stevetrade
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On 8th January 2015 I received the below email from XM. I was not arbitrage trading but using a sophisticated news feed and trigger system to trade news events, something that is completely legal and which my trade history will support. I asked XM to provide proof of their accusations on several occasions and advised them that I would take action if they did not provide proof - a proof that I know will obviously not exist as I was trading legitimately. I accuse XM of unfairly removing my profits and plan to report them to the authorities as well for investigation. I advise staying away from this broker.
Best regards Steve
Dear Mr. XXXXXXXXX,
Following a thorough investigation of your trading account(s) by our Compliance Department, we hereby would like to inform you that, based on a detailed review of the trading activity in your account(s), we have concluded that the transactions carried out in your account(s) between 01.10.2014 and 15.12.2014 were aimed at exploiting price latency arbitrage opportunities on our Company’s trading platform and at taking advantage of the internet delays which do not reflect the market rates at the time your trades were executed.
Pursuant to Clauses 53.2 and 53.3 of the Company’s Terms and Conditions, to which you agreed when you opened your account(s) with our Company, we are, therefore, entitled, under these circumstances, to revoke the transactions initiated in your account(s), insofar as they relied on such price latency arbitrage opportunities and make the necessary and corresponding corrections and adjustments in your account(s) at our Company’s sole discretion. Accordingly, you will not be compensated for the profit of GBP 2505.53 resulting from the transactions in your account(s) that we have determined as resulting from the above-mentioned price latency arbitrage opportunities, since the transactions in your account(s) that gave rise to such profits are revoked/cancelled and any profits initially shown in your account(s) as a result of such transactions can, therefore, not be considered as legitimately made on your behalf.
Accordingly in line with the foregoing, we hereby regret to have to inform you:
- that your account(s) with our Company will be definitely closed with immediate effect;
- that, pursuant to Clauses 53.2 and 53.3 of the Company’s Terms and Conditions, transaction(s), which relied on price latency arbitrage opportunities are definitely revoked/cancelled; and
- that, as a result, we shall not be making any further payments and/or reimbursements to you.
This letter is official. It speaks for itself that it is sent to you without prejudice to any rights and/or remedies our Company may have in relation to this matter, now or in the future.
Sincerely,
Best regards Steve
Dear Mr. XXXXXXXXX,
Following a thorough investigation of your trading account(s) by our Compliance Department, we hereby would like to inform you that, based on a detailed review of the trading activity in your account(s), we have concluded that the transactions carried out in your account(s) between 01.10.2014 and 15.12.2014 were aimed at exploiting price latency arbitrage opportunities on our Company’s trading platform and at taking advantage of the internet delays which do not reflect the market rates at the time your trades were executed.
Pursuant to Clauses 53.2 and 53.3 of the Company’s Terms and Conditions, to which you agreed when you opened your account(s) with our Company, we are, therefore, entitled, under these circumstances, to revoke the transactions initiated in your account(s), insofar as they relied on such price latency arbitrage opportunities and make the necessary and corresponding corrections and adjustments in your account(s) at our Company’s sole discretion. Accordingly, you will not be compensated for the profit of GBP 2505.53 resulting from the transactions in your account(s) that we have determined as resulting from the above-mentioned price latency arbitrage opportunities, since the transactions in your account(s) that gave rise to such profits are revoked/cancelled and any profits initially shown in your account(s) as a result of such transactions can, therefore, not be considered as legitimately made on your behalf.
Accordingly in line with the foregoing, we hereby regret to have to inform you:
- that your account(s) with our Company will be definitely closed with immediate effect;
- that, pursuant to Clauses 53.2 and 53.3 of the Company’s Terms and Conditions, transaction(s), which relied on price latency arbitrage opportunities are definitely revoked/cancelled; and
- that, as a result, we shall not be making any further payments and/or reimbursements to you.
This letter is official. It speaks for itself that it is sent to you without prejudice to any rights and/or remedies our Company may have in relation to this matter, now or in the future.
Sincerely,