FTSE price-spike by GFT this AM

[JSB1]

Hi Guys. I was short the FTSE this am and was stopped out by GFT at a price of 5048.2 at 7.02am. They have an out of hours spread of 6 points, so they are telling me their high of the morning was 5042.2. At 7.02 all of the other spreadbetting firms prices remained at about 5036. Hence I think GFT spiked their price to stop me out. Any thoughts/advice. Thanks

 

[BoarDome]

Unlikely. Take it up with them anyways, they'll have to provide a bloomy quote probably.

 

[PaulHClark]

IG Index shows highest price printed at 5042.8 on FTSE Daily Cash and 5046 on Sep FTSE 100 Future both occurred on Open around 8:00am

 

[Technically Fundamental]

Don't get into the habit of blaming the platform mate. I've been there and it accomplishes nothing.

 

[JSB1]

I appreciate what you are saying, but I am not really blaming the platform. I am blaming the 'dealers' at these spreadbetting firms. I short the index las night at 5010. I get stopped out at 7.02am at 5048.2 when the highest price at all other spreadbetting firms is 5038. They can cearly just spike they're price where they like. Just spoke to them again - they were seeing 'big buyers'. So I do not have a leg to stand on. I am going to take this all the way and make sure these firms get regulated. They can basically quote whatever price they like.

 

[Technically Fundamental]

Good luck. keep us updated.

 

[chezlaw]

Hi Guys. I was short the FTSE this am and was stopped out by GFT at a price of 5048.2 at 7.02am. They have an out of hours spread of 6 points, so they are telling me their high of the morning was 5042.2. At 7.02 all of the other spreadbetting firms prices remained at about 5036. Hence I think GFT spiked their price to stop me out. Any thoughts/advice. Thanks

Hi

Here's the GFT data from 7am this morning. There's nothing at 7:02am, only 5041.8 at 7am is anywhere near. Ask them what happened. (IG data is incomplete arround 7am this morning so hard to compare)

GFT .UK100.sb - UK 100 - Rolling, Aggregate list (1 min) at 10.09.2009 15:29:21.296

Time Open High Low Close


10.09.2009 06:58:00.000 5,029.4 5,029.4 5,029.4 5,029.4
10.09.2009 06:59:00.000 5,026.4 5,026.4 5,026.4 5,026.4
10.09.2009 07:00:00.000 5,038.5 5,041.8 5,027.3 5,028.3
10.09.2009 07:01:00.000 5,026.3 5,028.5 5,021.8 5,021.8
10.09.2009 07:02:00.000 5,021.5 5,023.3 5,021.3 5,022.0
10.09.2009 07:03:00.000 5,021.8 5,025.8 5,021.8 5,025.8
10.09.2009 07:04:00.000 5,026.3 5,028.8 5,025.5 5,027.8
10.09.2009 07:05:00.000 5,027.8 5,027.8 5,024.3 5,024.3

 

[gle101]

I appreciate what you are saying, but I am not really blaming the platform. I am blaming the 'dealers' at these spreadbetting firms. I short the index las night at 5010. I get stopped out at 7.02am at 5048.2 when the highest price at all other spreadbetting firms is 5038. They can cearly just spike they're price where they like. Just spoke to them again - they were seeing 'big buyers'. So I do not have a leg to stand on. I am going to take this all the way and make sure these firms get regulated. They can basically quote whatever price they like.

I am careful trading the FTSE off hours. You do have a wider spread off hours, and the price calculation of the quote given is not based on the movement of the real FTSE future (08:00 - 21:00) at that specific time.

 

[JSB1]

thanks for that Chezlaw - really appeciate the help. As gle101 points out, their price is not relted to the futures so I basically have no leg to stand on. They can move their quote wherever they lie. They did tell me they saw big buyers which led them to skew their price - wonder how easy it will be for me to find out if that is true. They have a licence to print money - and that HAS to be changed...

 

[gle101]

thanks for that Chezlaw - really appeciate the help. As gle101 points out, their price is not relted to the futures so I basically have no leg to stand on. They can move their quote wherever they lie. They did tell me they saw big buyers which led them to skew their price - wonder how easy it will be for me to find out if that is true. They have a licence to print money - and that HAS to be changed...

Yes, if you can prove that others trading GFT were given a different price quote, at that specific time you were stopped out, you might have a case. Most of the SB do not give a complete execution time stamp specified in seconds (what about GFT?). This is a problem when pinpointing and comparing the exactness of a trade. The SB companies are very aware of this fact.

 

[chezlaw]

Jsb/

Those are GT prices for this morning, They cannot also have other prices. Anyone can get those prices from the charts in the non web version of dealbook.

I've contacted them and had corrections made when I've received bad prices (not with stops).

 

[Jack Hughes]

One good thing about GFT (can't remember any others, though) is that their charts show both bid and offer, so it should be easy to check whether you have been stopped out legitimately. Trouble is that I think all SB co T&Cs say that their charts don't necessarily agree with their quotes. Also, I think GFT introduced variable spreads a few months back, so the 2pt, 6pt, or whatever, isn't fixed.
Basically, unless they made an obvious error, they have plenty of ways of fobbing you off.

 

[gedward3]

thanks for that Chezlaw - really appeciate the help. As gle101 points out, their price is not relted to the futures so I basically have no leg to stand on. They can move their quote wherever they lie. They did tell me they saw big buyers which led them to skew their price - wonder how easy it will be for me to find out if that is true. They have a licence to print money - and that HAS to be changed...

Take it on the chin mate and dont trade out of regular market hours as they can
do what ever they want with that price as there is no open exchange to link it
to. Only trade in the most liquid markets and thats when they are open.

 

[arabianights]

thanks for that Chezlaw - really appeciate the help. As gle101 points out, their price is not relted to the futures so I basically have no leg to stand on. They can move their quote wherever they lie. They did tell me they saw big buyers which led them to skew their price - wonder how easy it will be for me to find out if that is true. They have a licence to print money - and that HAS to be changed...

alternatively you could trade it properly without ridiculously tight stops... if they move it to 10000 or something they will be hit very quickly by people with deep pockets... if a few ticks matter to you trade a real market and ideally earn the spread.

 

[alan5616]

Hi Guys. I was short the FTSE this am and was stopped out by GFT at a price of 5048.2 at 7.02am. They have an out of hours spread of 6 points, so they are telling me their high of the morning was 5042.2. At 7.02 all of the other spreadbetting firms prices remained at about 5036. Hence I think GFT spiked their price to stop me out. Any thoughts/advice. Thanks

Hi JSB,

I can't comment on your FTSE price, with GFT, because I don't trade it. All SB companies will make their price, out of normal trading hours, based on their client's orders. If there's several high end punters betting the same way, pre-open, then this will be reflected in the prices which they quote.

I'm a GFT client, trading spot forex. I've never been requoted ONCE, even when high impact figures are released. I started my account with them some 3 months ago and trade full time, often, up to 6-8 trades per day. Over the years, I've had accounts with most of the SB Cos and can, honestly, say that they're the best I've ever used.

I know that this price spike has cost you money and you are very pi**ed off about it but, GFT are not rip off merchants, in my experience, unlike some I could name.

 

[MikeYass]

Don't trade with such tight stops overnight, its just asking for trouble. Most SB quotes will be in line with each other even overnight, if they move their quotes too far out of line then they will be arbed.