stevespray
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The Pear said:
What is "mifid"?
Steve.
IG Index Thread
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What is "mifid"?
Steve.
stevespray said:
The Markets in Financial Instruments Directive (MiFID) will introduce a single market and regulatory regime for investment services across the 25 member states of the European Union. The key objectives behind the Directive are threefold: i) to complete the EU single market for investment services and ii) to respond to changes/innovations in the securities markets and iii) to protect investors.
Below specifically refers to point 3.
Client order handling: MiFID has requirements relating to the information that needs to be captured when accepting client orders, ensuring that a firm is acting in a client's best interests and as to how orders from different clients may be aggregated.
Pre-trade transparency: MiFID will require that operators of continuous order-matching systems must make aggregated order information available at the five best price levels on the buy and sell side; for quote-driven markets, the best bids and offers of market makers must be made available. Note that these requirements currently only apply to equities but it is widely expected that they will also apply to other products in the future.
Post-trade transparency: MiFID will require that firms will need to publish the price and volume of all trades, even if executed outside of a regulated market. Note that these requirements currently only apply to equities but it is widely expected that they will also apply to other products in the future.
Best execution: MiFID will require that firms take all reasonable steps to obtain the best possible result in the execution of an order for a client. The best possible result is not limited to execution price but also includes cost, speed, likelihood of execution and likelihood of settlement.
Markets in Financial Instruments Directive. EU attempt to go some way towards harmonising financial regulation of derivatives across Europe.stevespray said:
http://www.fsa.gov.uk/Pages/About/What/International/EU/fsap/mifid/index.shtml
Nick
The big problem I have with IG is that sometimes when I press buy or sell, my screen (only IG platform) freezes for about 5 to 10 seconds and then my trade starts to get processed. And in volatile markets (like binaries) of course the likelihoon is that in 5-10 seconds the price has moved significantly and my trade gets rejected. Does anybody else encounter this?
I have spoken to them many times and cant get to the bottom of it.
But in general I think they are very good. And as I do mianly binaries they are the market makers at it and their speed of execution is the best.
The only problem is their platform. Apart from the above mentioed problem, a lot of the times the platform becomes slow when I try to switch markets and sometimes even it crashes and I have to re-login.
I have spoken to them many times and cant get to the bottom of it.
But in general I think they are very good. And as I do mianly binaries they are the market makers at it and their speed of execution is the best.
The only problem is their platform. Apart from the above mentioed problem, a lot of the times the platform becomes slow when I try to switch markets and sometimes even it crashes and I have to re-login.
Jack o'Clubs
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I've not had a problem with their platform since I upgraded my machine's RAM a few months back - so from my experience it was a problem at my end rather than theirs. On the other hand you could argue that they should have a platform that relatively low-end machines can cope with.
Refer to dealer ?
Hi, I have been spread betting with a competitor recently and they have put me on "refer to dealer" (I scalped profitably and I don't think they liked it). I have made trades at the same time with IG (with a smaller amount, because the spread is bigger and I want to be sure the market will move enough to cover the spread) and they don't seem to have a problem. Has anyone experienced being put on "refer to dealer" with IG - this effectively means it take at least a few seconds to confirm your trade and/or you get a re-quote when you open or close a trade. My last trade with another company was re-quoted 5+ points different when I closed... not really workable for scalping (I trade FX by the way).
Hi, I have been spread betting with a competitor recently and they have put me on "refer to dealer" (I scalped profitably and I don't think they liked it). I have made trades at the same time with IG (with a smaller amount, because the spread is bigger and I want to be sure the market will move enough to cover the spread) and they don't seem to have a problem. Has anyone experienced being put on "refer to dealer" with IG - this effectively means it take at least a few seconds to confirm your trade and/or you get a re-quote when you open or close a trade. My last trade with another company was re-quoted 5+ points different when I closed... not really workable for scalping (I trade FX by the way).
Jack o'Clubs
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If you trade the big news releases then you may get requoted. I don't do it anymore, so things might have changed, but trying to get on a big move at 1.30pm when NFP has just been released was most easily done with CMC. IG are good 99% of the time, but just not on those big 1.30pm news moves.
Jack o'Clubs said:
Thanks for that. I tend not to trade on the news until after it has settled down a bit (too risky for me). The feeling I get is that it will probably be OK with IG & since they have a 3 point spread it gives them enough margin so I suspect it won't be a problem.
Yes I get that too
The Problems Ive had are as follows:
Spread(your motrgagepayments2us)betting Brokers abroad can lock you out of your system to stop you handling your exit before stop. Could not get into the system to exit & use stop loss, they stopped me out at a £600 loss on the Nikkie... I never saw the marker get close to my stop.. so watch out.. the graphs do not infer the volatility of all markets correctly and they locked me out before i could change the stop.
Software glitches "sorry this market is not dealble.." WTF? Ruins your mental capacity before a trade.
Figures in the graphs bear no relation to the actual official index value under the guise that the graphs are only indicative.. but.. sometimes they are even out by as much as 9 pips as a deliberate confusing mechanism to lull you into a false sense of security and fluf your binary in particular .. in an environment where we are meant to make financial decisions this is completely scandalous
Went to trade opening breakout on the ASX Australia.. The goodies are at market opening of course. Was not allowed to enter a trade untill around 5 mins after opening ie after the market went short for a 60point slide!!! Unbelievably bad form, and the Graph did not even show the drop somehow the information relating to the index showed the index as being up 10points when in fact it was down 60.. ridiculous. SEE Graph!! complaint in progress. Now heres the Yahoo quote for the day.... check it out..NOT EVEN CLOSE!!
S & P/ASX 200 (ASX:^AXJO)
Index Value: 5,502.00
Trade Time: 12:10AM ET
Change: Down 82.80 (1.48%)
Open: 5,561.100!!!!!!!!!!!!!!!!!!
Day's Range: 5499.00 - 5562.60
Where exactly in the graph do we see the open of 5561? in fact at open the graph and their quote was 5527 Id say that was deliberately misleading. and Im toying with a legal lunge now and a complaint to the FSA.. This is what Im talking about with IG.. ridiculous.
Spreads that shoot up from 4 to 6 or 7 inhibit trading.. Ive learned that a spread >5 is almost untradable, so much effort and work only to see it rise 2 points above the spread? Do yourselves a Cavour add that one to your trading rules.
If it wasn't for such idiocies Id be £2K richer by now in my first month of trading. but the problem is.. it would seem they are not as bad as the rest, although Spread(em for a quick fleece) betting companies remind me now of Vagas and Joe Pesci and certainly not the financial times and respectability , as such I will just have to knuckle down and win it all back over time if I dont decide to take these issues further.
binary bets: Heres a clue..They function like stubborn Options Ive learned.. be careful though the price they offer bears no direct correlation with the underlying price of the indicies the relationship is skewed and biased, and the information we receive has already been processed by the spread well before we receive that marker for the next breakout. so the spread is hedged very stubbornly against you trapping you from exiting a trade even though the market is on your side. Although I have started now to use this to my advantage. When spread(your wallet you gullable fool)betting remember that the spread moves rather like an Option. Remember also that a a very very very low price offered in the opposite bet is sometimes worth taking for some time because anything less than 20 points usually moves the other way somewhat over the course of the hour. Also pick off the bets at the right level of the spread binary. If the index is at 0.2 points above the condition and the spread level is still showing a level below 40 or even 50, thiers a good bet your "option" will make a lunge in your favour of around 20 points so scalp it!! but be careful.. theres something strange going on with the movement of the spreads that I have resorted to exiting my position on hourlies just to take the money rather than wait for a surprise
My problems are my tendency to rush in and force a winning trade to make up for losses, but I m learning to control that response now. Frustratingly id actually be up now if it wasnt for the unknowns I didnt bargain for , but soon they will eventually loose money regularly from me Ill guarantee them that.
Use them.. just be aware of what your up against.. they are the market you are playing not the Markets themselves.
Amendment:
Just found out also that all markets labeled CASH are not true representations of the underlying index, they are weighted to increase volatility (makes money for IG). This means we are not trading using IG, we are now gambling because they can and do change the profile at will and this may leave your technical analysis redundant. When I discovered that I realised finally that spreading your cash over IG is no way to trade the markets so Ive moved now to ETRADE US account trading shares and options (doubled my money with Apple call options recently!!!!!!!!!!! CLUE PEOPLE!!!!) and the returns are better in the short term/long term and medium although I still like a few binaries for fun, but I realise now, spread betting companies are a law unto themselves and you gamble, you dont trade with them. Would you really gamble with your bulk savings? No!!! only Trade with it at best using fundamentals or technicals not gambling according to thier whim.
I havnt heard of any millionaires who built thier income by gambling with spreadbetting, but thier are too many to mention who did trading shares Futures (Actual futures not rubbish fake CASH futures) and Options. . Know what your dealing with or lose it all..slowly..
just my 2cents worth..
Paul
The Problems Ive had are as follows:
Spread(your motrgagepayments2us)betting Brokers abroad can lock you out of your system to stop you handling your exit before stop. Could not get into the system to exit & use stop loss, they stopped me out at a £600 loss on the Nikkie... I never saw the marker get close to my stop.. so watch out.. the graphs do not infer the volatility of all markets correctly and they locked me out before i could change the stop.
Software glitches "sorry this market is not dealble.." WTF? Ruins your mental capacity before a trade.
Figures in the graphs bear no relation to the actual official index value under the guise that the graphs are only indicative.. but.. sometimes they are even out by as much as 9 pips as a deliberate confusing mechanism to lull you into a false sense of security and fluf your binary in particular .. in an environment where we are meant to make financial decisions this is completely scandalous
Went to trade opening breakout on the ASX Australia.. The goodies are at market opening of course. Was not allowed to enter a trade untill around 5 mins after opening ie after the market went short for a 60point slide!!! Unbelievably bad form, and the Graph did not even show the drop somehow the information relating to the index showed the index as being up 10points when in fact it was down 60.. ridiculous. SEE Graph!! complaint in progress. Now heres the Yahoo quote for the day.... check it out..NOT EVEN CLOSE!!
S & P/ASX 200 (ASX:^AXJO)
Index Value: 5,502.00
Trade Time: 12:10AM ET
Change: Down 82.80 (1.48%)
Open: 5,561.100!!!!!!!!!!!!!!!!!!
Day's Range: 5499.00 - 5562.60
Where exactly in the graph do we see the open of 5561? in fact at open the graph and their quote was 5527 Id say that was deliberately misleading. and Im toying with a legal lunge now and a complaint to the FSA.. This is what Im talking about with IG.. ridiculous.
Spreads that shoot up from 4 to 6 or 7 inhibit trading.. Ive learned that a spread >5 is almost untradable, so much effort and work only to see it rise 2 points above the spread? Do yourselves a Cavour add that one to your trading rules.
If it wasn't for such idiocies Id be £2K richer by now in my first month of trading. but the problem is.. it would seem they are not as bad as the rest, although Spread(em for a quick fleece) betting companies remind me now of Vagas and Joe Pesci and certainly not the financial times and respectability , as such I will just have to knuckle down and win it all back over time if I dont decide to take these issues further.
binary bets: Heres a clue..They function like stubborn Options Ive learned.. be careful though the price they offer bears no direct correlation with the underlying price of the indicies the relationship is skewed and biased, and the information we receive has already been processed by the spread well before we receive that marker for the next breakout. so the spread is hedged very stubbornly against you trapping you from exiting a trade even though the market is on your side. Although I have started now to use this to my advantage. When spread(your wallet you gullable fool)betting remember that the spread moves rather like an Option. Remember also that a a very very very low price offered in the opposite bet is sometimes worth taking for some time because anything less than 20 points usually moves the other way somewhat over the course of the hour. Also pick off the bets at the right level of the spread binary. If the index is at 0.2 points above the condition and the spread level is still showing a level below 40 or even 50, thiers a good bet your "option" will make a lunge in your favour of around 20 points so scalp it!! but be careful.. theres something strange going on with the movement of the spreads that I have resorted to exiting my position on hourlies just to take the money rather than wait for a surprise
My problems are my tendency to rush in and force a winning trade to make up for losses, but I m learning to control that response now. Frustratingly id actually be up now if it wasnt for the unknowns I didnt bargain for , but soon they will eventually loose money regularly from me Ill guarantee them that.
Use them.. just be aware of what your up against.. they are the market you are playing not the Markets themselves.
Amendment:
Just found out also that all markets labeled CASH are not true representations of the underlying index, they are weighted to increase volatility (makes money for IG). This means we are not trading using IG, we are now gambling because they can and do change the profile at will and this may leave your technical analysis redundant. When I discovered that I realised finally that spreading your cash over IG is no way to trade the markets so Ive moved now to ETRADE US account trading shares and options (doubled my money with Apple call options recently!!!!!!!!!!! CLUE PEOPLE!!!!) and the returns are better in the short term/long term and medium although I still like a few binaries for fun, but I realise now, spread betting companies are a law unto themselves and you gamble, you dont trade with them. Would you really gamble with your bulk savings? No!!! only Trade with it at best using fundamentals or technicals not gambling according to thier whim.
I havnt heard of any millionaires who built thier income by gambling with spreadbetting, but thier are too many to mention who did trading shares Futures (Actual futures not rubbish fake CASH futures) and Options. . Know what your dealing with or lose it all..slowly..
just my 2cents worth..
Paul
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platypus_8888
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binaries
a couple of thoughts on the last post.
First only ever trade a binary at a price that suits you - if you get a signal but there is a lousy price then wait for the next one. A good signal at a lousy price is a bad trade.
Second open a second account (name of boy/girlfriend etc.) and if you have trouble closing on your account try the other one - ie open the opposite positon which has the same effect. You could even do this with a different spread better if it is a simple up/down bet.
As far as I am aware this does not contravene any rules but I could be wrong.
a couple of thoughts on the last post.
First only ever trade a binary at a price that suits you - if you get a signal but there is a lousy price then wait for the next one. A good signal at a lousy price is a bad trade.
Second open a second account (name of boy/girlfriend etc.) and if you have trouble closing on your account try the other one - ie open the opposite positon which has the same effect. You could even do this with a different spread better if it is a simple up/down bet.
As far as I am aware this does not contravene any rules but I could be wrong.
Hi Guys here a copy of the reply from IG regarding the fact that they didnt allow trading whilst the market made 60 points available going short on opening So they admit that these are now manual interventions... & remember.. the price of the market spread was reflected in the binary and the indices ASX against which we are betting:
Dear Sir,
Thanks for your email. The change column on the platform does not always reflect the exact change in the market. This is because the change is reset when we reset all our markets on a daily basis. We reset different markets at different times. Unfortunately this is not always done at the exact time a market opens. This is particularly the case with markets which trade in sessions such as the ASX. Our data is therefore always indicative. We are aware of this issue and hopefully this can be addressed when we updated our platform.
I apologises for any confusion caused.
-----
How astonishing is that????
Dear Sir,
Thanks for your email. The change column on the platform does not always reflect the exact change in the market. This is because the change is reset when we reset all our markets on a daily basis. We reset different markets at different times. Unfortunately this is not always done at the exact time a market opens. This is particularly the case with markets which trade in sessions such as the ASX. Our data is therefore always indicative. We are aware of this issue and hopefully this can be addressed when we updated our platform.
I apologises for any confusion caused.
-----
How astonishing is that????
It is not astonishing at all
You do not mention which market you are referring to, but if you take the opening of the NYSE at 2.30pm each weekday, there is always a delay between the market opening, and IG offering bid/offer quotes on individual stocks. This allows IG to ensure that they do not get their fingers burnt from stocks which "gap" considerably from the closing price of the previous session.
There is no doubt that IG indulge in some dubious practices, along with other spreadbetting companies. However, you cannot blame them from protecting themselves from market gaps at the open of a trading session.
You do not mention which market you are referring to, but if you take the opening of the NYSE at 2.30pm each weekday, there is always a delay between the market opening, and IG offering bid/offer quotes on individual stocks. This allows IG to ensure that they do not get their fingers burnt from stocks which "gap" considerably from the closing price of the previous session.
There is no doubt that IG indulge in some dubious practices, along with other spreadbetting companies. However, you cannot blame them from protecting themselves from market gaps at the open of a trading session.
lOOK ITS QUITE SIMPLE AND BY THE WAY Ive Never Heard Such A Nonsensical Reply In All My Life.. What Do I Expect? THAT ENSURES THAT IG DONT GET THIER FINGERS BURNT? IM THE CUSTOMER WHO THEY HAVE MISLED AND EARNED £1100 FROM. MY GOSH.... I WAS LED TO BELIEVE I WAS TO TRADE THE MARKETS.. ( WHAT IS THE SPREAD FOR? ALSO DONT YOU THINK WITH ALL THAT CLIENT MONEY THEY SHOULD TRADE THE OPENING WITH US NOT AGAINST US IF THAT IS THE CASE..SURELY THEY HAVE TRADERS MAKING BUY/SELL TRADES USING THE MONEY ANYWAY.
iF YOU WALK INTO TESCO BECAUSE OF A OMITTED OFFER ON THAT PRODUCT YOUR MUM OR PARTNER WANTED AND THEY HELD YOU BACK DELIBERATELY OR NOT FOR TWO MINUTES LEAVING YOU 1 MINUTE TO GET THE BARGAIN HOW WOULD YOU FEEL?
I Expect That ig Or Any Company Who Say They Will Offer Fee Paying Customers The Chance To Trade Should Play Fair And CONSISTENTLY . Thier Should Be A Precise Fixed Limit Mentioned In Advance And On The Asx (read The Original Post) It Took Almost 5 Minutes., BY WHICH THE MARKET MOVE (NOT INCLUDING THE GAP!!!) HAD BEEN ACHIEVED
I Have Every Right To Inform Others Of These Practices And Im Surprised BY YOUR "SHOULD NOT BE SURPRISED COMMENT) You Tell Me I Should Have Expected That As A New Person To The Markets???? OHH LIKE THE GRAPH BEING 8 POINTS OUT, OR BEING LOCKED OUT OF MY ACCOUNT SO I CANT MODIFY THE STOP LOSS AS THE PRICE APPROACHES, Utter Rubbish.. You Sound Like A Ig Employee i HAVE EVERY RIGHT TO BLAST OFF HERE.. AND i M LEARNING iT SHOULDN'T BE LIKE THIS WHERE SO MUCH MONEY IS AT STAKE.
I THINK YOUR REPLY SMELLS SOMEHOW (OF COURSE THAT ISN'T A PERSONAL ATTACK IN ANY WAY)
iF YOU WALK INTO TESCO BECAUSE OF A OMITTED OFFER ON THAT PRODUCT YOUR MUM OR PARTNER WANTED AND THEY HELD YOU BACK DELIBERATELY OR NOT FOR TWO MINUTES LEAVING YOU 1 MINUTE TO GET THE BARGAIN HOW WOULD YOU FEEL?
I Expect That ig Or Any Company Who Say They Will Offer Fee Paying Customers The Chance To Trade Should Play Fair And CONSISTENTLY . Thier Should Be A Precise Fixed Limit Mentioned In Advance And On The Asx (read The Original Post) It Took Almost 5 Minutes., BY WHICH THE MARKET MOVE (NOT INCLUDING THE GAP!!!) HAD BEEN ACHIEVED
I Have Every Right To Inform Others Of These Practices And Im Surprised BY YOUR "SHOULD NOT BE SURPRISED COMMENT) You Tell Me I Should Have Expected That As A New Person To The Markets???? OHH LIKE THE GRAPH BEING 8 POINTS OUT, OR BEING LOCKED OUT OF MY ACCOUNT SO I CANT MODIFY THE STOP LOSS AS THE PRICE APPROACHES, Utter Rubbish.. You Sound Like A Ig Employee i HAVE EVERY RIGHT TO BLAST OFF HERE.. AND i M LEARNING iT SHOULDN'T BE LIKE THIS WHERE SO MUCH MONEY IS AT STAKE.
I THINK YOUR REPLY SMELLS SOMEHOW (OF COURSE THAT ISN'T A PERSONAL ATTACK IN ANY WAY)
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I notice you use the words "should" and "should not" frequently in your post.
Spreadbetting companies are bookies, pure and simple. They will do anything to gain an unfair advantage. If you want a much more transparent platform, and a much more level playing field for trading, using direct access brokers only.
Spreadbetting companies are bookies, pure and simple. They will do anything to gain an unfair advantage. If you want a much more transparent platform, and a much more level playing field for trading, using direct access brokers only.
Paulds11
I SB via IG and although I understand your sentiments about their quotes etc, you need to ignore their change column. Then play them at their own game; get yourself a live chart for the market you want to trade and have that open alongside their's. Throw in a couple of your favourite TA signals and you can then decide whether they are over/underestimating the realtime position compared to your own view and signals. With their price they are usually anticipating what's going to happen in the next few seconds, but believe me they can often be wrong and this provides good opportunities. 99% of my winning trades are based on them being out of sync with the realtime values.
I SB via IG and although I understand your sentiments about their quotes etc, you need to ignore their change column. Then play them at their own game; get yourself a live chart for the market you want to trade and have that open alongside their's. Throw in a couple of your favourite TA signals and you can then decide whether they are over/underestimating the realtime position compared to your own view and signals. With their price they are usually anticipating what's going to happen in the next few seconds, but believe me they can often be wrong and this provides good opportunities. 99% of my winning trades are based on them being out of sync with the realtime values.
rockseller
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Paulds11 said:
Paulds11,
You are making good points and you have got every right to express your opinion. But if you use capital letter online it come across as your are shouting. It will be better if you use small letter with and with different colour.
Regards,
Rockseller.
rockseller said:
You need to know I was shouting.. thats the whole point . Those new to the whole idea need to see this as a wake up call so they know what exactly is going on here e.g. be very very clear about the following. Markets quoted as cash are in fact not part of the market, they are weighted and amended at will by IG in order to deliberately create volatility and this now explains why the price of the index via the graphs never seems to stay in-line with the real market. That point cost many dearly and I believe was not made clear at all in the literature. It also goes a long way to explain all the anomalies I have lost money against and complained and yesterday was the first time someone was able to admit this fact to me. No one wants to lose unfairly, thats all...
Paul
