IG Markets Questionable Ethics - Aussie Stock Forums

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  1. #1

    Default IG Markets Questionable Ethics

    Who is IG
    IG is a market maker for Contract For Differences on shares, Forex and world stock market indexes.
    Trading with IG
    IG Markets has dealt the trades executed by their clients in two manners: Manual and Automatic dealing. In both manners, IG breaches the MAS administered laws. Further details and evidences will be provided below.
    My cause
    Over the past few years of trading with IG Asia, I have noticed several practices which are not in line with regulations put in place by regulatory boards (for eg, Monetary Authority of Singapore) and laws (for eg. Torts and contract law). These practices put traders at a disadvantage, and should not be tolerated. However, unless with great scrutiny, it is difficult to notice these anomalies. I have diligently put together many evidences after much analysis and evaluation and can confidently bring these practices to light.
    Therefore, I am writing this article to inform traders and to garner support for my cause in advocating for fair trade within the CFD (Contract for Differences) trading industry.
    Claims against IG (and evidences)
    1) All automatic trades executed by clients are dealt in London, UK and not in Singapore as seen from the screenshot below.

    This screenshot was taken from IG Singapore's trading portal. According to the MAS administered law, only CMS License holders are allowed to deal in securities. However, IG UK is not licenced and hence, is not authorized to deal with the trades of clients of IG Singapore. Based on this alone, IG has breached its contract.

    MAS have confirmed in the email above that IG UK does not hold a CMS licence.
    2) Similar to automatic trades, manual trades are also executed outside Singapore. They are executed by IG Australia. Therefore, these trades breach the contract as well.

    IG has acknowledged that manual trades are handled internationally.
    What you can do to help
    I have started a petition on https://secure.avaaz.org/en/petition...ractices/?pv=8 to garner support and gather victims of these unfair trade practices. These supports will greatly aid us as they provide us with the grounds to raise the issue with the relevant authorities to stop these unfair practices from spreading. IG also must pay a price for their unlawful and unethical trading practices. It will be greatly appreciated if you could sign the petition to support this cause. Together, as traders, we can make this industry a fairer playing field.
    Over the past years, I have gathered much evidences and information. This space http://igmarketsreviews.wordpress.com/ will be regularly updated with my findings and evidences. In the meantime, please do show your support by visiting and signing the petition.

  2. #2
    Can be found on the bid Trembling Hand's Avatar
    Join Date
    Jun 2007

    Default Re: IG Markets Questionable Ethics

    Dude you are not a victim. You can simply not use them once you started to be unsatisfied with their product. If you keep using them after you discover they are not to your liking you are a fool rather than a victim.
    Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? -Hunter S. Thompson

  3. #3
    skc's Avatar
    Join Date
    Aug 2008
    The dark side
    Blog Entries

    Default Re: IG Markets Questionable Ethics

    Quote Originally Posted by limayden View Post
    IG Markets has dealt the trades executed by their clients in two manners: Manual and Automatic dealing. In both manners, IG breaches the MAS administered laws. Further details and evidences will be provided below.
    My cause
    If IG has broken the law, why do you need a petition?

  4. #4

    Default Re: IG Markets Questionable Ethics

    So your complaint is that your orders may have been handled by someone outside of Singapore??

    All this looks like a technicality rather than IG having breached some sort of law... Something for compliance to iron out?
    I believe effort to be a finite resource. Something to be used only when there are no other options available.

  5. #5
    short- to medium-term trader pixel's Avatar
    Join Date
    Feb 2010
    Perth, WA

    Default Re: IG Markets Questionable Ethics

    Question: When you place an order, is it executed according to the market depth on your screen?

    If no: Lodge a complaint in accordance with the T&C that you accepted when you signed up.

    If yes: Why give a toss about the location of the back-end computer or a desk jockey's nationality?
    Artificial Intelligence is no match for Innate Stupidity.

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