Spreadbetting - IG complaint

There is no lack of transparency as u say , u can get tick by tick data with IG from the pro charts and u can compare it with the underlying market there is nothing to hide ...

The FTSE hasnt dropped 500 points in a WEEK since Nov 2008 so either this story is entirely made up or the SB company screwed him. I cant see any other possibility.
 
The FTSE hasnt dropped 500 points in a WEEK since Nov 2008 so either this story is entirely made up or the SB company screwed him. I cant see any other possibility.

he wasnt stopped-out , he lost money because he was long Ftse at 28th of sep 2008 and he closed his positions lately at the evening 450 points X 200 ...
 
Yes it was a really big move, it was a crazy weekend, and the first day of the week didn't help him either. I have to go back to the MiFID in the "client best interest". Even if he didn't have a stop in place, IG had responsibility in not letting the credit balloning totally out of proportions. He needs to collect all data concerning his position, like "tar" is correctly pointing out, it is all available, both from IG and the real market. He must have a very clear picture of the development of his position, minute by minute, in order to find out how long time they did let his position run, in comparison to the credit limit he was granted. It is just crazy that IG didn't close his position earlier as, I am quite sure they did monitoring it very closely.
 
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Yes it was a really big move, it was a crazy weekend, and the first day of the week didn't help him either. I have to go back to the MiFID in the "client best interest". Even if he didn't have a stop in place, IG had responsibility in not letting the credit balloning totally out of proportions. He needs to collect all data concerning his position, like "tar" is correctly pointing out, it is all available, both from IG and the real market. He must have a very clear picture of the development of his position, minute by minute, in order to find out how long they did let his position run, in comparison to the credit limit he was granted. It is just crazy that IG didn't close his position earlier as, I am quite sure they did monitoring it very closely.
if this story is true i dont think IG left his positions opened in purpose as i pointed b4 IG closed my positions immediately and when they wanted 60 $ from me they sent me emails and posts . 80k of extra credit y ? u think they r stupid ? what they will gain ?
 
if this story is true i dont think IG left his positions opened in purpose as i pointed b4 IG closed my positions immediately and when they wanted 60 $ from me they sent me emails and posts . 80k of extra credit y ? u think they r stupid ? what they will gain ?
Stupid, they are definitely not, if the information we have gotten is correct, he should have received a margin call after his credit limit have been reached. If mr_put gave us all information his credit should not exceed 20k. Letting the position run until he did manually closed it with a total of staggering 92k loss. Money he apparently don't have access to, in order to pay his debt to IG. Bearing in this case could also be the capital information about income and other asset provided by him signing the account application.
 
i'm not sure whether IG left my positions on delierately or whether they just messed up.

possible reasons they left position on deliberately: they apparently trade the underlying markets themselves too, so perhaps my positions hedged their exposure in the underlying market at minimal cost to them; they had a similar offsetting profitable position with another customer which was unhedged in the underlying market so they used my losses to pay him. if IG are trading their own book, as i understand it, that is in contravention of mifid rules as they have to declare a conflict of interest to customers in advance.

possible reasons they messed up: they weren't monitoring my account at all, they had a system failure on the day, human error on the day, poor internal procedures.
 
i'm not sure whether IG left my positions on delierately or whether they just messed up.

possible reasons they left position on deliberately: they apparently trade the underlying markets themselves too, so perhaps my positions hedged their exposure in the underlying market at minimal cost to them; they had a similar offsetting profitable position with another customer which was unhedged in the underlying market so they used my losses to pay him. if IG are trading their own book, as i understand it, that is in contravention of mifid rules as they have to declare a conflict of interest to customers in advance.

possible reasons they messed up: they weren't monitoring my account at all, they had a system failure on the day, human error on the day, poor internal procedures.

your loss is nothing , they didnt gain anything yet from you it is on paper only , IG book is huge 200pp is nothing , they make 1 million pounds in revenue every bus day ( clients losses - clients profits ) , maybe system failure it was abnormal day anyway ...
 
on my application form for the credit account, i said i owned property, and had some shares and cash savings. not all these assets are liquid, and when opening a credit account with a 5k limit i didn't intend on losing my home for the sake of a punt on the ftse - that's what credit limits are for. and anyway IG assume that an investor is worth his entire asset base on a bet.

where can i get the ftse and IG moves on the day from?
 
your loss is nothing , they didnt gain anything yet from you it is on paper only , IG book is huge 200pp is nothing , they make 1 million pounds in revenue every bus day ( clients losses - clients profits ) , maybe system failure it was abnormal day anyway ...
92k is awful lot of money to most people. If there was a system failure IG must be responsible for not closing his position at a normal granted credit level.
 
on my application form for the credit account, i said i owned property, and had some shares and cash savings. not all these assets are liquid, and when opening a credit account with a 5k limit i didn't intend on losing my home for the sake of a punt on the ftse - that's what credit limits are for. and anyway IG assume that an investor is worth his entire asset base on a bet.

where can i get the ftse and IG moves on the day from?

Give us the date and time you opened it and the date and time you closed it.
 
92k is awful lot of money to most people. If there was a system failure IG must be responsible for not closing his position at a normal granted credit level.

ofcourse the responsibility is between both of them IG and mr put
 
on my application form for the credit account, i said i owned property, and had some shares and cash savings. not all these assets are liquid, and when opening a credit account with a 5k limit i didn't intend on losing my home for the sake of a punt on the ftse - that's what credit limits are for. and anyway IG assume that an investor is worth his entire asset base on a bet.

where can i get the ftse and IG moves on the day from?

I posted IG daily charts for the Ftse b4 , IG intraday charts doesnt go back to sep 2008 ...
 
92k is awful lot of money to most people. If there was a system failure IG must be responsible for not closing his position at a normal granted credit level.

his loss is nothing to IG cuz it is in paper only this what i meant ...
 
Unless the position was closed at the extreme of a huge spike that shouldn't have been there, looking at charts won't help much now. On what grounds did the FOS reject your complaint, Mr P?
 
No , he didnt monitor his position .
No he didn't monitor his position properly, that is right. On the other hand he did execute by closing the position, why they did nothing of the sort, when they should have taken some action at an earlier stage. Yes, the main responsibility always fall on the trader, but there are cases when one feels that the SB has a certain responsibility to act, and this is definitively such a case.
 
No he didn't monitor his position properly, that is right. On the other hand he did execute by closing the position, why they did nothing of the sort, when they should have taken some action at an earlier stage. Yes, the main responsibility always fall on the trader, but there are cases when one feels that the SB has a certain responsibility to act, and this is definitively such a case.

ofcourse they r responsible 2
 
I got the impression that Mr_put tries to get away with only 5k loss, this I don't think will work. The exact credit limit granted is very unclear in his posts. Unless this is clarified between him and IG, it is very hard to establish, at what point IG should have taken action and sent him a margin call.
 
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