand up for your rights. If Capital Spreads has been consistently mispricing their products, as you say for some weeks, one believing that those futures were volatile, and traded on the futures, closed the positions, and took the money then I don’t see my Capital Spread’s ground. They have made the situation worse by ignoring this sad chap and telling him to wait for someone on holiday.

Yea- how is the trader supposed to know the whether there is mispricing or not from CS quotes?

 

[wackypete2]

Hi Pete hope things all good with you,

Nope it was he who was mistaken, he forgot to do a runner..but how could he given what he thinks is trading is exploiting price ineffeciencies? So he had his account rimmed out by CS..ouch..unlucky..

All's well, thanks

Yeah, not exactly a great trading strategy, taking advantage of a mistake then keep going back for more

Peter

 

[Ross Spur]

All's well, thanks

Yeah, not exactly a great trading strategy, taking advantage of a mistake then keep going back for more

Peter

Long-term it has about as much chance of success as trying to scalp using WS's zero spreads, but that's not the point here.

 

[tar]

Ok , lets say he was long and he got stopped on the SMI by the same price error , does he have the right to ask for a refund ?!

 

[professor10]

Capital Spreads should stop this price fixing and should be investigated

Found this thread interesting!!

I have many times been knocked out of my stops due to unreasonable opening or closing prices which are not related to the underlying financial product and NEVER has my SB company – Capital Spreads come back to say sorry we will reverse your losses. Why should SB companies be the only ones to benefit from such price movements and google on the net (an even on Trade2Win) and see how many pple are complaining about SB services) Some of you chaps like Black Swan – your responses have made me to think that you either work for SB companies or you are blatantly jealousy of this guy’s strategy. How many of you can say Capital Spreads or your SB called me to say stop limits were wrongly hit and reversed my losses???

Sometimes SB companies take pple for granted because of limited regulation. Before I moved to Capital Spreads, I was with City Index and I was fed up with their obvious cheating. I was both long and short on a couple of trades at the height of the credit crunch. My short trades had profit of about £6k and long trades had £4k losses. Then one day I noticed all the short trades which had positive trades were reversed and the long trades with losses were left open. The reason for the closure that that I did not have sufficient margin. However my argument was why closing the trades with profits and leaving the trades with losses and the case was left unresolved when both trades were reported to have not sufficient margin. And I ended up forking the £4k to clear my account. Anyway I just took it on the chin and moved on.

I think the thread starter is doing a great thing. Stand up for your rights. If Capital Spreads has been consistently mispricing their products, as you say for some weeks, one believing that those futures were volatile, and traded on the futures, closed the positions, and took the money then I don’t see my Capital Spread’s ground. They have made the situation worse by ignoring this sad chap and telling him to wait for someone on holiday.

I have an account with Captial Spreads, previuosly Paddypower, and in 2010 i noticed spikes on my trades which resulted in my trades being closed and incurred huge losses. So they took the money. right. Capital Spreads never reimburbed me for those losses. The spikes were not on the underlying prices. This happened a couple of times. Till i gave up spreadbetting. This is illicit business.i think FSA should investigate this morons!