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tdlawyer
tdlawyer, Lawyer
Category: Law
Satisfied Customers: 1096
Experience:  11 years experience of general practice.
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Hi TDLawyer, he would like it if you can answer this question

Customer Question

Hi TDLawyer, he would like it if you can answer this question thanks
Submitted: 3 years ago.
Category: Law
Expert:  tdlawyer replied 3 years ago.

tdlawyer :

Hit me with it :)

Customer:

Legally speaking what is the legal scenario and my rights in the following event:

Was receiving a service from a financial trading firm, where millions of dollars are transacted on a leveraged basis, where in an instance, the prices of a certain financial instrument is no where near the listed price from reputable financial sources, eg. Bloomberg and Reuters. The CEO of the company called me and said it happens, so then I ask why did he not warn me about the risks that prices might dip 0.2% outside of the universally quoted price around the world, he just said it happens and he has no magic wand to fix it.

Surely, if you know something happens and can risk a client's money of a position that's 22 million dollars worth of transaction, no warning him about anything and not exercising duty of care if actually both breach of contract and negligence is it?

It also appears that, what is advertised to me as a client is not what their systems are providing, is this criminal? I believe it is a deliberate falsification of facts.

Customer:

He wrote it

tdlawyer :

Hmmmm....okay. Well, if you can show this is done deliberately and is manipulated to force you to lose money, then it might very well be a criminal offence. It's would likely stand a chance of being considered fraud - pure and simple. However, the way they set up their T&Cs is to treat the feed as being similar to what happens in the market, not necessarily the same as what happens in the market. But, in practice, it would mirror what happens in the real world. If it doesn't, then the obvious question is why doesn't it. If they are fiddling with it, to make you lose money, then I would say that it going to be a fundamental breach of contract entitling you to end the agreement and claim your money back, and to complain to the police (or SFO) and the FSA.

Customer:

you know the magical thing is that he has a Bloomberg platform which gains live prices from the banks they claim they were quoting prices from, they operate in a system where they have best bid/ask price

Customer:

4 of the many banks were fine.

Customer:

then they answered him that sorry we only quote this pair with one bank

Customer:

no where on the T&C says this pair is quoted by one bank and they have 12 Liquidity providers lol

tdlawyer :

Yea I remember him saying ... I do think he was right to follow this up, it smells very iffy to me. It's like wanting their cake and eating it really.

Customer:

yes

Customer:

and in their legal reply to his lawyer

Customer:

they were only able to produce their own prices on their own platform

Customer:

there was no evidence from the banks on the prices they gained access to

tdlawyer :

Yes, I think this is how they then say "We use our own data - not market data". They could, they would say, have random figures coming through and contractually, that's fine, it's a bet and it's their feed - not Bloomberg feed etc. Then you have to ask what it is the feed is intended to represent though, but they say the can pump through whatever they want. They would say the market is so wild and free they couldn't possibility reflect all the prices at all times out there. BotXXXXX XXXXXne though, if there is a massive difference, you have to ask why ,....

tdlawyer :

Of course these things never see a courtroom for a nice high court ruling on what it all means and what the answer should be...

tdlawyer :

Not that I'm encouraging that .... at least not for £3k!

Customer:

its 50 k

Customer:

lol

Customer:

they were like

Customer:

fx is traded over the counter so what bloomberg says is irrelevant

Customer:

they assumed that bloomberg quoted on a centralised exchange

tdlawyer :

His .. of course ... well, getting more worth it, but in honesty, still a small figure for this type of fight. I expect he'll do a deal.

Customer:

when they are quoted by quotes from banks too

Customer:

yes he said 150 k

Customer:

then no court

tdlawyer :

Yes, that's the point - that's the way they set it up to work. And I think it's right; forex is traded in that way, but bloomer's relevance is setting out what boundaries for what should be ... if it turns out the data feed is massively out by comparison - they why?????

tdlawyer :

£150k is more worth a court battle!

Customer:

full claim is 250

Customer:

he said he would settle for 150

tdlawyer :

Don't forget this is a public chat!

tdlawyer :

I'll ask for this to be locked after if you want me too ... just in case.

Customer:

sure

tdlawyer :

:)

tdlawyer :

Okay .... anything more you want from me on this one?

Customer:

not really ill pass ton to him

Customer:

and then one more

tdlawyer, Lawyer
Category: Law
Satisfied Customers: 1096
Experience: 11 years experience of general practice.
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