Closing Only

[StormChaser 15]

2 hours ago, Mazz99 said:

I do, which is how I heard about this issue. Plenty of sells affected the market so I needed to understand why.

I received a notice at 1230h GMT on Monday 22nd.

[ColinJ 0]

On 22/02/2021 at 15:47, CharlotteIG said:

 

I'm going to pass all feedback onto our senior team regarding these changes.

Apologies again for the inconvenience but know these comments are getting pushed to senior teams so thank you for posting them. 

All the best. 

@CharlotteIG - the forced closing of positions in affected markets is completely unacceptable business behaviour; open positions should remain as is until closed by customer at whatever timescale they decide

[Davap 0]

It has cost me several hundred pounds to swap £20k of SBs to shares. Annoyingly, because it takes time to withdraw money from IG, I have had to buy the shares in my IG account rather than elsewhere, as news is expected and I don’t want to risk missing out on any rise.  But I am really looking for answers from IG on this if I am to continue trading here. 

[Davap 0]

And on top of the cost of several hundred pounds to close SBs and buy shares, I have had to close other positions, including forward positions that sold for less than the corresponding DFB,  and sell some shares to generate enough cash at such short notice. IG really needs to realise that they need to give a lot more notice of such actions.

[CharlotteIG 353]

On 24/02/2021 at 16:15, ColinJ said:

@CharlotteIG - the forced closing of positions in affected markets is completely unacceptable business behaviour; open positions should remain as is until closed by customer at whatever timescale they decide

Hey, 

I completely understand your frustration and I will pass it onto our senior team as well as the exposure desk. 

The decisions has been made but I'm so sorry for how it's impacting your trading. With exceptional client demand in the equity space, we have reviewed our 12000 leveraged markets and decided to withdraw less than 1000 small cap equities, after a review of associated returns on these markets. We will continue to support these markets for Share Dealing, where that product is available.

Sorry again for this inconvenience. 

All the best 

[Davap 0]

Charlotte, we keep seeing the message that's it's small caps that have been withdrawn. It isn't.  For example, Hikma has a market cap of £5.2bn and is in the FTSE100. How do we know which other companies IG might decide to do the same to?

We are also told that it's due to exceptional client demand. In that case, limit new opening positions (buy and sell). Why should we long-term clients suffer due to this?

[StormChaser 15]

57 minutes ago, Davap said:

Charlotte, we keep seeing the message that's it's small caps that have been withdrawn. It isn't.  For example, Hikma has a market cap of £5.2bn and is in the FTSE100. How do we know which other companies IG might decide to do the same to?

We are also told that it's due to exceptional client demand. In that case, limit new opening positions (buy and sell). Why should we long-term clients suffer due to this?

Maybe IG have decided that with such exceptional demand, they don't need to worry about long term clients.  The exceptional mob will not be around for the long haul.  As a result of what IG have done, long term clients may not be around for the long haul either.