Brokers chasing you for negative account balance

Hi, I received several e-mails with deadlines and discount offers, all have elapsed, I did not pay, since Aug 7 no more contact.

We also received a number of emails and calls from alpari lawyers but did not answer
What to do? Did anyone consult with an attorney about it?

Does anybody have an ongoing legal proceedings?
Any news about Saxoo?

Is everybody waiting for others?

Just silence and inactivity everywhere?

Saxo - hearing they have been making compromises behind the scenes

IG - modified price from 0.9250 to 1.02xx (based on a FOS advise on the back of one complaint - probably not the most informed complaint in my opinion)

So far that's all the info out there it seems

What sorts of discounts are people being offered by Alpari and others to clear out negative balances?

FOS Adjudicator rules against CMC Markets repricing

In summary my view of the complaint is as follows:
At the time of the trades CMC’s platform was working correctly and generating
prices that were reflective of the underlying market.

No evidence has been provided that shows that at the time of the trades there was
a lack of liquidity in the underlying market; so I am not persuaded the prices were
wrong.

That is amazing news for CMC clients....well done to you guys!

Now how did FOS come to an arrangement with IG that 1.0249 was the right price?

Hi guys, pretty new to this - but thought I'd quickly confirm that today I have received a 'Claim Form' from the county court from Beeston Shenton Solicitors - working on behalf of CCI and Alpari.

I have 14 days to respond.

This Claim Form was sent to me but not to my correct address - I moved from that house a number of months ago, and hence why they say I have ignored there letters - I have not, its just I have not received them, as I no longer reside at the address they are sending them !

Anybody got any advice.....anybody spoken to a solictor....??

Help greatly appreciated.

http://news.forexlive.com/!/cmc-mark...rades-20151021

UK regulators side with clients in complaint against CMC Markets
http://az705044.vo.msecnd.net/20151021/cmc-markets.png
Exclusive
Several clients of CMC Markets were informed they will be refunded after requotes in the period after the Swiss National Bank eliminated the floor in EUR/CHF on Jan 15, 2015.
A group that's handling complaints showed us documents dated yesterday that inform clients that the UK financial ombudsman has ruled in their favour and against CMC Markets.

"The crux of this complaint is whether or not CMC was right to make the retrospective adjustments to the price," one letter reads.
"...I think that the business hasn't acted fairly... "My conclusion therefore is that the complaint should be upheld."
It goes onto say that cash adjustments should be reversed, any interest on paying negative balances should be refunded along with various compensatory payments for the people stuck in this 10 month saga.
There was liquidity
CMC Markets claimed: "Our platform published incorrect prices by failing to represent the complete absence of liquidity in the underlying financial market."
The Ombudsman ruled against this and showed that ample trading took place in the minute after the announcement -- up to 9:31 am.

As a result, the Ombudsman ruled that CMC "has not provided any evidence to support this assertion" of a lack of liquidity.
"Anecdotal evidence as well as the information we have received in respect of similar complaints makes it very clear that trading in the various Swiss Franc currency pairs did take place and in very substantial volumes. I accept that liquidity may have been drastically reduced from typical levels and trading was difficult. I do not accept CMC's assertion that there was a 'complete absence of liquidity'," it says.
They believe about 400m CHF equivalent of client trades took place between 9:30 am and 10 am BST.
Timing is everything
The Ombudsman believes there was ample liquidity and electronic platforms and liquidity providers were operating somewhat correctly at least until 9:32 am.
This is an important precedent for those who made trades in the two minutes after the floor was lifted. During that time, the ombudsman ruled that CMC's platform was working properly and generating prices reflective of the underlying market.
What's next?
We understand that the decisions are binding so CMC Markets will be refunding payments or cancelling debts. Similar complaints are outstanding against IG, ETX and Alpari.
We understand that IG has modified client prices in EUR/CHF due to similar complaints but they are still way off the mark at 1.0249 (compared to the 1.20 floor).
If you're looking for a forex broker, check our listing and remember the importance of regulation.

If you have any further information about SNB trades and regulator decisions, please contact us. We've been working hard to make sure retail clients get the best result possible.

http://www.reuters.com/article/2015/...nancialsSector

Hi,I am a fictim of alpari too,as CCI pretending for about 500000 GBP,the problem with these guys is that they don't want to recognise you like retail client,just because if they did so you are protected.I will be happy to join the group and to bring CCI Legal to the court,please send me your skype,my email is :
{ email address deleted by staff }

Do you have a list of brokers, whose liquidity provider was CMC?

CMC is not a liquidity provider it is a market maker. Hence can make up any prices it wants until it gets caught out.

The same happens on big news releases as it did on chf day - difference is they are ready for this so increase spreads/slippage, freeze platforms etc so as not to get beaten.

I don't exactly understand this part.
Is this statement applied only for CMC?
Or any other brokers should have provided liquidity at least until 9:32 AM?

Do we know what is the background of this statement? How was that 9:32 time set out? Why not 9:33 or 9:31? What are the grounds?
Does anybody know the second as well? 9:33:XX?

@make silence

CMC first filled clients at 09.31ish...then later that day requoted. CMC argued that no liquidity was available and prices given to clients were incorrect. However FOS finds that the price of underlying at the time was indeed correct and that there was at least some liquidity.

At the.moment FOS not applying this finding to other brokers.....which I don't understand. For example FOS agrees with IG that 1.0249 is an acceptable new price.

The FCA need to be complained to by all who are suffering. All the fos will do is try to find a fair solution for business and clients.

In IG case it is highly skewed to IG'S favour

Whilst in the CMC case it's rightly skewed in th3 clients favour

igeurchfloss: Thanks for the explanation.

So, related to CMC:
After the FOS intervention, at what price exactly was the liquidity stopped before the market gap and at what price exactly was the liquidity restarted after the gap?

I mean, what was the last price before gap and the first price after gap thanks to the FOS intervention?

@makesilence

As far as I know, that was not something FOS investigated as the key issue was whether the re-quote was allowed or not.

Which broker in particular are you concerned about?

Brokers have all handled this differently. For anyone curious of how we handled the situation, I have provided our response to the SNB event.

http://fxtrade.oanda.ca/Forex/chf-eur-crisis2

Cheers,

Please don't bring this propaganda here.
Oanda HALTED all quotes and trading on all CHF pairs for more than 1 hour.
"During the Swiss currency crisis, we did not re-quote or amend any CHF client trades":
Of course you didn't, no trade could be placed, no position could be closed !
You reactivated the quotes when the CHF was at the top and margin called everybody there.

Hi...can you provide your price and volume feeds from 09.30 to 09.35?