That's bullshit.. The broker should have not filled clients at all (like a lot of brokers who just turned off their CHF feeds or didn't execute,) instead of confirming a fill then reneging. This is just the broker passing on their inability to hedge out of positions and being burned by their LPs onto the client.Peterma said:Please be informed that due to today’s exceptional market movement in CHF crosses, we have been filling clients’ orders and positions in an extremely illiquid market.
As such, we are now reviewing all executed fills and we will amend them to more accurate levels. This may result in a worse execution rate than the originally filled level.
Please keep in mind that, therefore, the balance in your account(s) might change and your trading activity be affected.
Should you have any questions regarding our market trading hours please contact 0800 138 4582.
In the US, there's regulations saying that the broker can't do shit like this after an hour of confirming the client's fill price. FXDD tried to do adjustments to trader who game'd their feed days and weeks after the trade took place, but got slapped around by the regulators for it.
I'm very interested in putting together a list of brokers and their actions during and after the CHF move. Who went bust, who survived, who lost how much, etc... brokers who reprice filled and confirmed orders after the fact because they couldn't hedge out in the underlying market should be shamed. Again, that's not saying the brokers weren't dealing with a horrible event where liquidity was hard to find, just that if they couldn't confirm prices properly, or execute on the back end, then they shouldn't have filled and confirmed client orders. This is mostly a problem for brokers who B-Book, which I've always said isn't a bad thing when the broker is pricing and filling at what would otherwise be market rates.. this is an example of that being violated.