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

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Re: Capital Spreads should stop this price fixing and should be investigated

professor10 said:
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!
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welcome to T2W ! , did u asked them for a refund ?
 
lovespreadbetting said:
Are there any Capital Spreads pple here. Surely thier silence speaks lounder than words and leaves a lot to be desired
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Simon usually says something that makes us feel we're lucky just to have the opportunity of trading with Capital Spreads, and we should be ashamed of ourselves for trying to take advantage of a company that makes £30m profit out of us every year.
 
i agree. any company that makes a profit should be a fair target for thieves.

an excellent point ross.
 
lovespreadbetting said:
Yea- how is the trader supposed to know the whether there is mispricing or not from CS quotes?
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By checking them against an independent feed.

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...
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Just curious, but how did you ascertain that these prices were unreasonable?
 
BTW CS didnt make money last year poor guys ...

http://www.moneyam.com/action/news/showArticle?id=4108103&epic=RNS_4107893

http://londoncapitalgroup.com/downloads/LCGPrelims2010final.pdf

London Capital posts a pre-tax loss of £56,000 for the year to the end of December compared with a profit of £5.8m last time.

It said this was due to a £3.2m software impairment and the provision of £3.2m for a Financial Ombudsman Service revised assessment - both of which had been announced previously.

Adjusted pre-tax profits rose 8% to £6.5m while total turnover was up 25% at £34.5m.

Adjusted earnings before interest, tax, depreciation and amortisation increased 5% to £8.5m.

CEO Simon Denham said: "It has been a challenging year on a number of fronts but we remain positive about the future of the business.

"We have invested significantly in our products, platforms and people and believe the company is now well positioned to take advantage of these changes.

"Whilst there is little visibility in forecasting earnings I am pleased to report that trading in 2011 has started well."
 
This thread is getting out of hand.

In my experience Capital Spreads and their various white labels are a good company to do business with. I have several accounts. If previous posters feel that they've been stopped out on unreasonable prices then they should phone the firm in question and ask to talk about it.

As I said earlier in this thread, I can see both sides of the argument. So far as I can see the client doesnt 'steal' anything off the firm by trading on an incorrect price - if a firm wishes to offer a client a good price then it is the firms look out (even Simon has admitted this on the main thread). The firm are not obligated to deal at a particular price and can accept or reject the trade when an attempt is made to trade at a price.
 
Vorbis said:
By checking them against an independent feed.



Just curious, but how did you ascertain that these prices were unreasonable?
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Whenever I've queried a stopout, the response is always, a) that I have to trade the SB's price, so it doesn't matter what an independent feed says, and b) that I have no way of checking the SB's price because their charts show only a bid/offer or mid price and don't necessarily reflect their quotes.

So basically we're trading their market, that we have no way of checking, and even then they can wait two weeks before deciding that they got it wrong.
 
I agree with Ross. Spreadbetting market is trading on a secondary market. Traders are not obliged to know the underlying prices. As far as a trader and Capital Spreads is concerned – the trades re based on Capital Spreads prices. Its Capital Spreads which sets the prices. How many of you spreadbetters would check that the underlying market prices are in tandem with their SB prices. Anyway lets wait to hear from Simon or someone from Capital Spreads (their side of story).
 
Ross Spur said:
Whenever I've queried a stopout, the response is always, a) that I have to trade the SB's price, so it doesn't matter what an independent feed says, and b) that I have no way of checking the SB's price because their charts show only a bid/offer or mid price and don't necessarily reflect their quotes.

So basically we're trading their market, that we have no way of checking, and even then they can wait two weeks before deciding that they got it wrong.
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Do you seriously think that if tomorrow capital spread quote 0-50000000 on ftse and stop everyone out that they would get away with it?

Your answer, I assume, is no... so you accept there is a line somewhere.

This is pretty obviously over the line too.

I do agree though that the OP can probably get away with it by making a sufficient nuisance of himself and I don't attach a moral judgement to having a go.
 
lovespreadbetting said:
I agree with Ross. Spreadbetting market is trading on a secondary market. Traders are not obliged to know the underlying prices. As far as a trader and Capital Spreads is concerned – the trades re based on Capital Spreads prices. Its Capital Spreads which sets the prices. How many of you spreadbetters would check that the underlying market prices are in tandem with their SB prices. Anyway lets wait to hear from Simon or someone from Capital Spreads (their side of story).
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what if it was the other way round and his trade was closed by an erroneous price , can he ask for a refund ?!

Read post # 56 it is from Capitalspreads

http://www.trade2win.com/boards/spr...trade-executed-2-weeks-ago-7.html#post1512578
 
Ross Spur said:
Whenever I've queried a stopout, the response is always, a) that I have to trade the SB's price, so it doesn't matter what an independent feed says, and b) that I have no way of checking the SB's price because their charts show only a bid/offer or mid price and don't necessarily reflect their quotes.
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I see your point, but I wasn't suggesting that an independent feed could be used in a dispute with the SB, as you say you can only trade their prices. I only meant that you could use an independent feed to see for yourself if the prices are different and by how much.

I don't really understand the second point, unless you mean a variable spread. I only trade the major FX which are fixed spread, so I can't comment on that.
 
stevespray said:
Tar / The Bramble,

Just to clarify the points which you raised...

What I'm trying to say is this... When two people agree to 'trade', be it a second hand toaster or a spreadbet, there comes a point where the law considers that a contract has been formed (ie agreement reached on the price of the toaster / price of the spreadbet). In the UK the principle of contract works on what is known as 'the offer acceptance process'. Basically this means that Party A makes an 'offer' to Party B to trade at a particular price ("The Offer"). Party B can then consider the offer from Party A ("The Consideration"). So far no contract has been formed and Party A may withdraw his offer. At this point Party B may still reject Party A's offer. However, if Party B, after consideration, accepts Party A's offer then, in law, it is deemed that a contract has now come into existence and both A and B are bound by the terms of the contract ("Acceptance").

Now the problem which the various SB Co's have is this... In order to void a trade they have to show that acceptance never occured. As you can see this is difficult for them to prove given that most firms issue contract notes upon acceptance. More importantly, the firms actually admit that the errors are spotted after the event (after acceptance) and as such this would, in law, be an admission that they were considering the terms of an already formed contract after the event when the law makes it perfectly clear that 'consideration' must be carried out prior to 'acceptance'.

My point with the various sets of T&Cs is... most of them appear to try and circumvent the clearly established method of the formation of a contract.
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Guys

What steve is saying makes complete sense..... If taken to court SB don't stand a chance......

Steve well put sir.... are you a lawyer?
 
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