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IC Markets margin call

  • #21
  • Jan 15, 2015 10:25am Jan 15, 2015 10:25am
Cescof, depending on your stop level or margin call threshold, you might have a recourse as IC Markets is currently reviewing their price feed during the news release. They just sent an email notice to all traders holding CHF positions and whose accounts have been affected. They are saying that they are aware of their price feed being erroneous. What this means is that prices will be revised, trades busted and balances reinstated accordingly, if needed.
  • #22
  • Jan 15, 2015 10:37am Jan 15, 2015 10:37am
Quoting Princeton
Cescof, depending on your stop level or margin call threshold, you might have a recourse as IC Markets is currently reviewing their price feed during the news release. They just sent an email notice to all traders holding CHF positions and whose accounts have been affected. They are saying that they are aware of their price feed being erroneous. What this means is that prices will be revised, trades busted and balances reinstated accordingly, if needed.
Yes i recreceived that mail but really i don't know what expect im really really warried and sad for this situation and i don't know how find a way out...To much money lost fo me...and today is my birthday...what a fuck day...never in my life happened something like this...Money are just money ok but i really don't know how ride out now...Regards
  • #23
  • Jan 15, 2015 10:44am Jan 15, 2015 10:44am
Quoting cescof
{quote} Yes i recreceived that mail but really i don't know what expect im really really warried and sad for this situation and i don't know how find a way out...To much money lost fo me...and today is my birthday...what a fuck day...never in my life happened something like this...Money are just money ok but i really don't know how ride out now...Regards
If the lowest bid triggers a margin call, they will bust your trade and close out your position at the lowest bid once they have infered a reasonable estimate of what the actual quote is. If the lowest bid is higher than your margin call level, then you will not get a margin call and your P&L will be updated at spot level.
  • #24
  • Jan 15, 2015 11:04am Jan 15, 2015 11:04am
Quoting Princeton
{quote} If the lowest bid triggers a margin call, they will bust your trade and close out your position at the lowest bid once they have infered a reasonable estimate of what the actual quote is. If the lowest bid is higher than your margin call level, then you will not get a margin call and your P&L will be updated at spot level.
They close my trade at 0.93 and all other open position before but for ex i' had some long position in CHF/JPY and they close it before it reaches 1.30 level but how they can take my pending long at 1.1940 if after the sbn announce there no liquidity ... So you can buy but you're not able to stop?
  • #25
  • Jan 15, 2015 11:32am Jan 15, 2015 11:32am
Quoting cescof
{quote} They close my trade at 0.93 and all other open position before but for ex i' had some long position in CHF/JPY and they close it before it reaches 1.30 level but how they can take my pending long at 1.1940 if after the sbn announce there no liquidity ... So you can buy but you're not able to stop?
There was liquidity, on Interactive brokers for example, there have been plenty of trades and not a single gap in USD/CHF and EUR/CHF
  • #26
  • Jan 15, 2015 11:34am Jan 15, 2015 11:34am
Quoting Mevo
{quote} There was liquidity, on Interactive brokers for example, there have been plenty of trades and not a single gap in USD/CHF and EUR/CHF
So why they don't close my position before margin call reached?
  • #27
  • Jan 15, 2015 11:36am Jan 15, 2015 11:36am
Quoting cescof
{quote} So why they don't close my position before margin call reached?
FRAUD
  • #28
  • Jan 15, 2015 12:21pm Jan 15, 2015 12:21pm
I haven't read the TOS of my broker, and I doubt most people have, but I would guess that there is a clause which states they cannot guarantee filling your order (whether it be a market, pending, stop loss or take profit) at the price you see on the screen. In fact, my day job is one heavily involved in legals, and the idea of it is to reduce risk to yourself, in most contracts. And that's exactly what the broker is doing. Kind of saying you place that order, but the broker can fill it at whatever price he pleases and, actually, you can't do anything about it.

Also, the negative account balance is probably the same. My guess is that they'll state you have to recoup the losses on your account... and when signing up for a broker, you're basically signing that contract...

Thankfully I wasn't in the market today!
  • #29
  • Jan 15, 2015 12:34pm Jan 15, 2015 12:34pm
Quoting Mevo
{quote} FRAUD
or maybe different liquidity providers = different prices
  • #30
  • Jan 15, 2015 12:35pm Jan 15, 2015 12:35pm
Quoting Princeton
Cescof, depending on your stop level or margin call threshold, you might have a recourse as IC Markets is currently reviewing their price feed during the news release. They just sent an email notice to all traders holding CHF positions and whose accounts have been affected. They are saying that they are aware of their price feed being erroneous. What this means is that prices will be revised, trades busted and balances reinstated accordingly, if needed.
Could you please share that notice?

Thank you
  • #31
  • Jan 15, 2015 12:43pm Jan 15, 2015 12:43pm
Quoting The Jackal
{quote} Could you please share that notice? Thank you
Dear Client,




This email is concerning the CHF position(s) on your trading account and the prices streamed across the CHF pairs that have affected you today.



Today at 11:30 platform time (GMT+2) the Swiss National Bank removed the floor at 1.20 on the EURCHF currency pair which caused extreme volatility in all CHF pairs and the market in general. Over this period we saw spreads widen significantly which in turn caused the activation of price filters to stop pricing. Once pricing stopped on our main Integral price feed our backup price feed from Currenex was allowed to price. It was at this time that some liquidity providers were able to stream erroneous prices to IC Markets and execute client trades at prices they shouldn’t have.



Today IC Markets will be amending the prices on trades done across the CHF pairs with our liquidity providers. Once we have had these trades amended we will begin the process of adjusting clients accounts. This may include but not be limited to the actions below:



• Reinstatement of positions where appropriate and possible

• Amendment of open/close prices on trades

• Assessment of client portfolios closed due to insufficient margin

• Adjusting client cash balances to reflect the actions above



IC Markets staff will be working as fast as possible to complete the above and restore trading accounts to their correct state. We appreciate your patience as we complete this.





Kind regards,


IC Markets Trade Desk
  • #32
  • Jan 15, 2015 1:13pm Jan 15, 2015 1:13pm
Quoting Princeton
{quote} Dear Client, This email is concerning the CHF position(s) on your trading account and the prices streamed across the CHF pairs that have affected you today. Today at 11:30 platform time (GMT+2) the Swiss National Bank removed the floor at 1.20 on the EURCHF currency pair which caused extreme volatility in all CHF pairs and the market in general. Over this period we saw spreads widen significantly which in turn caused the activation of price filters to stop pricing. Once pricing stopped on our main Integral price feed our backup price feed...

Many thanks, I had no open positions on CHF so I did not get that.

It's interesting as clearly what happened is a meltdown across many currencies

(see my thread here: http://www.forexfactory.com/showthread.php?t=521848 )

so I have never seen something like this before and am curious to see if brokers will refund clients or not.

I can say that even some ETFs were without market makers for many minutes following the news so I believe that what IC stated was true.
  • #33
  • Jan 15, 2015 1:44pm Jan 15, 2015 1:44pm
Quoting Princeton
{quote} Over this period we saw spreads widen significantly which in turn caused the activation of price filters to stop pricing. Once pricing stopped on our main Integral price feed our backup price feed from Currenex was allowed to price. It was at this time that some liquidity providers were able to stream erroneous prices to IC Markets and execute client trades at prices they shouldn’t have.
The advice from IC markets must come as a relief to affected traders. Lets hope other brokers adopt the same policy. Found the above comments from them concerning though. What was the cause of erroneous prices from some LPs? Manipulation by them or out of control bots?
Audentes Fortuna Juvat
  • #34
  • Jan 15, 2015 1:52pm Jan 15, 2015 1:52pm
It seems history is repeating itself;

http://www.forexfactory.com/showthread.php?t=313295
Audentes Fortuna Juvat
  • #35
  • Jan 15, 2015 2:03pm Jan 15, 2015 2:03pm

  1. You can lose more funds than you deposit in the margin account. A decline in the value of securities that are purchased on margin may require you to provide additional funds to the firm that has made the loan to avoid the forced sale of those securities or other securities in your account.

So they will chase you until you give them all your belongings??

This statement is from MB Trading

  • #36
  • Jan 15, 2015 2:57pm Jan 15, 2015 2:57pm
Quoting cescof
Hy... please someone could hel me.. I'm really desperate cause after SNB decision i'm in margin call with balance account closed at -3.5k€ (and i've lost all my money cause all position are closed now) I had a stupid pending order at 1.19 in Eur/chf from many months.... and today the tragedy.. Now i have to solve this problem with broker Icmarkets cause the had to close all my position before my negativa balance or not? I'm not so expert and my english it's not so good so i need help to try to solve this annoyng problem... Please help me Regards...
your buy at 1.19 should be cancelled by the broker. that was an invalid price since market was in dislocation at that time. most LPs have cancelled all trades above certain price (buy and sell both) so your broker cant really just fill you on buy while cancelling sells from all their clients. they have to be uniform in their treatment.

so likely they will cancel all trades above a certain price.
Think : Trade : Live Life
  • #37
  • Jan 15, 2015 4:37pm Jan 15, 2015 4:37pm
Quoting cescof
{quote} They close my trade at 0.93 and all other open position before but for ex i' had some long position in CHF/JPY and they close it before it reaches 1.30 level but how they can take my pending long at 1.1940 if after the sbn announce there no liquidity ... So you can buy but you're not able to stop?
Please explain me how a 0.3 lot trade opened @ 1.19 and closed @ 0.93 can generate 15K loss.

My math says 7800 EUR.
  • #38
  • Jan 15, 2015 6:56pm Jan 15, 2015 6:56pm
Quoting cescof
{quote} They close my trade at 0.93 and all other open position before but for ex i' had some long position in CHF/JPY and they close it before it reaches 1.30 level but how they can take my pending long at 1.1940 if after the sbn announce there no liquidity ... So you can buy but you're not able to stop?
Yes. You know why?

Because the market is designed in a way that your winnings are always limited, but your losses aren't.
Forex is a losers game.
  • #39
  • Jan 15, 2015 7:04pm Jan 15, 2015 7:04pm
Quoting cescof
{quote} So why they don't close my position before margin call reached?
No liquidity i suppose,
http://www.bloomberg.com/news/2015-0...-shocker-.html

quote; “There was a good hour when euro-swiss was untradeable,” said Chris Morrison, London-based head of strategy at Omni Macro Fund, a hedge fund which oversees $550 million. “Clearly there was no liquidity.”
I see it all in between ...
  • #40
  • Jan 15, 2015 7:07pm Jan 15, 2015 7:07pm
Unfortunately Cescof, you have done your money. SL are useless, they only work when someone else "buys" them. Most brokers have rigged the systems in their favour. but anyone who tells you that you can set your stop loss and feel safe is wrong. that stop loss you set has to be filled by someone willing to take that off your hands. brokers have a varied level of response to trying (or not) to offload your stop loss.
as for ic markets, i dont think you will have any luck, i dont like them as a broker. i didnt lose any $ last night, but i feel your pain and wish you all the best.
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