Silver dropped nearly 200 points.

[Guest Fresh_man]

I have 2 accounts contracts positions were closed due to the drop at the same time BUT at different level, how could this happened?

Please have your say, thank you.

[Caseynotes]

Hi   just some background info in case you missed it (search the thread 'Silver') I posted (with charts) the silver drop on Friday, the 1  minute spike down to 1437 and instant recovery. There was obviously a lot of head scratching amongst all the brokers. CME cancelled all orders early morning below1554, IG changed their charts about 11 am to put in a floor at 1555 (instead of the 1437 as per the chart pics in the post). I suspect you have some negotiational leverage should you contact the dealing desk. 

[Guest Fresh_man]

I lost about A$80,000 in one time, I have lost all my fund to go further, decided to leave.

BTW, I complained with the margin call that was too late activated on my account, they had unaccepted explanation for me. i felt so unfair but don't know what to do.

[Caseynotes]

Hi    Sorry to hear that, must be absolutely devastating. The curious thing with these so called fat finger events is the one minute drop followed instantly by a one minute recovery, one would presume someone correcting the bad order by putting in a reverse order but then price returned down to retest that low during this week.

I know it was very sudden and across all the brokers not just IG. You see on the one minute chart I posted  in the thread 'Silver' (before the low was corrected) that the bar was probably nearly all slippage, as in the bar was instantly stamped rather than a majestic decline, literally jumping over all stops rather than running through them.

 

This is becoming an increasingly regular event and a concern for all, hopefully someone can offer some advice on how you might move forward.

 

Best of luck. 

[HannahL]

Hi , sorry to hear you were affected by the silver flash crash recently.  I know this was a significant surprise for a number of our clients - and of course across the industry - and we have done our best to amend the low levels as per the subsequent CME corrections, so you should have seen corrections to your ledger.

 

If you'd like us to take another look at your account, or discuss it again at all, please do get in touch with the helpdesk by phone, email or live chat, and we'd be more than happy to help.

 

I appreciate that this resulted in large losses for some clients, but we do need to ensure we apply our margin policy in the same way across all clients with the same account type.  If your account balance reaches a certain level, positions are closed in order to prevent further losses being incurred.  The logic behind this is should the market affected keep dropping and we do nothing, clients could end up with huge losses running on their account.

 

Please do get in touch if we can help any further.

 

Many thanks,

Hannah