Hi there,
Has anyone watched or traded DKK/SEK (Danish Krone / Swedish Krona)
today, June 22, 6:59AM GMT.
A colleague of mine who trades via Interactive Brokers was caught/stopped out at 1.40xx levels in a price spike that lasted a mere 7 seconds and which reverted back to the exact same price before the spike. I checked and neither EBS, Hotspot, LMAX, Baxter, nor Reuters show any such price spike. My colleague contacted Interactive Brokers to file a claim with them and to investigate why he was stopped out.
The IB rep condescendingly insisted it was their liquidity providers and there is nothing they can do. I could not believe when I heard this story and I post here because I like to see whether there are others who witnessed similar stories trading fx with IB and how their issue was resolved. I take it upon myself to post here because I trade fx with IB in pretty large size (we are both non US nationals). It greatly worries me and I will definitely pull my entire account and consider what to do next without IB should IB insist on its claim that those were valid tradable prices.
This is a 2% price spike that lasted 7 seconds, with no economic news releases, no changes in fundamentals, nothing. All other currency pairs did not move at all. This is not the moaning of someone who lost money on a bad trade (I did not even trade myself)..but put yourself into the situation of someone who did, how would you like it when a seemingly reputable broker with whom you have been for over 10 years suddenly moves prices like some of the worst bucket shops and criminal fx gangs?
Please take a look at the following chart and times and sales. (times in Beijing/HK time zone)
Has anyone watched or traded DKK/SEK (Danish Krone / Swedish Krona)
today, June 22, 6:59AM GMT.
A colleague of mine who trades via Interactive Brokers was caught/stopped out at 1.40xx levels in a price spike that lasted a mere 7 seconds and which reverted back to the exact same price before the spike. I checked and neither EBS, Hotspot, LMAX, Baxter, nor Reuters show any such price spike. My colleague contacted Interactive Brokers to file a claim with them and to investigate why he was stopped out.
The IB rep condescendingly insisted it was their liquidity providers and there is nothing they can do. I could not believe when I heard this story and I post here because I like to see whether there are others who witnessed similar stories trading fx with IB and how their issue was resolved. I take it upon myself to post here because I trade fx with IB in pretty large size (we are both non US nationals). It greatly worries me and I will definitely pull my entire account and consider what to do next without IB should IB insist on its claim that those were valid tradable prices.
This is a 2% price spike that lasted 7 seconds, with no economic news releases, no changes in fundamentals, nothing. All other currency pairs did not move at all. This is not the moaning of someone who lost money on a bad trade (I did not even trade myself)..but put yourself into the situation of someone who did, how would you like it when a seemingly reputable broker with whom you have been for over 10 years suddenly moves prices like some of the worst bucket shops and criminal fx gangs?
Please take a look at the following chart and times and sales. (times in Beijing/HK time zone)
