We have given a full and open account of the proceedings and while Big Bird is well within his rights to go to our Regulator, if he thinks that he has been improperly treated, we again feel it necessary to explain these two basic points:
1. Why we needed to open another broker (LP) account: Big Bird’s Manager requested a trading strategy that required a specific setup via a Currenex API connection that was only available thru a particular Liquidity Provider (i.e. Gallant). In order to gain access and to accommodate Big Bird’s chosen trading strategy, SGT opened an account like we would with any other Liquidity Provider.
2. Notification of currency conversion: The Money Manager instructed this transaction be executed. (We did receive an email from the IB confirming that Big Bird had been advised of same.) This conversion from GBP to USD was the very first trade that took place over the account and the SOLE reason for Big Bird’s complaint. So, to be clear: The Manager, by way of a duly executed LPOA from Big Bird, was well within his rights to make this transaction.