mfosterpsl
Private, 1st Class
- Messages
- 30
I placed a trade with Intertrader Direct Ltd on 19th March 2015 for the USDNOK pair, my trade was very successful and made a large profit.
Intertrader have cancelled the trade claiming a "pricing error" but are refusing point blank to provide any evidence of this - simply stating that a pricing error occurred and under the terms and conditions of my account they could cancel it. Using data from Dukascopy I can demonstrate that the price I was given WAS a valid price at that time and I believe they are unreasonably holding profits.
Full information follows:
19/03/2015
Email received from Intertrader stating that "Due to a pricing error, several of your trades have not been filled correctly by our liquidity provider. This means that we have had to revoke some of your trades."
I asked them to confirm the exact pricing error and what the liquidity provider states the trades 'should' have been filled at. They did not reply to this question.
26/03/2015
Emailed received from Intertrader:
>
Following the letter dated 19/03/2015 already sent to you explaining the occurrence of a pricing error, a decision has been made to void those relevant trades (specified below).
OrderId TimeStamp Symbol Type Trade Direction Price Volume ProfitRealized
2939662 19/03/2015 12:00 USDNOK_SB Open Sell 8.35444 2 0
2939662 19/03/2015 12:00 USDNOK_SB Close Buy 8.17889 2 3511
2939743 19/03/2015 12:00 USDNOK_SB Open Sell 8.35444 1 0
2939743 19/03/2015 12:00 USDNOK_SB Close Buy 8.17824 1 1762
2939767 19/03/2015 12:00 USDNOK_SB Open Sell 8.35444 1 0
2939767 19/03/2015 12:00 USDNOK_SB Close Buy 8.147 1 2074.4
2939836 19/03/2015 12:00 USDNOK_SB Open Sell 8.35444 1 0
2939836 19/03/2015 12:03 USDNOK_SB Close Buy 8.15023 1 2042.1
The reason for voiding such trades is that enquiries from our liquidity providers have concluded and our own enquiries have shown that you have taken advantage of the pricing error and engaged in risk free latency arbitrage
>
I replied:
"You have still not told me what price the trade should have been filled at.
You are accusing me of latency arbitrage – but I have simply placed a trade using your own system and been given that price.
Can you let me know if you plan to provide any evidence or further information on this cancelled trade – or if this is the total information you are able/willing to provide."
The reply from them:
"To the best of my knowledge, there is no further communication planned with regards to the USDNOK issue"
01/04/2015
Email from myself to Intertrader - copied to their compliance officer
>
I note your previous email that you do not plan to communicate any further on this issue. However before I look at the best way for me to progress and escalate this further I wanted to ask you one further time for more information; specifically on my points below.
Ref 10891:
There are several points I would like clarifying please:
1 “The reason for voiding such trades is that enquiries from our liquidity providers have concluded and our own enquiries have shown that you have taken advantage of the pricing error and engaged in risk free latency arbitrage”
• Firstly this is just untrue. Secondly you are accusing me of having ‘taken advantage’ which is a baseless un-evidenced accusation and is why I believe you take the stance you do about not moving this into a legal forum
2 In your PDF dated 19/03/15 you state: ”Due to a pricing error, several of your trades have not been filled correctly by our liquidity provider.”
• You state that your live account offers “Direct, transparent market access via ECN/STP“ and in your welcome email that I will “receive transparency, better and faster fills and also anonymity – there is no Dealing Desk watching who has come to the market and is asking for an order to be filled, instead client orders are executed automatically, immediately through the market network “. But now you tell me that the trade was filled by yourselves, but rejected by your liquidity provider.
2 You have made no attempt to ‘evidence’ my breach of your terms using prices from your own liquidity provider or any other source. Simply stated that there was a pricing error – not given any details on what this was using actual ticks from your liquidity provider. Why is this please? I was told this was action taken by the LP but so far only see the hand of Intertrader here.
Please provide prices from your own liquidity provider for this timeframe. I have requested several times the price information from you/your liquidity provider but this request has been ignored and my last email from you states “ there is no further communication planned with regards to the USDNOK issue”.
Please find below data from Dukascopy for the timeframe in question - you can see that the open price given to me by yourselves of 8.35444 is within the range of prices quoted by Dukascopy at that time:
19.03.2015 09:00:00.096,8.38288,8.36032,1.0000,1.5000
19.03.2015 09:00:00.424,8.33083,8.31742,1.5000,1.0000
19.03.2015 09:00:00.535,8.33083,8.31712,1.5000,1.0000
19.03.2015 09:00:00.654,8.33083,8.31872,1.5000,1.0000
19.03.2015 09:00:00.966,8.30190,8.29332,2.5600,1.3700
19.03.2015 09:00:01.502,8.29418,8.26422,1.2000,0.7500
19.03.2015 09:00:01.607,8.28843,8.26146,1.7500,1.0000
19.03.2015 09:00:01.709,8.28568,8.25399,1.0000,1.0000
19.03.2015 09:00:01.810,8.28558,8.25399,1.0000,1.0000
19.03.2015 09:00:01.911,8.28568,8.25399,1.0000,1.0000
This whole scenario is frankly a total mockery of myself as a retail client using your service in good faith as provided by you. You are simply reinforcing the stereotypes about Forex brokers as being out to take money from clients at every opportunity; in this instance where I have been very successful on a small number of trades you are lashing back by threatening me and taking back money I’ve made completely legitimately. You have provided NO EVIDENCE of this which is also a sad indictment of your behaviour – a thinly veiled and inept attempt to bully a client out of money because the service you have provided is not what you say it is and ultimately is resulting in a cost to yourselves.
I urge you to respond to all points in this email very cautiously and with factual information throughout. I will be retaining all communications for legal purposes and for the purposes of formal arbitration should this situation come to that.
>
08/04/2015
Official reply received from Intertrader:
>
Dear Mr Foster,
Ref: 10891
We acknowledge your complaint however we have provided you with all the relevant information pertaining to the trades specified in the letter dated 19/03/15. We will not be furnishing you with any further information, trading data, proofs of trades etc. We believe we have already provided a full and transparent account of our investigation.
We apologise again for any inconvenience caused.
Thank you for your understanding in this matter.
This does not affect your right to complain to the Financial Services Commission in Gibraltar (FSC).
Yours Sincerely
Shai Heffetz
Managing Director
Intertrader Limited
>
Intertrader have cancelled the trade claiming a "pricing error" but are refusing point blank to provide any evidence of this - simply stating that a pricing error occurred and under the terms and conditions of my account they could cancel it. Using data from Dukascopy I can demonstrate that the price I was given WAS a valid price at that time and I believe they are unreasonably holding profits.
Full information follows:
19/03/2015
Email received from Intertrader stating that "Due to a pricing error, several of your trades have not been filled correctly by our liquidity provider. This means that we have had to revoke some of your trades."
I asked them to confirm the exact pricing error and what the liquidity provider states the trades 'should' have been filled at. They did not reply to this question.
26/03/2015
Emailed received from Intertrader:
>
Following the letter dated 19/03/2015 already sent to you explaining the occurrence of a pricing error, a decision has been made to void those relevant trades (specified below).
OrderId TimeStamp Symbol Type Trade Direction Price Volume ProfitRealized
2939662 19/03/2015 12:00 USDNOK_SB Open Sell 8.35444 2 0
2939662 19/03/2015 12:00 USDNOK_SB Close Buy 8.17889 2 3511
2939743 19/03/2015 12:00 USDNOK_SB Open Sell 8.35444 1 0
2939743 19/03/2015 12:00 USDNOK_SB Close Buy 8.17824 1 1762
2939767 19/03/2015 12:00 USDNOK_SB Open Sell 8.35444 1 0
2939767 19/03/2015 12:00 USDNOK_SB Close Buy 8.147 1 2074.4
2939836 19/03/2015 12:00 USDNOK_SB Open Sell 8.35444 1 0
2939836 19/03/2015 12:03 USDNOK_SB Close Buy 8.15023 1 2042.1
The reason for voiding such trades is that enquiries from our liquidity providers have concluded and our own enquiries have shown that you have taken advantage of the pricing error and engaged in risk free latency arbitrage
>
I replied:
"You have still not told me what price the trade should have been filled at.
You are accusing me of latency arbitrage – but I have simply placed a trade using your own system and been given that price.
Can you let me know if you plan to provide any evidence or further information on this cancelled trade – or if this is the total information you are able/willing to provide."
The reply from them:
"To the best of my knowledge, there is no further communication planned with regards to the USDNOK issue"
01/04/2015
Email from myself to Intertrader - copied to their compliance officer
>
I note your previous email that you do not plan to communicate any further on this issue. However before I look at the best way for me to progress and escalate this further I wanted to ask you one further time for more information; specifically on my points below.
Ref 10891:
There are several points I would like clarifying please:
1 “The reason for voiding such trades is that enquiries from our liquidity providers have concluded and our own enquiries have shown that you have taken advantage of the pricing error and engaged in risk free latency arbitrage”
• Firstly this is just untrue. Secondly you are accusing me of having ‘taken advantage’ which is a baseless un-evidenced accusation and is why I believe you take the stance you do about not moving this into a legal forum
2 In your PDF dated 19/03/15 you state: ”Due to a pricing error, several of your trades have not been filled correctly by our liquidity provider.”
• You state that your live account offers “Direct, transparent market access via ECN/STP“ and in your welcome email that I will “receive transparency, better and faster fills and also anonymity – there is no Dealing Desk watching who has come to the market and is asking for an order to be filled, instead client orders are executed automatically, immediately through the market network “. But now you tell me that the trade was filled by yourselves, but rejected by your liquidity provider.
2 You have made no attempt to ‘evidence’ my breach of your terms using prices from your own liquidity provider or any other source. Simply stated that there was a pricing error – not given any details on what this was using actual ticks from your liquidity provider. Why is this please? I was told this was action taken by the LP but so far only see the hand of Intertrader here.
Please provide prices from your own liquidity provider for this timeframe. I have requested several times the price information from you/your liquidity provider but this request has been ignored and my last email from you states “ there is no further communication planned with regards to the USDNOK issue”.
Please find below data from Dukascopy for the timeframe in question - you can see that the open price given to me by yourselves of 8.35444 is within the range of prices quoted by Dukascopy at that time:
19.03.2015 09:00:00.096,8.38288,8.36032,1.0000,1.5000
19.03.2015 09:00:00.424,8.33083,8.31742,1.5000,1.0000
19.03.2015 09:00:00.535,8.33083,8.31712,1.5000,1.0000
19.03.2015 09:00:00.654,8.33083,8.31872,1.5000,1.0000
19.03.2015 09:00:00.966,8.30190,8.29332,2.5600,1.3700
19.03.2015 09:00:01.502,8.29418,8.26422,1.2000,0.7500
19.03.2015 09:00:01.607,8.28843,8.26146,1.7500,1.0000
19.03.2015 09:00:01.709,8.28568,8.25399,1.0000,1.0000
19.03.2015 09:00:01.810,8.28558,8.25399,1.0000,1.0000
19.03.2015 09:00:01.911,8.28568,8.25399,1.0000,1.0000
This whole scenario is frankly a total mockery of myself as a retail client using your service in good faith as provided by you. You are simply reinforcing the stereotypes about Forex brokers as being out to take money from clients at every opportunity; in this instance where I have been very successful on a small number of trades you are lashing back by threatening me and taking back money I’ve made completely legitimately. You have provided NO EVIDENCE of this which is also a sad indictment of your behaviour – a thinly veiled and inept attempt to bully a client out of money because the service you have provided is not what you say it is and ultimately is resulting in a cost to yourselves.
I urge you to respond to all points in this email very cautiously and with factual information throughout. I will be retaining all communications for legal purposes and for the purposes of formal arbitration should this situation come to that.
>
08/04/2015
Official reply received from Intertrader:
>
Dear Mr Foster,
Ref: 10891
We acknowledge your complaint however we have provided you with all the relevant information pertaining to the trades specified in the letter dated 19/03/15. We will not be furnishing you with any further information, trading data, proofs of trades etc. We believe we have already provided a full and transparent account of our investigation.
We apologise again for any inconvenience caused.
Thank you for your understanding in this matter.
This does not affect your right to complain to the Financial Services Commission in Gibraltar (FSC).
Yours Sincerely
Shai Heffetz
Managing Director
Intertrader Limited
>
