Worldspreads upgraded!

[MarvinS]

In order to see this, while trading the FTSE for example, one has to obtain a live feed from the LIFFE exchange which WS are using as the underlaying asset. Compare this live feed with Worldspreads quotes and you will see an almost perfect match, both in speed and quotes. As I have seen it, the "weightering" consist of 1 point diversion in either direction, however, you still get the 1 point spread from WS, even if the live feed shows e.g. 2 point spread.

The typical underlying spread on the FTSE LIFFE contract is 0.5 so it will trade 6204 - 6204.5 our feed takes directly off that but raps a 1 pip spread around this that is why our price maybe 6204 - 6205.

The Wall St feed comes off the CBT DJ mini contract that typically has a 1 pip spread on the underlying. So would be 12340 - 12341. Our quote would be 12340 - 12341.

We do not weight these prices at all and if you are placed on referal pre- a figure we try our best to give you as accurate a price back as possible.

We attempt to fill stop losses as accurately as possible and try our best to be fair on bad spikes. Futures do not spike as much as cash prices, so that is why we have a 1 pip spread on the rolling futures.

 

[Directional]

When World Spreads say "1 point spread" - do they mean 1 tick spread or 1pt?

Some of the markets they are quoting as 1pt are in fact traded in half ticks, for example the FTSE and DAX both use 0.5 tick increments in the underlying market.

If the DAX future was (for example) 6437.00 bid at a half, would WS be quoting 6437 bid at 6438 offered?

 

[gle101]

The typical underlying spread on the FTSE LIFFE contract is 0.5 so it will trade 6204 - 6204.5 our feed takes directly off that but raps a 1 pip spread around this that is why our price maybe 6204 - 6205.

The Wall St feed comes off the CBT DJ mini contract that typically has a 1 pip spread on the underlying. So would be 12340 - 12341. Our quote would be 12340 - 12341.

We do not weight these prices at all and if you are placed on referal pre- a figure we try our best to give you as accurate a price back as possible.

We attempt to fill stop losses as accurately as possible and try our best to be fair on bad spikes. Futures do not spike as much as cash prices, so that is why we have a 1 pip spread on the rolling futures.

Thanks a lot for that info. It is for sure easy to misunderstand things in this industry. As a trader I guess one has to be open to all possibilities, and also quickly readjust if proven wrong.

 

[MarvinS]

When World Spreads say "1 point spread" - do they mean 1 tick spread or 1pt?

Some of the markets they are quoting as 1pt are in fact traded in half ticks, for example the FTSE and DAX both use 0.5 tick increments in the underlying market.

If the DAX future was (for example) 6437.00 bid at a half, would WS be quoting 6437 bid at 6438 offered?

"1point spread" is per full index point and prices are rounded to a full index point. So you will not get a price like 6205.5. It will either be 6205 or 06.

On the DAX if the underlying was 6437-37.5, we would quote 6437-38 yes. In which case you are more or less getting the best sell price. Either way you are getting the best price than you would get at any spread betting firm.

 

[Directional]

ok, thanks.

 

[MarvinS]

I can only post from my experience with WS so far. The 1 point spread has to be applauded and lets hope it sparks some competition. The price does reflect the market most of the time.They do " weight " it in thier favour sometimes but it's a spread betting company so you have to expect this,they all do it as far as I can see.

I have been with them 3 weeks or so and am showing a profit of some 25 points ( no big deal I know ) and starting to get somewhere. I suffered a re-quote yesterday morning at 8.10 a.m at the low on the ftse futures. My bet was £1 a point long,hardly earth shattering and can see no reason what so ever that I should have had a re-quote,the market was not volatile,it was however a cracking entry point for the ftse that day,draw your own conclusion.I hope it's not a sign of the times to come.I really want to trade at £1 a point.

Yes I know they want to protect thier product / profits etc. but if I was running a spread betting company I would be salivating at the prospect of top winning traders ( I don't mean me by the way ) opening an account with me.Why ban them ? All you have to do is follow thier trades and, well it doesen't need further explanation. If you offer a product it should be available to everyone.

So come on WS the £1 a point is daring and and you should be congratulated on that. Let us minions have our prices and get your traders to give you more profits by following the top pros. trading with your firm.That way we can all benefit.

I am sorry you suffered a requote as late as 10mins past the exchange opening. Unfortunately we have to take the requote off manually it is not an automated process. So from time to time our dealers forget. Just give us a nudge if it happens again. You can use the talk to a live trader box to chat to our dealers. They are all highly experienced traders and are happy to chat to you, maybe not at 7am though.

 

[MarvinS]

not quite correct, as the MM has the opposite position to the person that fills them. they only make the spread if they then go flat by filling someone else on the other side or can hedge at a better price in the underlying.

Absolutely correct. So in theory Arbitrageur could be laying to someone else if you think of it as being like an exchange. In the financial markets it is called jobbing!

 

[gle101]

I am sorry you suffered a requote as late as 10mins past the exchange opening. Unfortunately we have to take the requote off manually it is not an automated process. So from time to time our dealers forget. Just give us a nudge if it happens again. You can use the talk to a live trader box to chat to our dealers. They are all highly experienced traders and are happy to chat to you, maybe not at 7am though.

Thanks. I will also take a note of that.

 

[Legion]

I am sorry you suffered a requote as late as 10mins past the exchange opening. Unfortunately we have to take the requote off manually it is not an automated process. So from time to time our dealers forget. Just give us a nudge if it happens again. You can use the talk to a live trader box to chat to our dealers. They are all highly experienced traders and are happy to chat to you, maybe not at 7am though.

What the dealers forget even though this is standard day in day out proceedure? customers again having to tell the company something vitally important or to remind you to switch off refer to dealer buttons?

What utter rubbish, and what terrible service if this is of course indeed the case and reason for having a lax policy re When to switch on and off refer to dealer.

This is not good Marvin. I cant believe you accept " Dealers Forgetting "

Simple solution just set a big alarm clock to wake em up or someone up, and get em to sign a "I switched it back on for our customers check sheet compliance form" Then it shouldnt EVER happen again should it?

 

[gle101]

What the dealers forget even though this is standard day in day out proceedure? customers again having to tell the company something vitally important or to remind you to switch off refer to dealer buttons?

What utter rubbish, and what terrible service if this is of course indeed the case and reason for having a lax policy re When to switch on and off refer to dealer.

This is not good Marvin. I cant believe you accept " Dealers Forgetting "

Simple solution just set a big alarm clock to wake em up or someone up, and get em to sign a "I switched it back on for our customers check sheet compliance form" Then it shouldnt EVER happen again should it?

We are all human, brokers as well! At least Marvin took up the subject, and that is a sign of real strength as I see it.

 

[Legion]

Gle , im positive with this, yet managing Dealers Forgetting is down to the management to setup and have in place a measure so that they do not forget again.

is this not vital so the biz can attract customer Positive interaction experience to be able to trade via worldspreads? without going through another "refer to dealer" all because they forget to trip the switch, this problem can be resolved with a wind up £3.99 alarm clock.

Not hard is it?

 

[MarvinS]

Marvin, does this mean you are saying that's probably why laptop can't get onto instant execution ? He's a news scalper ?

I am going to try WS in the near future for myself and post whatever I find, I am hoping that it will be good and positive news I report back, not that that should sway anyone to be honest.

I hope your successor will come onto the forum to answer questions as you have, 'mostly'

I will not discuss Laptop on here as he has clearly stated END OF THREAD.

As i said before positive comments will be answered with positive and intellectual answers. If you have issues then report them to me and i will answer them. For the duration i am here!

 

[MarvinS]

What the dealers forget even though this is standard day in day out proceedure? customers again having to tell the company something vitally important or to remind you to switch off refer to dealer buttons?

What utter rubbish, and what terrible service if this is of course indeed the case and reason for having a lax policy re When to switch on and off refer to dealer.

This is not good Marvin. I cant believe you accept " Dealers Forgetting "

Simple solution just set a big alarm clock to wake em up or someone up, and get em to sign a "I switched it back on for our customers check sheet compliance form" Then it shouldnt EVER happen again should it?

Legion i accept your point but you also have to remeber, we open at 7am on the dot every trading day of the year. So we get into the office at 6:30, so we get out of bed in some cases at 5am, every day. Life is no joy especially if you have done a late shift the night before! The simple solution would be to have an auto flip to 1 pip spreads - i will have a word with IT and see if this can be done. Having said that we try our best and it happens very rarely.

 

[gle101]

Gle , im positive with this, yet managing Dealers Forgetting is down to the management to setup and have in place a measure so that they do not forget again.

is this not vital so the biz can attract customer Positive interaction experience to be able to trade via worldspreads? without going through another "refer to dealer" all because they forget to trip the switch, this problem can be resolved with a wind up £3.99 alarm clock.

Not hard is it?

Okay, I noticed Marvin replied to you and the matter seems settled. Someone at this forum said "You Scandi's are taking words way too serious!" Maybe this is the case with you as well. I sure need to get a grip on this English way of communicating, ha ha!

 

[dcarrigan]

some posts seemed to have been removed. not surprised thread getting out of hand.

 

[gle101]

some posts seemed to have been removed. not surprised thread getting out of hand.

On the contrary, I think it is going in the right direction. There have been some good conversation and interesting content lately.

 

[dcarrigan]

On the contrary, I think it is going in the right direction. There have been some good conversation and interesting content lately.

you must of missed the last couple of posts between m and l then . end of world spreads for me.

 

[punter99]

MarvinS Out of Order

MarvinS,

Laptop has repeatedly asked if he can return to instant execution with World Spreads and you continuously ignore the question.

If you speak for World Spreads, then answer the question and stop hiding behind Laptop's "end of thread" post. Perhaps, you might like to answer my question from the other World Spread's thread also? i.e. will WS accept an application from a resident of Ireland, in view of their pathetic site worldspreads.ie?

Eddie

 

[gle101]

MarvinS,

Laptop has repeatedly asked if he can return to instant execution with World Spreads and you continuously ignore the question.

If you speak for World Spreads, then answer the question and stop hiding behind Laptop's "end of thread" post. Perhaps, you might like to answer my question from the other World Spread's thread also? i.e. will WS accept an application from a resident of Ireland, in view of their pathetic site worldspreads.ie?

Eddie

I don't see that Marvin has any obligation whatsoever answering questions about laptop. Laptop took, in my opinion, a graceful goodbye from this thread with his final note END OF THREAD. Do you really think you or him will benefit from it, if you continue taking up his case in this manner? Please let us get on with real content on this thread.

 

[stevespray]

I don't see that Marvin has any obligation whatsoever answering questions about laptop. Laptop took, in my opinion, a graceful goodbye from this thread with his final note END OF THREAD. Do you really think you or him will benefit from it, if you continue taking up his case in this manner? Please let us get on with real content on this thread.

I would disagree with that! The topic (in relation to Laptop's account) has been an openly discussed topic on this thread. It therefore follows that the thread would benefit from the concluding episode. Worldspreads clearly make various claims about the services they are prepared to provide to their clients. If Laptop's trading style has uncovered potential flaws in the company's system then it is not Laptop's fault nor is it his problem. It has been suggested that Laptop was trading slower prices. The company's T&C allow them to make prices how they see it. There is no obligation on the company's part to provide prices which are in line with any underlying market - this point is made clear. It therefore follows that Laptop has in no way breached the terms of the customer agreement yet has found his account restricted. The company may well argue that the Customer Agreement effectively withdraws their obligation to provide the services which they claim to offer. This is the grey area which I would strongly suggest that the board is really interested in.

Steve.