Jump to content

WARNING: Be aware when dealing in shares with IG


Recommended Posts

I sold some US equity shares with a T+2 settlement date on 7th June and as of today (17th June) the funds are still being held as "unsettled credit".

The first response I got from IG support was 

Quote

Unfortunately, we are facing settlement issues with US stocks traded on 07/06. Our Share Dealing Team is currently working with our Custodian to fix this as soon as possible.

We sincerely apologise for the inconvenience. Once this issue is solved, you funds will become available to withdraw.

After lots of waiting and more attempts to get further information I was informed that they were performing an "IT test" which somehow made all trades from that day fail to settle. I was eventually provided with these details:

Quote

    - The tests were performed by our IT Team and Citi to switch us to a new settlement flow, during the test some issues were spotted and the tests were stopped. We were not informed about the time those tests were done.

    - Unfortunately, we haven't been provided yet with any ETA for the funds to settle, the issue is now being discussed between Citi Custodian and Citi Counterparty (CGML). They need to agree the way how to fix this issue quickly. Once again we will let you know as soon as we have any other updates.

So be aware, that at any time IG may decide to perform unannounced tests that affect real live trades and when your funds are gobbled up by these tests they will then hold them for an indeterminate amount of time. An extraordinarily amateurish and embarrassing situation.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      20,009
    • Total Posts
      87,996
    • Total Members
      69,002
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    emlart
    Joined 27/09/22 09:41
  • Posts

    • CostCo Wholesale Corp., Elliott Wave Technical Analysis CostCo Wholesale Corp.,(COST:NASDAQ): Daily Chart, September 27 2022,  COSTStock Market Analysis:Unfolding as predicted in the last forecast. Looking for continuation lower. COST Elliott Wave count:  (iii) of {iii} COSTTrading Strategy:Looking to place shorts wave (iv) as well as any three wave upside move. COSTTechnical Indicators:We are below the averages which could eventually turn out to act as resistance. TradingLounge Analyst: Alessio Barretta Source: Tradinglounge.com  Get Trial Here!       CostCo Wholesale Corp.,COST: 4-hour Chart, September 27 2022 CostCo Wholesale Corp.,Elliott Wave Technical Analysis COST Stock Market Analysis: Looking for a pretty directional wave (iv) as wave (ii) was more of a sideways correction. COSTElliott Wave count:  (iii) of {iii} COST Technical Indicators: The 20 EMA(red line) could keep acting as resistance. COSTTrading Strategy: Looking for short term shorts, eventually using the 20EMA as resistance.
    • Technical Strategist Michael Boutros (@MBForex) highlights setups we're tracking into the close of the month. The targets & invalidation levels that matter on the technical charts.        
×
×
  • Create New...