Bastard brokers -
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thread: Bastard brokers

  1. #21
    In fact, I believe in the united states, with an ECN they are permitted to revert trades which are mistaken, while dealing desks are not.

    It's the new rule.

    Http://www.nfa.futures.org/NFA-faqs/...e-2-43-QA.HTML

    CR 2-43(a), Price Adjustments1

    Q. Section (a)(1)(I) of this rule provides an exception from the prohibition on price alterations in which the alteration is advantageous to the customer and is done as part of their settlement of a customer complaint. Does that imply a Forex Dealer Member (FDM) can not make a favorable adjustment if the customer does not complain?

    A. It depends upon the conditions. The intent of this provision is to make sure that FDMs can repay customer complaints after they wind up in mediation. It wasn't meant to prohibit FDMs from adjusting prices on customer orders which were adversely affected by a glitch from the FDM's platform. A firm may not, however, fix prices on customer orders which benefited from the error (except as provided in part (a)(1)(ii)). Furthermore, an FDM may not cherry-pick which accounts to correct.


    Q. An FDM operates several trading platforms. Two provide only straight-through processing, but one does not. Can the FDM make part (a)(1)(ii) alterations for trades placed on the two platforms which provide straight-through processing?

    A. No. The Board meant to restrict the aid of all those companies that only operate a straight-through processing business model, and the submission letter to the CFTC uses this speech when describing the rule's intent. NFA recognizes, however, that the use of this word platform in the rule itself may be perplexing, and we mean to ask the Board to eliminate that word at its August meeting.

    Q. For price alterations made under section (a)(1)(ii), the rule requires written notifiion to clients within fifteen minutes. In case the liquidity provider informs an FDM of the price change twenty minutes after the orders are implemented, can the FDM still make the adjustment?

    A. No. The rule provides that clients must be notified within fifteen minutes after their orders are executed, and it had been written that way intentionally. Since a client's subsequent trading decisions may be based on the client's belief that a specific trade was implemented at a particular price, the rule stipulates a narrow window to get price alterations.

    1 For purposes of this discussion, the term adjustment also pertains to cancellations.


    Pretty secure at an STP also, for that matter.

  2. #22
    Senior Member patatas08's Avatar
    114
    This is just more proof that once you reach a specific point, you shouldn't trade with a dealing desk, it's all ECN at the point. If you are in the USA, (I believe I watched that) and they're in Copenhagen, I'd think 27k GBP may be worth a brief trip over there. Even in the event that you spend a couple thousand - it should be well worth it.

  3. #23
    Junior Member thorcazo1's Avatar
    22
    If Saxo really did it for it then it means that other'nw' broker(MT4) must do it even more!

    Are not they regulated by EU bank obligations? Can you try checking together?
    I always thought highly of these also has been recommending them to all of my close friends who trade before this occurred.

    I tried really tough to make them provide me an explanation in writing but they never sent me an explanation. After giving up with customer service, I delivered a lengthy email for their compliance officer but he has not responded. Now I am preparing the paperwork to submit to the Financial Ombudsman. I'm also looking at other avenues.

    I'll also have friend submit his paperwork for the profits that were taken away from him that morning.

  4. #24
    Junior Member thorcazo1's Avatar
    22
    Hey not to mention you are not credible (10v / 2513 articles ), but you realize that these are pretty heady claims to be creating against the reputation of a large corp..

    Would you let us know the timestamps/pairs of this pricing error?

    Thx
    True. I thought it through quite difficult and long. Before I took the step of starting this thread various dis-honest brokers, I did a google search on Saxo and discovered I am not the only one whining.

  5. #25
    Junior Member Kyny86's Avatar
    12
    Ok, I'd like to think of Saxo as a reputable broker until they took over #27,000 in my profits, gave no plausible explanation besides pricing error and refuse to give a comprehensive explanation.

    And

    Once I had a position open two weeks past, their website went down and I lost over #400 and they refuse to acknowledge that I was untouched and refund my losses.

    I got no where with client support and I sent an email to their own compliance officer but he hasn't responded. Next step is to speak to the FSA / Ombunsdman, etc.. In addition, they never gave any reason in...
    If Saxo actually did it for it then it means that additional'nw' broker(MT4) must do it even more!

    Aren't they controlled by EU bank obligations? Can you try checking with them?

  6. #26
    Hey , not to mention you aren't credible (10v / 2513 articles ), but you realize these are pretty sexist claims to be creating contrary to the reputation of a large corp..

    Can you tell us that the timestamps/pairs of the pricing mistake?

    Thx

  7. #27
    Junior Member thorcazo1's Avatar
    22
    For me they're bastards, they slip from you in several ways, but I suspect a part of the game, a buddy of mine got rob by mbtrading after like 3000 dollars, and they told him sorry but the bank made a mistake and we're only a broker
    MB Trading? I have neevr had a problem with them. I thought they were one of the most honest around but I think you learn something new everyday.

  8. #28
    For me they're bastards, they Slip from you in many ways, but I guess is part of the Match, a friend of mine Obtained rob by mbtrading once like 3000 dollars, and they Informed him sorry but the bank made a mistake and we're just a broker

  9. #29
    Junior Member thorcazo1's Avatar
    22
    Sorry for the loss bro.

    Grab a Currenex hub if poss?
    I have been thinking about for a lengthy time but was too lazy but now I definately will (as soon as I can get my monies back from Saxo).

  10. #30
    Except for the loss bro.

    Grab a Currenex hub if poss?

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