The trader made rigth thinks he took a profit. Crook FOREX.COM {who is sister crook from FXCM }is clearly looser for costumer favor. Broker is always crook.But they made yourself funny because they dont want to paid.Regular goofy Crook.Bravo trader you took profit!Broker must to paid.
Correct. FX is NOT a centralized exchange. An OTC network (not ONE place) where typically the Big Boyz play around. Primarily central banks, Tier1/Tier2 and corporates/asset managers/nasty hedge funds and low latency HFT firms. Gain capital behaves like a 2yr old child. They earn the $700k in a few minutes of "stressful work" (caugh, caugh, caugh).
Interesting case. If it lasted for 1 hour I guess there were many traders who exploited this pricing error. Many brokers would simply cancel that profit, idk why there is a talk about lawsuit.
Here is the latest response from the defendant, Justin LeBlanc, the trader that made $700K+ profit in Gain Capital's own system filed on July 10, 2023: https://fxnewsgroup.com/forex-news/retail-forex/forex-trader-responds-to-gain-capital-complaint/ Gain Capital is supposed to file complaints ONE year after the transaction if they feel it's not right but they waited 2 years + 1 month to finally file a complaint so based just on that, the case should be dismissed plus the trader stated he basically traded according to the price that was displayed in the platform and according to the user agreement, pretty much the same as how we stated in this thread here. LOL The case is ongoing and you can read about what's happening with the case here: https://dockets.justia.com/docket/new-york/nysdce/1:2023cv03699/598159 I hope the judge dismisses the case right away and just let the trader enjoy his profit instead of wasting more taxpayers' money.
It doesn't matter what business you're in or who your broker is (I know nothing of Gain Capital) but the key to the relationship between the two parties is the contract, as detailed in the firm'sTerms & Conditions. The T&C's from my own broker state that the client is in breach of contract if they exploit a fault, loophole or error in their software, system or platforms. If I hadn't liked those T&C's, I had the option to go to another broker. But if I breach my contract with the broker I signed with I deserve what's coming.
Yeah but the trader didn't because from the way the price is provided to the trader by the broker, there is no way the trader would know that it's a fault, loophole or error otherwise how are we going to trade, always trade the most expensive/cheap for our buy/sell trade? Otherwise they could all be a fault, loophole or error? That's ridiculous!!
If the client does not like the T&C's they should not sign the contract. Likewise if they don't understand them. If T&C's are incapable of being rationally interpreted, the usual principle in law is that a dispute arising would be resolved in favour of the signatory of the contract, not its authors.
What happened is well covered by the terms in the contract if this is what you are referring to as "T&C". It's just that the broker is trying to weasel out it because for once, the client is making money and the broker doesn't like it. LOL
When you say "weasel out" you make it sound like the broker is trying to do something not allowed by contract law. This isn't proven. The broker does not have to prove what the client was thinking: their position can only be based on what they can show the client did. This is the way good law works.