Ludwik Chodzko-Zajko IG

Hihi, Are you able to provide any details (market, order type, trade size, date & time, direction)?

Afternoon all, To be clear - we don't weight cryptocurrency prices, based on either client trades or positions. We don't "stop hunt" client positions. It is not in our interest to do so. Such behavior would - among other things - be harmful to our reputation, unfair, and would lead to intervention by the relevant regulator. We price our crypto pairs by taking price feeds from exchanges, and combining them into a blended price. Any given combination of feeds will ultimate produce a "best price" which we would use as our mid. This price is created by taking an average bid and offer price from our exchange price feeds, and wrapping a fixed spread around the new mid. We weight these feeds in a normal distribution to reduce the impact of a spike in any single price feed. (Very rough chart from when this was in testing to give you a visual aid). This distribution means that the feeds closest to the mean will have the largest price impact, preventing the majority of price spikes that could otherwise be caused by individual feeds. Where there is a price spike we will determine whether it is valid reflection of the underlying market- and reverse trades if not.

No problem!

Last day of the early start: UK and European clocks go back one hour when daylight saving time (DST) ends on Sunday 27 October. From this date until Sunday 3 November, the end of US DST, there are a number of changes to our opening hours: • US and Canadian markets will trade one hour earlier in UK time. For example, US and Canadian shares will be quoted between 1.30pm and 8pm • All forex markets will open at 9pm on Sunday 27 October and close at 9pm on Friday 1 November • 24-hour dealing on indices will open at 10pm on Sunday 27 October and close at 9pm on Friday 1 November • US shares (all sessions) will run from 8am to midnight Monday to Thursday, and from 8am to 9pm on Friday 1 November • In-hours trading on Eurex futures (including the Germany 30) will be available one hour earlier at 12:10am • Expiring US markets will be settling an hour earlier than usual • New York Cocoa, Sugar and Coffee, and London Sugar all close an hour earlier than normal • Weekend trading on indices will open at the same time (4am Saturday), but will close one hour earlier (9.40pm Sunday) The dealing desk will also close early at 9pm on Friday 1 November.

That's right - all orders would usually be triggered & filled basis the opening price. We would, of course, pass on any positive slippage on limit orders.

Agreed - not ideal. Unfortunately no other way around the maintenance & updates required this weekend. Again sincere apologies- we remain on track for a 1200 open without any further delay. Ludwik

Morning all - please see below info sent earlier this week: There will be a delayed open on our cryptocurrency and weekend markets on Saturday 26 October, to allow for scheduled maintenance. We’re planning to reopen these markets at 12pm (UK time), rather than the normal 4am, however this is subject to change. We’re sorry if this causes you any inconvenience. If you have any questions about this or need assistance with your account, you can find answers in our help and support area or IG Community. Alternatively, our highly trained client services team is available by phone or email 24 hours a day from 8am Saturday to 10pm Friday. No changes to plan- on track for midday at this time. Thanks, Ludwik

Morning all - please see below info sent earlier this week: There will be a delayed open on our cryptocurrency and weekend markets on Saturday 26 October, to allow for scheduled maintenance. We’re planning to reopen these markets at 12pm (UK time), rather than the normal 4am, however this is subject to change. We’re sorry if this causes you any inconvenience. If you have any questions about this or need assistance with your account, you can find answers in our help and support area or IG Community. Alternatively, our highly trained client services team is available by phone or email 24 hours a day from 8am Saturday to 10pm Friday. No changes to plan- on track for midday at this time. Thanks, Ludwik

Hihi, 30pt spread on weekend cable is fixed. We're looking at reducing if feasible / volatility permitting (for reference, narrowest indicative prices we saw from 1900 Sunday were 50 pts wide). How much of a factor in deciding whether to trade on the weekend is spread, what would you see as attractive to trade? Regarding true 24/7 trading - it's very difficult. We keep having to trade off between release time & platform up time - unfortunately trading hours aren't likely to increase soon. Only silver lining is that usually the 2200-0400 period is very quiet in terms of macro events. Open to any other feedback re. weekend markets. Thanks, Ludwik

It missed...

USDBRL trades as a non-deliverable forward (NDF), as Brazilian currency rules mean we're unable to take delivery of BRL. The running profit/loss (PNL) is converted back into USD (more info here if interested https://www.investopedia.com/terms/n/ndf.asp). US clients are restricted from trading NDFs as the PNL being in the first name currency (this applies to all our EMFX pairs) creates transaction reporting issues that we, so far, have been unable to resolve. We are attempting to find a work around, but no realistic timeline as of this morning. (Non- US clients can trade as normal). Thanks, Ludwik

We saw this as a direct reaction to Merkel's comments in the Hague. GBP rallied sharply against all other pairs, sharp uptick in flow across the board.

Hihi Yes, you can reduce your requested size to 0.01 (1,000 notional) in the trade ticket. See below:

Evening all, FOMC is set to cut rates by 25bps tomorrow evening. Substantial volatility likely - current probabilities below:

For those stuck inside today -CBRT set to cut rates by at least 200bps. Reuters consensus has been creeping lower, was 22%, now showing 21.5% - so now inching towards a 2.5% cut. Some LPs suggesting closer to 350bps* this morning. Central bank governor recently resigned after failing to subscribe to President Erdogan's view that cutting rates will reduce inflation. Reaction to this was fairly muted - might give them a bit more scope to cut further. Vol highly likely - one to be careful with. Should be interesting either way.

Slim but notable chance of a rate cut by the Fed this evening (1900 UK time). You can watch IGTV live over the announcement, both here on Community and within the dealing platform.

Evening all, The shares desk have confirmed there is limited borrow available in the market this evening - current borrow charge is 100% per annum, so pretty steep. Availability & cost will likely vary over the coming days. You'll need to call in should you wish to open a short position ( buying or selling to close can be done via the platform). In other news - Honest burger also sell the BYND patty. Few of us on desk had one this evening - probably not allowed to comment on how it was so I won't...

To price undated commodities we need 2 liquid futures. With bonds, virtually 100% of the liquidity is in the front month contract. We don’t offer any other undated bonds, but in the past the back month of the Bund has had enough liquidity to make offering an undated product viable. This is no longer the case - therefore we can no longer price the undated reliably. The undated contract will remain online so long as clients have open positions and we have no plans to force people out. We'll continue to offer the dated forward contracts (which you can see in the screenshot below). Any questions please ask. All the best, Ludwik

Evening @TrendFollower Still absolutely zero borrow available in the market. Indicative borrow charges (from one of our LPs) are hitting 600% per annum this evening, still no-one lending. Suspect we'll see decent volatility in this for a good while. Have a good WE.

Afternoon all, Large dividends we intend to post tonight: · FTSE – 23.75 - 1630 BST · DOW – 14.75 - 2100 BST Breakdown from BBG attached. You can see other Index dividend adjustments on our weekly blog post here. These are posted in advance and whilst we try and be as accurate as we can, we only post them given the best available information we have at the time. As you all know this is a cash neutral adjustment, but heads up in case you're interested. All the best (and for those in the UK enjoy the weather!). Ludwik

Afternoon all, just an FYI: From 9pm (UK time) on 26 April 2019, we will no longer offer markets on Bitcoin Gold (BTG) and Bitcoin SV (BSV). This is in line with a number of major cryptocurrency exchanges, who have recently announced that they’ll be delisting the coins in the coming weeks – making them difficult to price accurately. Please ensure that you log in and close any positions on these markets before 26 April. Any positions still open at 9pm UK time on 26 April will be closed basis our prevailing bid/ask price. Brief explanation - the exchanges & vault providers we use are gradually discontinuing their support for these tokens, making it increasingly difficult for us both to price the tokens accurately and to hedge our exposure to client trades. We've allowed closing trades only on both BTG & SV for some time, and intend to disable the markets completely as of this Friday. We have no plans to restrict/ discontinue trading on any other cryptocurrencies at this time. I doubt many of you on the community will be affected, but any questions please get in touch.

Afternoon all, Interesting divergence in European bonds for all you LTCM fans. Fantastic read for those of you that haven't read it/ don't know what I'm rambling about: https://en.wikipedia.org/wiki/When_Genius_Failed

Afternoon all, Trend of boring FOMC meetings likely ending tomorrow, expect significant USD and index moves through the rate decision. 25 bps rise expected but by no means certain, Trump already on the warpath. Certainly not one for the faint of heart, expect significant volatility throughout. Be aware that our guaranteed stop distances will widen well in advance of 1900 GMT. https://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html

Afternoon all, below is from JPM - (3rd party, not advise, usual caveats apply): Jeff Simmons view on EURUSD given midterm outcomes ** Republicans keep Senate and lose House - Assuming we get an as-expected outcome, it is unlikely we get too much activity in the markets, although the USD could sell off a bit at the margin simply on the back of any possibility of the GOP keeping both chambers being removed from the equation. I would not expect such a selloff to exceed 50bp, and very likely it would be a good bit less than this barring any micro-overshoot in thin Far East trading conditions. Republicans to manage to hold on to the House & keep Senate - we would likely see a fairly sharp reaction higher in the USD, perhaps 1-1.5%, as the “Trump Trade” is revisited. Needless to say, such a move would be nothing like what we saw in late 2016, but I would expect 1.1300 to be seriously challenged in eur/usd and most likely broken. Betting markets have this House outcome as roughly a 35% probability, so the odds are not so remote as to not have at least a small element of risk premium for this outcome in the markets already Overall View - We remain tactical usd bears for the time being, with an obvious sense of caution and right-sizing around this event. The levels and overall positioning remain sufficiently convincing though to hold some exposure. In the Euro, 1.1440/60 remains important, and in my mind a close above this area is required to get the idea of an imminent break of 1.13 out of the current narrative.

Decent list of recent polling visible here: https://projects.fivethirtyeight.com/polls/ These seem to show us getting close to the 8-9% mark needed for a "blue wave" (Dems taking both houses), but reliability of US/mid term polling is still notoriously poor. Socgen impact sheet (shamelessly stolen from ZH) below.