GUILTY Case# 2017-107 | veri5 vs junomarkets.com

[veri5]

Original FPA Traders Court Submission:

I am submitting the case against: www.junomarkets.com

My Case is: 06/09/2017 I traded USDCAD pair after Canadian interest rate news release with profit of 4324.83 USD . Broker Juno Markets who claims to be 100% No-dealing desk and accept any strategy at 11/09/2017 decided to cancel my profit as "unfair trading practice". In response to my complaints they have sent me the letter with wrong facts and conclusions, that I made several trades with the aim of exploiting delays due to the latency of the pricing feed, actually I have opened only one trade with partial closing executed by market price. There is no evidence price was off-market. They did't disclose details who their LPs are and also who voided the trade. I consider this unfair trading practice by Juno Markets and request reimbursement.

New thread in the Scam Alerts Folder:

• Juno Markets turned out to be a scam
  

Review is submitted by veri5 on 10/16/17

The company was first contacted about the issue on 09/10/17 the last contact was on 10/15/17

Details: We refer to the above mentioned subject and do hereby inform you of the following:

1. On September 6th, 2017 at approximately 14:00:00 GMT time, a rate decision
from the Bank of Canada caused significant volatility to the Canadian dollar. As a
result there was significant appreciation on the Canadian dollar (“the Event”).

2. Several trades placed by you on USDCAD (the “Trade”) were conducted with the
aim of exploiting delays due to the latency of the pricing feed and the effect on the
adjustment of the quoted prices resulting from the Event.

3. As an STP broker, Juno does not specifically prohibit trading during news
events. However, in regards to the Event and any such similar significant event,
Juno’s Liquidity Providers (“LP”) along with Juno “reserve the right to refuse
and/or reject trading strategies that are aimed at exploiting errors in prices
and/or concluding trades at off-market prices” (paragraph 25.3 of Juno’s Terms
and Conditions).

4. Further to paragraph 3 above, Juno’s LP has voided the Trades on the grounds
that the Trades were “off-market due to the latency in the price feed and were
deemed to be behavior taking advantage”.

5. Juno has in turn voided the Trades on the grounds that the Trades were concluded
at off-market prices and were aimed at exploiting errors and delays in prices in
accordance with paragraph 25.3 of Juno’s Terms and Conditions.

Company representatives' emails: Juno Markets Support <support@junomarkets.com>

 

[AsstModerator]

Did you invite JunoMarkets directly to your thread in Scam Alerts?

 

[veri5]

yes at 12 September

 

[AsstModerator]

I've just sent them the formal FPA invitation. Please post an update here on Tuesday to let me know if you've heard back from them or not.

 

[AsstModerator]

JunoMarkets says they are in touch with you. They also asked for access to this thread. I've just granted it.

 

[Junomarkets Official]

Dear Trader,

We would like to address your concern regarding a previous dispute with your trades. Unfortunately there is no change on the decision as our official response is final. However to summarize the events, please note that this in no means is a recurring situation and you will not find any complaint that happened during a separate event. As mentioned, this was an extraordinary event that occurred and the trading did violate Juno Market's terms and conditions. In addition, our counter parties had also cancelled the associated trades due to execution at off market prices. Therefore, the voiding of trade was within the Company's rights.

While we understand your concern, any further action beyond this may go to the Financial Commission, a dispute resolution board that Juno Markets is a member. As a firm, we are required to provide sufficient evidence that may be confidential in a public area. You may contact the Financial Commission regarding this dispute by going to the following page: https://financialcommission.org/res...e-a-complaintdispute/dispute-resolution-form/


Best Regards,
Juno Markets

 

[veri5]

please provide evidence to Forex Peace Army, also as I understand Court Case Preparation Folder is not public, if there happened off market execution - "bad tick" reputable brokers usually provide extensive evidence, but actually this is not the case I believe because exactly the same trade was accepted by other regulated broker I am trading with ... sure I can turn to Financial Commission also, but it is unknown unregulated and funded by members offshore organisation, opposite to Forex Peace Army which reputation I trust a lot more ... Admin, please advice

 

[AsstModerator]

JunoMarkets Representative,

Can you specifically state what in the trade was against your Terms and Conditions?

If your counterparties claimed the priced were not valid, what prices were valid?

How long was it between the trade closing and the client being notified that the trade was invalid?

 

[Junomarkets Official]

Dear all,

We are unable to disclose certain information that the company deems confidential in a public forum. Therefore we would suggest you file a complaint with the Financial Commission as we are obligated to provide all evidence there. What we can confirm is that our counter parties have voided the trades corresponding to your mentioned trades due to off market execution. Furthermore the trades violates section 25.3 of the Juno Markets terms and conditions. We would continue to stress that this was an extremely rare situation due to extraordinary circumstances in the market. However any further complaint should be taken with the Financial Commission. The organization has the ability to make an enforcement on existing members and the case can be presented there.

Regards,
Juno Markets

 

[veri5]

the questions asked didn't contain confidential information, without evidence its just words, IMHO