The charges and your reasoning are totally UNACCEPTABLE. If IG follows a consortium or third party (for example Bloomberg or bank) tom next rate, that need to be questioned by IG and it cannot just pass on unreasonable overnight finance charges to clients. This will directly represents IG's capability to handle critical issues for clients. IG need to reassure clients that the financial system around forex market CANNOT take clients for a ride without any concrete rationale.
Overnight charge for USD/JPY is outrageously high for short.
[Your Ref: Tom Next Rate of Short/Long USD/JPY (mini) -23.71 / 16.37 ]
If the theory of USD strengthening during this period of year change over, then why the theory is not applied for pairs like AUD/USD. This indicates high level of manipulation and inappropriation by some party and my account has been one of the victim.
With reference to Short and Long Tom Next Rate of USD/JPY, why the spread is so high?
Look at this simple scenario of very small retail reader:
I have short 20 USD/JPY mini and another IG customer is long 20 USD/JPY mini. I ended paying Y47,420 (USD422) whereas the other client receives Y32740 (USD 291). In this process, IG takes a profit of USD131 for no trade and no funding to anyone. Is this IG's (unreasonable) profiteering business model?
This needs to be investigated and IG is answerable. If the above example or the possible situation is not correct, please help to explain.
I terribly feel cheated, IG should help answer trusted clients. Should not be a spectator and enjoy the opportunity to make more profits.