Best Thread CMC Markets owner answers your questions

[Ross Spur]

Hi mr Truth,
of course we can do that. I will find out when we can do it.

by the way all the next gen changes are in uat testing.
so they have been built.
I saw white back ground charts and lots of other different features and colour changes.
I saw double ticket opened at same time.
I saw bigger screen lay out so you can scroll down and across so you can put in more windows.
I saw saving charts to watch lists.

and lots of new yummy features. all looking very sexy indeed.
As I said it is all in testing now ready for release. I have even been given a date but if I tell you, the competitors will ramp up advertising and try to suppress what we are saying but it will not be long. I promise.

tks pc

I'm drooling at the prospect, PC.

Don't know why you're bothered about the competition. They can advertise all they want, but If CMC has the tightest (actual) spreads, auto execution, low margins and decent charts with direct trading, then people will gravitate towards you and stay. Although I think you're going to start a spread war, probably with AN Other SB offering 0.5pt on FTSE and DAX, their platforms won't be able to handle that without 'reading' the trades by having a preselected buy or sell for entry.

 

[jesteruk]

I see your back to advertising OANDA again tonight!

 

[brettus]

Pc,

Is your FTSE 100 price based on the CASH or future. I know it's priced off the futures, just wondering if it's an adjusted cash price.

Thanks,

Brett

 

[gle101]

I'm drooling at the prospect, PC.

Don't know why you're bothered about the competition. They can advertise all they want, but If CMC has the tightest (actual) spreads, auto execution, low margins and decent charts with direct trading, then people will gravitate towards you and stay. Although I think you're going to start a spread war, probably with AN Other SB offering 0.5pt on FTSE and DAX, their platforms won't be able to handle that without 'reading' the trades by having a preselected buy or sell for entry.

The spread war has been going on for quite a while, City started with the 1 point spread on the Dow for quite awhile back, the other said it was impossible for them to be able to keep it, how wrong they were. Now CMC has taken it to a another level, what will IG do is my question, sit tight with their hands folded in their lap, no I don't thing so. Yes I agree, I am looking forward to all the goodies CMC will bring in the near future. I think Peter is starting to win me over, ha ha.

 

[Truth Seeker]

The spread war has been going on for quite a while, City started with the 1 point spread on the Dow for quite awhile back, the other said it was impossible for them to be able to keep it, how wrong they were. Now CMC has taken it to a another level, what will IG do this is my question, sit tight with their hands folded in the lap, no I don't thing so. Yes I agree, I am looking forward to all the goodies CMC will bring in the near future. I think Peter is starting to win me over, ha ha.

Action speaks louder than words. Let's see how this works out because you can have the best platform, the tightest spreads, and good leverage (I think the new leverage is a red rag to new inexperienced traders with poor money management) but all this will mean zero if CMC keep slowing execution or totally closing the trading market around high volatile times no matter for how long.
To me this is suspect, because it shows they can manipulate the market (which I and another trader have provided screen shot proof) whenever they please, this is NOT tranparency. We have had two instances (actually there is more if you include delayed fills by a couple of seconds which I find is common place now) when CMC have deliberately controlled the data around high volatile times, this means they can manipulate as and when they please, and that's not flying straight in my book.
I for one have the skill to capitalise on fast movements, but it looks like I wont beable to do this because of their deliberate intervention of their data at these times to make sure high volatile traders are shut out. It also means that our trades are NOT going straight to market as Peter has stated and It's a shame, I really thought CMC were turning over a new leaf. I may still beable to use CMC for other slower type trades but to be honest I don't trust them now and why should I bother as the trust is gone.

 

[PC at CMC Markets]

hi Mr truth seeker,

I was going to treat your posting with the contempt it deserves but I thought no, you have been excellent contributor to this thread and helped shape the changes that are coming so I will respond to your posting. My answer is still the same as before.

We do not deliberately slow down the pricing or suspend markets due to client activity. If there is a corruption on the price our competitors kill the ticket because they offer a fill or kill service. We say market suspended (which is wrong description) We need to change the wording on the ticket and I have already sent the team a message to do this. Ignore the term market suspended. Lets just call it for now price corruption . With price corruption it is outside of our control. Maybe prices are crossing from the feeds we get or their is aberration in the prices coming from exchanges. We see it all the time and filter it out for our clients.

I can tell you that we see it all the time from our banks on forex feeds. Their solution is to widen prices some times 20 to 30 pips wider so they can execute every trade. Competitors kill tickets.

We are constantly quoting. I can tell you that since we launched Next Gen our turnover and trade numbers have doubled. thanks for your posting.

many thanks
pc

Action speaks louder than words. Let's see how this works out because you can have the best platform, the tightest spreads, and good leverage (I think the new leverage is a red rag to new inexperienced traders with poor money management) but all this will mean zero if CMC keep slowing execution or totally closing the trading market around high volatile times no matter for how long.
To me this is suspect, because it shows they can manipulate the market (which I and another trader have provided screen shot proof) whenever they please, this is NOT tranparency. We have had two instances (actually there is more if you include delayed fills by a couple of seconds which I find is common place now) when CMC have deliberately controlled the data around high volatile times, this means they can manipulate as and when they please, and that's not flying straight in my book.
I for one have the skill to capitalise on fast movements, but it looks like I wont beable to do this because of their deliberate intervention of their data at these times to make sure high volatile traders are shut out. It also means that our trades are NOT going straight to market as Peter has stated and It's a shame, I really thought CMC were turning over a new leaf. I may still beable to use CMC for other slower type trades but to be honest I don't trust them now and why should I bother as the trust is gone.

 

[PC at CMC Markets]

Good morning Ross.
thanks for posting.
Firstly I am not bothered about competition but we have a programme to make new releases and will stick to that. I have told you about the changes and more to come but I just want them to come through now. Not long to wait.

I think you raise an interesting point. Spreads are only half the story. Execution will become key over the coming months. It is pointless if you have low spreads and you are constantly reading clients. That is why we have put so much into our execution programme. I think it will turn into an execution war not spread war and because of our execution we are in good shape. I see one of our competitors offers price improvements but to me if you are messing around with the execution in any way this would cause concerns for me. First question I would ask is are you passing on the whole price improvement or keeping something for yourself.
We always pass on whole price improvements (and if market moves against you). It is clear and transparent. That's the way I like it and I suspect the trading community does as well.

When a price is quoted, it should be based on the market price, and yes to a certain extent your position, but it should not be slanted outside of the under line markets. That it is why clients need to pay a decent spread when trading. If your spread is too low you have to base your prices off your position. Because our spreads are 0.7 if you hit us against our position we can cover it instantly and still make a turn on the trade.

It could turn into a price war. If it does we are ready because we have the technology.
remember we have been building next gen for over two years. In one of our offices they handled ten times the normal account applications to open account.

This industry needs to grow up and starting delivering high levels of technology and execution. I think we have taken a different slant on the issues or pricing, execution, spreads, and re quotes. It is early days but because of the way we handle business now the rest of the industry will have to look at it and decide whether to follow suit. Ultimately clients will decide the right way to work but with next gen you have a bench mark to work from.

remember spread betting is a leveraged product, you should understand the risks before you trade.

best regards Peter

Cheers pc

QUOTE=Ross Spur;1668784]I'm drooling at the prospect, PC.

Don't know why you're bothered about the competition. They can advertise all they want, but If CMC has the tightest (actual) spreads, auto execution, low margins and decent charts with direct trading, then people will gravitate towards you and stay. Although I think you're going to start a spread war, probably with AN Other SB offering 0.5pt on FTSE and DAX, their platforms won't be able to handle that without 'reading' the trades by having a preselected buy or sell for entry.[/QUOTE]

 

[PC at CMC Markets]

hi jesteruk,

I think t2w have admitted it is bug in their new software and they have generally fixed it. I think it is not an issue now and fair play to t2w for sorting it out quickly.

Tks for your posting
pc

I see your back to advertising OANDA again tonight!

 

[Truth Seeker]

hi Mr truth seeker,

I was going to treat your posting with the contempt it deserves but I thought no, you have been excellent contributor to this thread and helped shape the changes that are coming so I will respond to your posting. My answer is still the same as before.

We do not deliberately slow down the pricing or suspend markets due to client activity. If there is a corruption on the price our competitors kill the ticket because they offer a fill or kill service. We say market suspended (which is wrong description) We need to change the wording on the ticket and I have already sent the team a message to do this. Ignore the term market suspended. Lets just call it for now price corruption . With price corruption it is outside of our control. Maybe prices are crossing from the feeds we get or their is aberration in the prices coming from exchanges. We see it all the time and filter it out for our clients.

I can tell you that we see it all the time from our banks on forex feeds. Their solution is to widen prices some times 20 to 30 pips wider so they can execute every trade. Competitors kill tickets.

We are constantly quoting. I can tell you that since we launched Next Gen our turnover and trade numbers have doubled. thanks for your posting.

many thanks
pc

Hi PC

I certainly don't deserve contempt as I am being honest and forthcoming with my findings. I have shared both the good and the bad side of my experiences as you said 'you can handle both'.

I appreciate your explanation regarding the suspended market, but it does not explain why there are no decent fills around high volatile times now, when you used to have decent fills a couple of months ago, so what is the changing factor?

 

[PC at CMC Markets]

Good morning Brettus,

When the futures market is open we base it off the futures. when the futures market is closed we base it off s and p (that is why spread is wider overnight)


tks pc

Pc,

Is your FTSE 100 price based on the CASH or future. I know it's priced off the futures, just wondering if it's an adjusted cash price.

Thanks,

Brett

 

[PC at CMC Markets]

good morning gle101,

thanks for your words of encouragement. I will put you on my Christmas card list.

It is getting exciting now, upgrade coming soon.

cheers pc

The spread war has been going on for quite a while, City started with the 1 point spread on the Dow for quite awhile back, the other said it was impossible for them to be able to keep it, how wrong they were. Now CMC has taken it to a another level, what will IG do is my question, sit tight with their hands folded in their lap, no I don't thing so. Yes I agree, I am looking forward to all the goodies CMC will bring in the near future. I think Peter is starting to win me over, ha ha.

 

[tar]

Pc,

Is your FTSE 100 price based on the CASH or future. I know it's priced off the futures, just wondering if it's an adjusted cash price.

Thanks,

Brett

All CMC's markets are cash adjusted including commodities , so yes ...

 

[PC at CMC Markets]

hi truth seeker,

Well I used the word contempt because you seem to ignore my answers and make statements that are frankly not correct. I have told you we do not deliberately slow down the system. I do not know if you have a live account, If you were to give me specific events and times I could investigate.

All I can say is that there have been no system problems, we are processing double the business we normally do due to the big success of Next Gen and things are working well.

You seem to bang off statements without any substance or detail. Just generalisations. I can look into specific cases but this industry is not an exact science. I will say it again.
We take prices from all different sources, we filter those prices and deliver a tight 0.7 spread you hit the price and you get price improvements or price movements against you. The process is automated, there are no requotes and we do not read clients before they trade. The dealers do not have the ability to intercept any trades and the whole process is automated.

I am not saying there are no price corruption issues and latency but for the most part they are outside of our control and we have to deal with them the best we can.

During the recent SNB Eur/Chf issues we monitored the prices from our banks and every quote widened beyond what we were quoting our clients. It was difficult period but I think we delivered a consistent and strong service. But due to the nature of these forums nobody came on and said well done.

Many thanks for your posting.
tks pc

Hi PC

I certainly don't deserve contempt as I am being honest and forthcoming with my findings. I have shared both the good and the bad side of my experiences as you said 'you can handle both'.

I appreciate your explanation regarding the suspended market, but it does not explain why there are no decent fills around high volatile times now, when you used to have decent fills a couple of months ago, so what is the changing factor?

 

[PC at CMC Markets]

hi tar,
do you think we should offer quarterly bets
pc

All CMC's markets are cash adjusted including commodities , so yes ...

 

[gle101]

Action speaks louder than words. Let's see how this works out because you can have the best platform, the tightest spreads, and good leverage (I think the new leverage is a red rag to new inexperienced traders with poor money management) but all this will mean zero if CMC keep slowing execution or totally closing the trading market around high volatile times no matter for how long.
To me this is suspect, because it shows they can manipulate the market (which I and another trader have provided screen shot proof) whenever they please, this is NOT tranparency. We have had two instances (actually there is more if you include delayed fills by a couple of seconds which I find is common place now) when CMC have deliberately controlled the data around high volatile times, this means they can manipulate as and when they please, and that's not flying straight in my book.
I for one have the skill to capitalise on fast movements, but it looks like I wont beable to do this because of their deliberate intervention of their data at these times to make sure high volatile traders are shut out. It also means that our trades are NOT going straight to market as Peter has stated and It's a shame, I really thought CMC were turning over a new leaf. I may still beable to use CMC for other slower type trades but to be honest I don't trust them now and why should I bother as the trust is gone.

You seems to be a guy that shifts very quickly about your viewpoints. Manipulation is a very strong word and I think you must have more real facts on the table in order to come forth with this kind of accusations. With this kind of large bets you are playing with, why don't you trade the futures instead of SB or CFD's?

 

[tar]

hi tar,
do you think we should offer quarterly bets
pc

Goodmorning Peter

For commodities yes , you mentioned this before and you said you will bring back commodities futures ...

 

[Truth Seeker]

Hi PC

The way I approach businesses is I look at what they advertise, then I look at what I receive. If you advertise 0.7 and 0.9 spreads, that's what I want, I don't want excuses because of some data corruption etc. We are trading your market so you CAN deliver what you advertise, to date I haven't got the 0.7 and 0.9 spreads, I always pay more even when the market is virtually dead, and when the market speeds up, forget it, you can be slipped 30+ pips and as your execution has been much better (quicker) in the past, and now it's got worse, it gives me cause for concern, and don't try and deny this and blame outside factors, as that's what I have a problem with, believe me when I say I have heard all the excuses before. If you get your price feed direct from the exchange like Pro Spreads and the actual market has problems then that's fair enough, but this isn''t happening here is it? You have created your own market. You state you have all this technology, fastest execution, well, it's slowing down and getting worse and now breaking down, so don't you think you should get it sorted out before you lose all your customers?

I'm wondering is there an independant body that tests executions to see if clients actually get the spreads that are advertised? I think that would be a good idea.

 

[Truth Seeker]

I think quarterly bets for all UK stocks would be a good idea to avoid the charges for every night roll over.

 

[gle101]

Hi PC

The way I approach businesses is I look at what they advertise, then I look at what I receive. If you advertise 0.7 and 0.9 spreads, that's what I want, I don't want excuses because of some data corruption etc. We are trading your market so you CAN deliver what you advertise, to date I haven't got the 0.7 and 0.9 spreads, I always pay more even when the market is virtually dead, and when the market speeds up, forget it, you can be slipped 30+ pips and as your execution has been much better (quicker) in the past, and now it's got worse, it gives me cause for concern, and don't try and deny this and blame outside factors, as that's what I have a problem with, believe me when I say I have heard all the excuses before. If you get your price feed direct from the exchange like Pro Spreads and the actual market has problems then that's fair enough, but this isn''t happening here is it? You have created your own market. You state you have all this technology, fastest execution, well, it's slowing down and getting worse and now breaking down, so don't you think you should get it sorted out before you lose all your customers?

I'm wondering is there an independant body that tests executions to see if clients actually get the spreads that are advertised? I think that would be a good idea.

Bring out the facts about live trades you have done recently, I don't find this kind of information useful.

 

[tar]

I think quarterly bets for all UK stocks would be a good idea to avoid the charges for every night roll over.

you will not avoid the charges , it will be priced in already .