Squared Financial Services Limited and spread 2044 points for the Guinness Book of Records
I am a customer of a broker named Squared Financial Service Limited (squaredfinancial.com) since May 2012. June 24 at 21:03 GMT suddenly, without any need of the market, without having any reason, the broker has increased the difference between the buy and sell price (spread) on the currency pair EUR-JPY with the usual 8-15 points to more than 2,000 points and set a rate of purchase (ask) 129.475, while the rate of purchase (bid) 127.431.
This action is not a market, and is illegal. First of all, it provoked a general opening of the pending orders, which were located at different levels and then the total closure of all orders and great loss.
In the attached file named “file_1”, you can see an increase of the spread to nearly 800 points. I was able to catch this picture.
In the attached file named “file_2” you can see the reverse reduction spread in 3 minutes to 100 points. You can also see that $36,501.07 dollars (that were in my account before 21:03) turned into little more than $6,000.
In the attached file named “file_3” you can see the exact value of the price ask = 129,475 (circled in blue oval) and the price bid = 127,431 (circled in red oval). The difference between them is 2044 points. I think this is the absolute maximum of spread, which is worthy of the Guinness Book of Records. Even in 1998 or in 2008, the market of foreign exchange has not seen these values of spread, so this is not a market event. Also, in this picture you can see that the market was calm until 21:03, and remained calm after 21:03.
If these events were natural and market, the increase of the spread we have seen in the quotations of other currencies and in the quotations of other brokers.
I believe that this action is illegal and unlawful, for the following reasons.
1. On a similar pair USD-JPY at this same moment, nothing similar is recorded. Anyone can verify this yourself. If necessary, I can provide print-screen images.
2. Other brokers anything like that could prove possible or similar market situation is not fixed. Anyone can verify this yourself. If necessary, I can provide print-screen images.
In the attached file named “file_6” you can see the achieved value of the price ask 129,475 (indicated by the blue line) and the price bid 127,431 (indicated by the red line).
It is easy to see that the difference between the lines is 2044 points and more than the average spread in the 8-15 points, but even greater than the difference between the daily high and daily low on this day in 1928 points.
This spread expansion has resulted to a global stop-out, not counting the mini heart attack which I got when I saw it all in front of the terminal. As a result, my trading strategy was broken.
I immediately sent an indignant email and even received a reply: “Hi, We will get all deals from 21.01 to 21.03 cancelled. This will be reflected in your account tomorrow morning and apologies for this inconvenience”. But not in the morning or afternoon nothing happened.
I sent three complaints by email, but received no response. No one response.
I must admit that yesterday, June 26 at 15:10 GMT, my account balance was credited in the amount of $14,432.00 with commentary “Refund re EURJPY deals 2406”, i.e company admitted their own guilt. But if the company admits guilt, then the company should fully recover my account balance, because at this moment it is impossible to restore my strategy and my plans.
And still no responce on email.
I believe these actions of Squared Financial Services Limited are unlawful and unreasonable.
I ask you to look into this situation. I think that Squared Financial Services Limited has to refund the amount of $29,775.74 to my account as compensation for pecuniary damage and also take steps to prevent similar situations in the future.
I am a customer of a broker named Squared Financial Service Limited (squaredfinancial.com) since May 2012. June 24 at 21:03 GMT suddenly, without any need of the market, without having any reason, the broker has increased the difference between the buy and sell price (spread) on the currency pair EUR-JPY with the usual 8-15 points to more than 2,000 points and set a rate of purchase (ask) 129.475, while the rate of purchase (bid) 127.431.
This action is not a market, and is illegal. First of all, it provoked a general opening of the pending orders, which were located at different levels and then the total closure of all orders and great loss.
In the attached file named “file_1”, you can see an increase of the spread to nearly 800 points. I was able to catch this picture.
In the attached file named “file_2” you can see the reverse reduction spread in 3 minutes to 100 points. You can also see that $36,501.07 dollars (that were in my account before 21:03) turned into little more than $6,000.
In the attached file named “file_3” you can see the exact value of the price ask = 129,475 (circled in blue oval) and the price bid = 127,431 (circled in red oval). The difference between them is 2044 points. I think this is the absolute maximum of spread, which is worthy of the Guinness Book of Records. Even in 1998 or in 2008, the market of foreign exchange has not seen these values of spread, so this is not a market event. Also, in this picture you can see that the market was calm until 21:03, and remained calm after 21:03.
If these events were natural and market, the increase of the spread we have seen in the quotations of other currencies and in the quotations of other brokers.
I believe that this action is illegal and unlawful, for the following reasons.
1. On a similar pair USD-JPY at this same moment, nothing similar is recorded. Anyone can verify this yourself. If necessary, I can provide print-screen images.
2. Other brokers anything like that could prove possible or similar market situation is not fixed. Anyone can verify this yourself. If necessary, I can provide print-screen images.
In the attached file named “file_6” you can see the achieved value of the price ask 129,475 (indicated by the blue line) and the price bid 127,431 (indicated by the red line).
It is easy to see that the difference between the lines is 2044 points and more than the average spread in the 8-15 points, but even greater than the difference between the daily high and daily low on this day in 1928 points.
This spread expansion has resulted to a global stop-out, not counting the mini heart attack which I got when I saw it all in front of the terminal. As a result, my trading strategy was broken.
I immediately sent an indignant email and even received a reply: “Hi, We will get all deals from 21.01 to 21.03 cancelled. This will be reflected in your account tomorrow morning and apologies for this inconvenience”. But not in the morning or afternoon nothing happened.
I sent three complaints by email, but received no response. No one response.
I must admit that yesterday, June 26 at 15:10 GMT, my account balance was credited in the amount of $14,432.00 with commentary “Refund re EURJPY deals 2406”, i.e company admitted their own guilt. But if the company admits guilt, then the company should fully recover my account balance, because at this moment it is impossible to restore my strategy and my plans.
And still no responce on email.
I believe these actions of Squared Financial Services Limited are unlawful and unreasonable.
I ask you to look into this situation. I think that Squared Financial Services Limited has to refund the amount of $29,775.74 to my account as compensation for pecuniary damage and also take steps to prevent similar situations in the future.