Worldspreads suspends shares?

[tradeany]

Can anyone clarify where Twoway spreads fit into this mess

 

[goose4]

Can anyone clarify where Twoway spreads fit into this mess

I have an account with them too.

Think of t like this.

They are the same one company.Same rules apply.

 

[hornet99]

I see that the police are now looking into this, but what i don't get is that if some robbers were recognised on cctv stealing £15 mill from a bank, then there would be more than reasonable grounds for the police to arrest the people suspected and hold them until they are proven innocent or guilty of any crime. In this case, money has effectively been stolen, it is just the manor that it has been done, the authoritires must know who the people in this case are so I really do not see the difference here........

 

[brettus]

I see that the police are now looking into this, but what i don't get is that if some robbers were recognised on cctv stealing £15 mill from a bank, then there would be more than reasonable grounds for the police to arrest the people suspected and hold them until they are proven innocent or guilty of any crime. In this case, money has effectively been stolen, it is just the manor that it has been done, the authoritires must know who the people in this case are so I really do not see the difference here........

It's crazy how they could have 13mio missing all of a sudden. These companies don't turn over that much revenue. I think somehow the CEO should be responsible for this. He makes the big bucks so naturally he should have more responsibility. There's something dodgy going on for them confirm straight away that they had no doing in the mistakes when they stepped down. 13mio doesn't go missing that easily specially for a company who's annual turnover is at max 20mio.

 

[hacks]

I too have an account with TwoWaySpreads. I received an email from TwoWayMarkets saying that I can open an account with ETX Capital (which I already have). Anyhow I'm lucky I don't have any funds at all with Worldspreads (feel sorry for those that do, especially above 50k).

 

[hacks]

This is the email I received from TwoWayMarkets:

Twowayspreads, a trading Name of Worldspreads Plc.

We regret to inform you that Worldspreads has been placed into administration following the discovery of an alleged accounting fraud.

The immediate consequence is that the firm has ceased all business for clients whilst the Administrators, KPMG, assess the financial position of the firm.

Please note: TMS Capital Ltd is a regulated company that is totally independent from Worldspreads. TMS Capital Ltd acts a 3rd party introducer to a number of spread bet providers.

TMS Capital can provide no more information than is freely available in the press, online and on Worldspread’s website, but our commitment is to provide support and assistance to all our clients over this difficult time. We would like to inform you that if the administrators are unable to recover enough funds to meet the balance on your account, you are eligible to submit a claim to the Financial Services Compensation Scheme, subject to their terms (FSCS > Home).

In the meantime we have had a number of requests by clients wishing to open an account with another broker.

We have made arrangements with ETX Capital for clients to establish new spread bet accounts. To open an account please click on the button below and submit your application. The process can take just 3 minutes.



The application is of course free and there is no obligation to trade.

If you would like to discuss any of the issues mentioned above, please call our offices on 0207 099 1138.

Yours sincerely,

TMS Capital

 

[brettus]

I too have an account with TwoWaySpreads. I received an email from TwoWayMarkets saying that I can open an account with ETX Capital (which I already have). Anyhow I'm lucky I don't have any funds at all with Worldspreads (feel sorry for those that do, especially above 50k).

Do you have any money with Twowayspreads?

 

[hacks]

Do you have any money with Twowayspreads?

No, but last week they called me asking me if I'm still interested in trading and keeping the account open. I said yes, but I didn't fund it because I wanted to trade elsewhere!

 

[TDog]

i have 7 or 8 open positions on the account what happens to then anybody know

You have zero open positions as at close of markets on Friday

WorldSpreads appoint KPMG as administrators - Betting Bible
Special administrators appointed to Worldspreads Limited | KPMG | UK

Hope they were in the black

 

[fishee]

Worldspreads weren't offering me zero spreads on my platinum account of late, but charging me half a point on all of their products. They lied and said it was the same for everyone.

Had anyone else lost there zerospreads on their platinum account

Hi - WS started charging £2 per trade mid january so I've not had zero spreads since then either. Been doing about 50 trades a week so this amounts to £800 since then. Should have been suspicious more when that happened and when got a letter saying 1pt/1pip was to be introduced from today for both UK100 and EUR-USD.
Been trading £10/p since December and turned the required £5k into £8k but it seems we'll may only get original deposit back which is not right given time and effort required to make that £3k in my case as a total rookie.
Just hope the FSA will do the right thing and give us what WS owed us. They can't ignore 15,000 of us if we each make our grivance clear.

 

[tradeany]

Are realised gains that have accumulated (closed out) over time eligible for compensation by the FSCS or is it only initial deposit as fishee alludes to?

 

[hacks]

If the position was closed before WS were in trouble then it should be covered.

 

[brettus]

Hi - WS started charging £2 per trade mid january so I've not had zero spreads since then either. Been doing about 50 trades a week so this amounts to £800 since then. Should have been suspicious more when that happened and when got a letter saying 1pt/1pip was to be introduced from today for both UK100 and EUR-USD.
Been trading £10/p since December and turned the required £5k into £8k but it seems we'll may only get original deposit back which is not right given time and effort required to make that £3k in my case as a total rookie.
Just hope the FSA will do the right thing and give us what WS owed us. They can't ignore 15,000 of us if we each make our grivance clear.

It should cover your profits as i believe if you lost money you cant claim that back.

 

[aj11]

when will they learn? the only way is STP - at least you know your broker is on the same side as you.

How wrong you are to think that STP is actually STP... If I had a pound for every broker that says they are STP but still doesn't place trades instantly into the market, I could pay back all of Worldspreads clients!!!

 

[hacks]

SpreadCo just sent me an email (and to other clients) to re-assure them that all client monies are segregated etc. What is the point? MF Global dipped into segregated funds, Worldspreads dipped into segregated funds, and it will probably happen again to another spreadbetting company in the future.

 

[dealer911]

SpreadCo just sent me an email (and to other clients) to re-assure them that all client monies are segregated etc. What is the point? MF Global dipped into segregated funds, Worldspreads dipped into segregated funds, and it will probably happen again to another spreadbetting company in the future.

You may as well go DMA -- at least your not under any illusion that your funds are segregated!!

 

[stevespray]

Conner Foley statement;



A statement issued by a Dublin public relations firm yesterday said Mr Foley "wishes to make clear that the first he learned of these issues (the financial irregularities) was on Friday morning last, at the same time as the rest of the board".

"His decision to step down as CEO earlier last week was completely unrelated."

 

[amac40]

I have emails from last October which show that Conor Foley clearly was aware there were issues at WS which he is now trying to distance himself from. I wonder what City of London police will make of it?

Hopefully the same conclusion I came to - they were at it!

 

[pboyles]

Several articles in today's Telegraph about this debacle. Coming so soon after the MF Global collapse you'd have to wonder if these companies are not all at it. It seems that big pot of customers money is too hard to resist.

 

[Mornington Crescent]

I have emails from last October which show that Conor Foley clearly was aware there were issues at WS which he is now trying to distance himself from. I wonder what City of London police will make of it?/QUOTE]

Come on then, dont be shy

lets see them