Dear Sirs,
The discussion of an individual case has grown from everyday practice of Broker-Client relationship into a dispute about problems of ECN model functioning as such. I suggest continuing our communication on the theory of organizing ECN and the use of its practical aspects in the specially dedicated to this topic section.
Conclusion:
The company has not broken any paragraph of the service agreement
To resolve the dispute the Company applied to the paragraph (c) from the agreement, since if otherwise the client would sustain significant losses. (please see below the applied paragraph from the agreement)
The Company may resolve all Disputes:
a). By crediting/debiting the Customer's Trading Account;
b). By re-opening erroneously closed positions;
c). By deleting erroneously opened positions or placed orders.
The Company took over the losses on the given transactions, which resulted from the execution trades on the account of the Company at the Liquidity Provider.
The company had no right to disclose the name of the Liquidity Provider, as NDA is associated with all the members of ECN. This is the normal practice of this business and the violation of such agreements will inevitably lead to negative consequences for the company.
The actions of the client may cause damage to the company’s reputation (image), on the basis of § 1 the Company reserves the right to begin litigation on the deliberate act of "black PR".
The company throughout the dispute provided the Client and the forum community with the comprehensive information presented in a proper manner.
The company asserts that the results achieved in this account were obtained only because of technological glitches. Otherwise, if the client had the great skill of trading, he could be able in the short term earn the amounts that would multiple times surpass the discussed values. Thus would bring substantial profits to himself and the Company.
With all the respect to the participants of the forum, once again want to inform you that the removal of transactions that were executed at prices later recognized as not by market price at the time of execution is a significant point of the agreement with any of the Liquidity Providers. This is the reality of the OTC FOREX.
Regards,
Denis Peganov
The discussion of an individual case has grown from everyday practice of Broker-Client relationship into a dispute about problems of ECN model functioning as such. I suggest continuing our communication on the theory of organizing ECN and the use of its practical aspects in the specially dedicated to this topic section.
Conclusion:
The company has not broken any paragraph of the service agreement
To resolve the dispute the Company applied to the paragraph (c) from the agreement, since if otherwise the client would sustain significant losses. (please see below the applied paragraph from the agreement)
The Company may resolve all Disputes:
a). By crediting/debiting the Customer's Trading Account;
b). By re-opening erroneously closed positions;
c). By deleting erroneously opened positions or placed orders.
The Company took over the losses on the given transactions, which resulted from the execution trades on the account of the Company at the Liquidity Provider.
The company had no right to disclose the name of the Liquidity Provider, as NDA is associated with all the members of ECN. This is the normal practice of this business and the violation of such agreements will inevitably lead to negative consequences for the company.
The actions of the client may cause damage to the company’s reputation (image), on the basis of § 1 the Company reserves the right to begin litigation on the deliberate act of "black PR".
The company throughout the dispute provided the Client and the forum community with the comprehensive information presented in a proper manner.
The company asserts that the results achieved in this account were obtained only because of technological glitches. Otherwise, if the client had the great skill of trading, he could be able in the short term earn the amounts that would multiple times surpass the discussed values. Thus would bring substantial profits to himself and the Company.
With all the respect to the participants of the forum, once again want to inform you that the removal of transactions that were executed at prices later recognized as not by market price at the time of execution is a significant point of the agreement with any of the Liquidity Providers. This is the reality of the OTC FOREX.
Regards,
Denis Peganov