CMC markets -legal action

[arabianights]

sorry mate, i was just trying to make a point that SB or CFD companies cant give any price they like. ftse100 is not 100 points below the market price.

But if they did give a price 100 points below the market you should buy the CFD and short Z futures and just sit back and relax.

Which is why I find it hard to believe they get up this sort of thing too often.

 

[onemillion]

you're quite correct-i have no idea how a spread better works mate-i'm just giving my point of view on an open forum. i stay clear of bookies for the precise reason that this sort of thing happens. fair play to them-they've taken a hundred grand off you....

i will take exception to your comment 'You certainly have no idea how market making works '. you have no idea who i am or what i do but i can tell you that this statement is so far wrong it's unbelievable.

you carry on with your whinging mate-i look forward to reading your court case in the papers.

no i have no idea what you do but i can see what you doing here. bulls**ing

 

[gooseman]

no i have no idea what you do but i can see what you doing here. bulls**ing

then we're sorted. i speak bull****, you speak bull**** and get your pants taken down. carry on

 

[alan5616]

Apols for being too "forthright" alan . . .

Lets take an index as an example

say it's value is 1000

say I, as a market maker, make a price 995-1005

say I get hit and lifted but in unequal amounts

eg 5 units gets sold to me at 995, 100 units get bought from me at 1005

I'll then adjust my price to reflect the fact that I'd rather buy than sell compared to other MM's (MM's attempt to keep a flat book and simply cream in the bid/ask spread)so my next price will be something like 998-1008 even tho' th market hasn't moved.

Enlightened?

(pretty sure I've got all that the right way round)

Oh yeah, forgot the bit about the instrument MM's would use to hedge their position, in the case of an index, it'll be the future rather than the actual index value itself, but we'll leave that for another time

Obviously, a SB can do what they want with the price. I must be lucky that the SB, I use, positions their spread either side of the actual exchange traded price.

 

[onemillion]

Is your complaint that CMC are offering you entirely different prices to those they are offering different clients?

If so why don't you just arbitrage this?

What these companies do, is that intentionaly they execute or offer you the worst price while they execute your orders at best price in the market. Differance goes to them. Way they do this is to direct your order to a dealer who can delay and take advantage in anyway he/she likes. If you hundreds of trades in a day like i do, that can moke a lot of money for the company. That is illigal. this is manipulating the market price.

 

[Vaco]

What these companies do, is that intentionaly they execute or offer you the worst price while they execute your orders at best price in the market. Differance goes to them. Way they do this is to direct your order to a dealer who can delay and take advantage in anyway he/she likes. If you hundreds of trades in a day like i do, that can moke a lot of money for the company. That is illigal. this is manipulating the market price.

Futuresbetting.com will be relaunching soon, I believe that they are what you are looking for. Below is an interview with them

FuturesBetting.com Interview

 

[onemillion]

Futuresbetting.com will be relaunching soon, I believe that they are what you are looking for. Below is an interview with them

FuturesBetting.com Interview

thanks. it will be good if they do what they say.

 

[onemillion]

thanks. it will be good if they do what they say.

But you have to be carafull bcos they are in Gibraltar which means your money will be totaly outside the safe guarding client money rules. So, if they make a huge bet and lose, your money will go as well.

 

[Lee Shepherd]

thanks. it will be good if they do what they say.

Why don't you go straight to market?

 

[onemillion]

Why don't you go straight to market?

i am looking at few options at the moment. but i need marjin trades so i can take bigger risks and return (or loss)

 

[A Dashing Blade]

But you have to be carafull bcos they are in Gibraltar which means your money will be totaly outside the safe guarding client money rules. So, if they make a huge bet and lose, your money will go as well.

er no . . . everyone got monies repatriated in full within 5 days after their recent troubles + monies were held in Lloyds Bank london-based segregated client accounts

 

[new_trader]

Why don't you go straight to market?

Way too sensible isn't it? All these S/Betters complaining but still avoid taking the professional route...betting pennies because it is tax free...

 

[A Dashing Blade]

i am looking at few options at the moment. but i need marjin trades so i can take bigger risks and return (or loss)

yet another hilarious quote on so many levels!

 

[counter_violent]

i am looking at few options at the moment. but i need marjin trades so i can take bigger risks and return (or loss)

This is the crux of it....you simply don't know what your doing.

As pointed out previously.

onemillion = had your pants down

 

[lagalere]

What these companies do, is that intentionaly they execute or offer you the worst price while they execute your orders at best price in the market. Differance goes to them. Way they do this is to direct your order to a dealer who can delay and take advantage in anyway he/she likes. If you hundreds of trades in a day like i do, that can moke a lot of money for the company. That is illigal. this is manipulating the market price.

A couple years ago I was informed by someone who worked in the industry that some s/b were trading against their clients, especially those who were doing well. So what you said could well be true.

I took a look at their trading system a few years ago, and did not like what I see, there was clearly a price delay and distortion then. So I went to trade the Fx spot and index futures instead.

Sorry that I can't help you. I'm not sure how easy it is to find other people to come out to support you with simliar experiences, for one thing, some people maybe just too embarrassed to admit it.

If you have concrete evidence, then why not consult a lawyer. Getting a class action can take a long time. One thing to bear in mind is that even you have solid proof that they delayed the trade, you'll have to prove CMC did it intentionaly. This can only be verified by using CMC's internal timestamps at the order receiving time and order dealt time. The tricky part is that if you use internet to connect to CMC server, then they can blame all the delay on internet.

take care,

 

[onemillion]

er no . . . everyone got monies repatriated in full within 5 days after their recent troubles + monies were held in Lloyds Bank london-based segregated client accounts

read some newspapers will you. In good times you are correct, money is in the bank. But If it wasnt Bank of England, many people had no chance getting their money from Northern Rock.

Are you saying they are safer then Northern Rock?

 

[A Dashing Blade]

read some newspapers will you. In good times you are correct, money is in the bank. But If it wasnt Bank of England, many people had no chance getting their money from Northern Rock.

Are you saying they are safer then Northern Rock?

when you've dug a hole, stop digging
by posting here you're depriving a village of their idiot

etc etc etc

for someone claiming to be aware of rules and regs, you have absolutely no idea of such fundamental concepts as CLIENT SEGREGATED ACCOUNTS . . . muppet

 

[onemillion]

A couple years ago I was informed by someone who worked in the industry that some s/b were trading against their clients, especially those who were doing well. So what you said could well be true.

I took a look at their trading system a few years ago, and did not like what I see, there was clearly a price delay and distortion then. So I went to trade the Fx spot and index futures instead.

Sorry that I can't help you. I'm not sure how easy it is to find other people to come out to support you with simliar experiences, for one thing, some people maybe just too embarrassed to admit it.

If you have concrete evidence, then why not consult a lawyer. Getting a class action can take a long time. One thing to bear in mind is that even you have solid proof that they delayed the trade, you'll have to prove CMC did it intentionaly. This can only be verified by using CMC's internal timestamps at the order receiving time and order dealt time. The tricky part is that if you use internet to connect to CMC server, then they can blame all the delay on internet.

take care,

thanks for your comment. i will make my move in good time. At the moment i am getting more evidence, especialy from orher traders and i have good replies to my private message box.

I told them few times that they are trading agaist clients and manipulating prices. Of course they deny it. They have got away so long bcos no one taking them on in proper way.

 

[onemillion]

when you've dug a hole, stop digging
by posting here you're depriving a village of their idiot

etc etc etc

for someone claiming to be aware of rules and regs, you have absolutely no idea of such fundamental concepts as CLIENT SEGREGATED ACCOUNTS . . . muppet

just pis o** ill you. read the small prints in their contract when you open an account. i have managed to get rid off other comedians in here. you are one of the few left.

 

[arabianights]

i have managed to get rid off other comedians in here. you are one of the few left.