LOL! Oanda having some JPY pair problems?

Quote from Nashequilibrium:

Dont be silly, your trade deserves to be reversed as will those people who have lossed Oanda will reverse those. If Oanda didnt reverse the losers then that would be unethical. Your stance that u deserve the profit is unethical as you knew that there was something very very wrong with that qoute. I hope the NFA tells you the same as i am sure that you will get nothing. That price was just crazy! Be a trader that u can be proud of.
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Man I totally support your point of being proud to be a trader ! That's the essence of it.

And more than that I think it's more important to be proud to be a broker too !

The problem is how to know what a wrong price is. In a sense the best way to boost this dying industry is to increase efficiency. And by making them liable to their mistake it will help greatly. Everytime there is a misquote the broker take the loss of the client. And the winning client will keep his profit because it's like a punition to the false price. And you seem to forget that during the time loser and winner were unable to trade and to win and certainly loss money. But anyway they were off the market... and that has a cost...
 
Quote from cabletrader:

Ok fine, so let's have that right across the board, if they can reverse trades on that basis then we should be able to as well. Let traders see how a trade works out and if it loses then they can try and find an excuse to have it cancelled off.

The rules were put in place for a reason but going by what Oanda are doing they seem totally ineffective.
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Okay. So at what threshold do we bust trades?

Busted trades happen on OTC, but centralized exchanges, as well. For the same reason, too. Bad data.

Yea, Oanda handled it like crap (whats new). But in fairness, a 40,000 off-market drop is a flashing red sign.

As long the B/D reverses both sides of a trade, whats the problem? Its a net wash. I've heard currenex stories where a broker reverses One Side of a trade. Then notify a few hours later...

For the traders that hedge off-platform, they'd see the glaring disparity and know somethings up.

I'm not defending Oanda, on this one. Their platform is a piece of shit, caused me much grief. But as far as the buckets are concerned, they're pretty honest.
 
Quote from achilles28:

As long the B/D reverses both sides of a trade, whats the problem? Its a net wash.
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Anyone long size in USDJPY would likely be debit for as many days as it takes to reverse the outtrade, missed opp. It's inexcusable that the platform doesn't lockout outliers against a reference OTC source.
 
achilles28,

I was starting to listen to your argument, however when I saw your total arrogance trough Oanda.... You lost my point. Because if I recall the topic isn't about how is Oanda. But what are they doing about this issue and the multiple repercussion that this law could have...
 
Quote from achilles28:

But in fairness, a 40,000 off-market drop is a flashing red sign.

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On this case that's exactly the point. They are market who move over 50% a in a few hours. So for a stocktrader it will not be something so impressive... And trough is mulitple portfolio ( screen he could think it's okay... Expecially on the down side. There are many more example, and better than this one.

And furthermore it depend on how the price reacted during this drop, it could have seen like a normal HUGE move...

so back to the topic : How to draw the line in the sand :confused: Fair / unfair :confused:
 
Quote from atticus:

Anyone long size in USDJPY would likely be debit for as many days as it takes to reverse the outtrade, missed opp. It's inexcusable that the platform doesn't lockout outliers against a reference OTC source.
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I agree, wholeheartedly. Opportunity cost. But we're dealing with retail fx.

Anyone playing with these buckets accepts a certain level of risk beyond OTC-dealing. That doesn't condone any of it. And yea, Oanda fucked up huge. Auto-filter for bad data is an inexpensive solution that could have been implemented 7 years ago. Why wasn't it? Cause Oanda is lazy and arrogant.

Does that mean they should honor the profits and reverse the losses? To the tune of XX Million? That's a bit extreme and unrealistic, no? Besides, NFA will catch wind from some pissed off retailer and fallout will ensue.
 
Quote from achilles28:

Does that mean they should honor the profits and reverse the losses? To the tune of XX Million? That's a bit extreme and unrealistic, no? Besides, NFA will catch wind from some pissed off retailer and fallout will ensue.
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No, no disagreement there.
 
Quote from achilles28:

Auto-filter for bad data is an inexpensive solution that could have been implemented 7 years ago. Why wasn't it? Cause Oanda is lazy and arrogant.
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They do have some sort of filter (i.e. the gbp/usd off-mkt quotes from the same bank were successfully filtered) but its obviously inadequate. How could they possibly not filter out a jpy quote with a 52 handle.

But to make it 100% successful in all possible situations is probably not so easy to accomplish.
 
Quote from achilles28:


Does that mean they should honor the profits and reverse the losses? To the tune of XX Million? That's a bit extreme and unrealistic, no?
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Well yes and no. In fairness it's unrealistic but then why bother introducing the new rules if these shops can just carry on as they did before, busting trades as they please days after they were executed.

I guess this is an extreme example but what happens next time when it's not so extreme?

Seems to me like the new rule isn't worth anything, NFA have really surpassed themselves this time!
 
Quote from Pippi436:


But to make it 100% successful in all possible situations is probably not so easy to accomplish.
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Really? I imagine they have a few sources so if one goes way out of line it could just be ignored or maybe suspend trading on that particular instrument until everyone's back in line within a certain threshold.

I don't know anything about programming but it sounds pretty easy to me.
 
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