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How do IG execute your trade?

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limayden

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Hi all,

Kindly go through to see whether you are affected and please inform those who you think that they are affected. Thank You.

I have recently started a petition against the unfair practices and trading systems of IG Markets Ltd on

http://www.avaaz.org/en/petition/IG...sparent_trading_system_and_practices/?nLPupib

Please copy the link above and paste it at Google search engine and/or at the web address bar.

Through this, I hope to gather like minded people and victims and seek compensation. At the same time, I hope that this petition drives IG towards a more transparent and fair trading system.

A) All customers of IG Markets can be deemed to be victims of their unfair trade system and practices. Customers of IG Singapore will expect that trades are executed by IG Singapore. However, this is not the case as trades are executed by IG UK or IG Australia.
The execution of trade is a form of regulated activity. Only entities which hold a Capital Markets Services (CMS) licence such as IG Singapore are allowed to carry out the regulated activities prescribed under the Securities and Futures Act (SFA) according to the Monetary Authority of Singapore. IG UK or IG Australia, a sister entity of IG Singapore, does not hold a CMS licence and hence is not allowed to deal (such as accept and execute trades) with the customers of IG Singapore. Based on this, IG has breached their contract with the MAS. Hence, all customers of IG are affected.

B) IG Australia had delayed or withheld executing of trades to see whether IG would profit or lose from executing trades (IG Australia had rejected after delaying the trades although trades were executed at IG’s quoted price). This has resulted in a loss of profits as trades that were legit were subsequently rejected.

Thus, it is important for clients of IG Markets Ltd to stand together against these practices to fight for our rights as traders and to fight for a fair trading platform for everyone’s benefit. Clients of Stop Orders, Limit Order and Stop and Limit Related Orders may relate to this cause more as these orders are often routed for manual execution, which is often carried out in IG Australia (please be referred to point A above). These trades are then executed by IG Australia which is not a CMS licensee. Hence, IG had illegally executed the trades according to the evidences.
Over the past 2 years, I have been conducting research and analysis on IG Markets and managed to gather a relatively substantial list of evidences against IG’s unfair practices.
My Evidences include:
- Unreliability of IG’s trading platform,
- How IG manipulates my trades,
- Unfair and non-transparent reasons for the rejection of my trades
- Unauthorized execution of my trades (my trades were routed to IG Australia for manual execution when my trades must only be executed by IG Singapore)

Should you wish to contribute to my cause and to build a stronger case against IG Markets, do contact me at limayden@gmail.com. Also, do sign the petition at the link above to support the cause. Thank you and I look forward to your support.
 
Were your trading CFDs ? Do you fully understand Over The Counter ?

You signed the contract when you opened your account that pretty much renders your evidence useless against them.

But good luck anyway I hope you give them a bit of trouble.
 
skyQuake said:
Was this equities or futures or fx. What was the nature of the problem(s)?
Click to expand...

@skyQuake,
Thank you for your comment.
My evidences are relevant for Contract For Differences (CFD) on futures (including Index futures) or fx. The evidences might be relevant for CFD on equities as well. The nature of the problems has been explained, anyway, can you please advise which specific nature of the problem you maybe interested in?
 

Specifically, the details of the trade.
Was it a stop loss or an entry? And how long were u delayed for?
I've had my fair share of problems with IG in the past but they've really cleaned up their act in the past few years.
 
minwa said:
Were your trading CFDs ? Do you fully understand Over The Counter ?

You signed the contract when you opened your account that pretty much renders your evidence useless against them.

But good luck anyway I hope you give them a bit of trouble.
Click to expand...


@minwa,
Thank you for your comment. I agreed with you thanks to their adhesion contract that is vague. However, IG’s terms were not flawless. The more you understand the contract law and/or products the more you could find how vague and flaw their agreement are. In addition, their agreement render unenforceable once they breach the law. I have the evidences that IG breached the law.
 
Oh yes, IG. Used them in the past never again.

The entire index or a top 20 stock mysteriously "crashes" thus taking out stops. And yet, strangely enough, there is no evidence of any such "crash" having occurred even on their own charts and certainly not on an actual stock exchange.

That's what used to happen, not sure if it still does but I won't waste my $ finding out.
 

I have used IG for over 5 years. Unfortunately I don't see any reason to sign your petition.

- Issues with re-quotes and delayed executions do occur but are, in my experience, the exception rather than the norm. And they often occur during times of high demand and high volatility... like release of tier 1 economic news. And during those occasions, even the best trading platforms can experience problems.

- When you trade CFDs, IG is your counterparty. They quote you a price and you choose to trade it. Simple as that. When you leave stops on their platform, you are accepting that, once they quote you a price that hits your stop, you are willing to trade that price. Again, that is the rule of their game. You can choose not to play, but you can't play and then call it unfair at the same time.

- With your Singapore trades being executed by IG Australia issue... I doubt anyone here (including you) know enough about the laws and regulations to say they have acted illegally. Especially the fact that you are trading OTC products. In actual fact, you are not trading. You are entering contracts with IG to exchange the difference in price on the security which you open a position. IG is the one doing the trading on the real exchanges to hedge their exposure. So in essence IG Singapore is asking IG Australia to execute its own positions (i.e. not trades on your behalf) so the practice may not be in violation of the CMS.

Anyhow, just my view and all the best with your efforts.
 

Hi Lim

I assume by your reference to MAS that you are based in Singapore.

On my reading of your original post it would appear that you have two fundamental issues, in that:

1. IG Singapore is non-compliant with MAS, (as the Singaporean Regulator) in terms of its operations. Ths SFA is quite clear that CFDs are within its scope of Regulatory (Legislative) coverage, which MAS is responsible for administering. It should be noted that the SFA states that a Recognised Market Operator may perform operations on shore in Singapore or managed from Singapore.

In terms of the above, if you as a user of IG's services in Singapore believe that it is non-compliant with Regulatory requirements, then a formal complaint can be raised with MAS.

2. IG Singapore is manipulating your trades in a manner that is detrimental your financial status and causes you losses, where by implication you believe that they should be to your benefit. If this is the case then you should be following IG's dispute resolution process. If you are still not convinced that its response is fails to address your concerns as to alleged trade manipulation, then you should raise this via the appropriate mechanism to have it investigated by an independent party. In Australia, this would be via the relevant/respective Consumer Protection and/or Fair Trading Legislation, for Singapore this would be via the relevant equivalent legislation within that jurisdiction. While you make reference to the term 'contract' in form a generic perspective the door could be opened to moving into 'Tort" law with regard to your reference to the perceived losses/damage that may have been incurred by you as a user if IG's service. You would need to seek legal advice, if you have not already done so, to understand your most appropriate approach.

MAS compliance is normally quite thorough and it is usually required to demonstrate that you are compliant with Singapore's Regulatory requirements prior to commencing any commercial activity within the Financial and Investment Sector.

In simple terms, besides presenting your allegations in general terms you have provided no evidence in support of these allegations, even at a level that would demonstrate that you have 'prima facie' case. Therefore I would not support or sign the petition.

Disclosure:

I have no interest or current dealings with IG Markets either through its head office in the UK or its subsidiaries in any other jurisdiction, such as Australia or Singapore.
 


@skc,
Thank you for your comment. I think you misunderstood it. I hope the updated version below might be clearer.

Hi all,

I have recently started a petition against the unfair practices and trading systems of IG Markets Ltd on

http://www.avaaz.org/en/petition/IG...sparent_trading_system_and_practices/?nLPupib

Please copy the link above and paste it at Google search engine and/or at the web address bar.

Through this, I hope to gather like minded people and victims and seek compensation. At the same time, I hope that this petition drives IG towards a more transparent and fair trading system.

A) All customers of IG Markets can be deemed to be victims of their unfair trade system and practices. Customers of IG Singapore will expect that trades are executed by IG Singapore. However, this is not the case as trades are executed by IG UK or IG Australia.
The execution of trade is a form of regulated activity. Only entities which hold a Capital Markets Services (CMS) licence such as IG Singapore are allowed to carry out the regulated activities prescribed under the Securities and Futures Act (SFA) according to the Monetary Authority of Singapore. IG UK or IG Australia, a sister entity of IG Singapore, does not hold a CMS licence and hence is not allowed to deal (such as accept and execute trades) with the customers of IG Singapore. Based on this, IG has breached their contract with the MAS. Hence, IG had illegally executed the trades according to the evidences. Therefore, all customers of IG are affected.

B) For the trades that you executed at IG current quoted price, IG Australia had delayed or withheld executing of trades to see whether IG would profit or lose from executing trades (IG Australia had rejected after delaying the trades although trades were executed at IG’s quoted price). This has resulted in a loss of profits as trades that were legit were subsequently rejected.

Thus, it is important for clients of IG Markets Ltd to stand together against these practices to fight for our rights as traders and to fight for a fair trading platform for everyone’s benefit.

Over the past 2 years, I have been conducting research and analysis on IG Markets and managed to gather a relatively substantial list of evidences against IG’s unfair practices.
My Evidences include:
- Unreliability of IG’s trading platform,
- How IG manipulates my trades,
- Unfair, invalid and non-transparent reasons for the rejection of my trades after delay in execution
- Unauthorized execution of my trades (my trades were routed to IG Australia for manual execution when my trades must only be executed by IG Singapore)

Should you wish to contribute to my cause and to build a stronger case against IG Markets, do contact me at limayden@gmail.com. Also, do sign the petition at the link above to support the cause. Thank you and I look forward to your support.
 
IG markets breech the corporations act in Australia 2001.

This would be a totally new test case for the whole industry but I am looking to allege in the supreme court of nsw that IG act unconscionably and sell a product that doesn't fully work, act on the other side of trades, fail in their general duty of care to clients.

IG markets don't even identify all clients like in my case, which breeches the anti money laundering leglislation. The platform in my instance crashed a lot in the middle of trades, prices were not updating etc.

CFD brokers should need to credit check, income asses and ensure that clients understand properly the products they are trading. In the case of my trades the system would crash and my stops were so tight it was too late to either add money or amend orders. I complained many times and IG assured me that no other clients have these ongoing issues and it was just my phone.

I am looking at starting a class action against IG and would welcome anyones experiences will IG especially if you are prepared to testify in court.

 
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