Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return.
Can you please explain your situation a little more please?
Basically, i was trading a financial instrument
they were quoting a wrong price, 2/10 % off the market price
and they have stopped me out
with a significant loss
which also, they have not allowed me to move my stop loss
and said that the market is closed
but the market is obviously not closed.
So what happened was that I noticed that the prices on this broker were slipping lower for no fundamental reason, I was not told of any liquidity issues, but the prices kept slipping and was near my stop-loss price, however, when I have attempted to change my stop-loss price, they said that the market is closed. Afterwards, I witnessed with my naked eyes that they executed the trade at the very unfavourable price.
This is essentially what happened, they blamed in on a bank but I had enough materials to prove that the bank had no issue in quoting the correct prices.
Have you complained to the Regulator yet?
Complaining to the regulator
does not allow me to get a compensation
No, but the Regulator would make recommendations which could include compensation but if appropriate would include a finding of misconduct.
They have not said anything
They said it's a lot of issues but I have to speak to the firm first.
I need to know the regulations involved
and the legislation involved
to govern my rights to demand for a compensation.
Well you do not need to worry about that just yet.
How much are you thinking of claiming?
Around 50,000 GBP.
How do you quantify that please?
the difference between the executed and market
First you need to complain to the Regulator. They have powers to investgiate.
If they come back and say that there has been no misconduct then you need to take stock and decide what to do.
If they find there has been misconduct then you can consider issuing proceedings as you will have a report from the Regulator. This will make life far easier.
Because of the nature of this claim it would be heard in the High Court and if it went to trial you are looking at fees of around £30,000 or more just to get it to trial.
If you lose then you would also be responsible for the legal costs of the other side. Therefore if you can complain to the regulator you get given a view (for free) as to whether or not you have a claim.
Please bear in mind you have 3 years to make a claim so you are not in any rush.
Can I clarify anything about this for you today please?