Letters: Obsessed with arbs; Mr G McLee wants spread firms to play fair and lay advertised prices.I WRITE in response to the letter published last Saturday Saturday: see week; Sabbath. regarding IG Index not laying advertised prices.
I am of the opinion that the spread firms are obsessed ob·sess
v. ob·sessed, ob·sess·ing, ob·sess·es
To preoccupy the mind of excessively.
v.intr. with arbitrage arbitrage: see foreign exchange.
Business operation involving the purchase of foreign currency, gold, financial securities, or commodities in one market and their almost simultaneous sale in another market, in order to profit from price .
Lets face it, if you are buying a new car, you go the cheapest garage, you shop around for the best prices.
If a firm advertises a price, they should lay it. At 9.30am IG will tell you: "We've we've
Contraction of we have.
we've have closed that arb arb
See arbitrageur. ", when all I am interested in is obtaining the value price.
If it's out of line I want on, but I can't if there is an arb.
City recently quoted me 52-58 on a bookings market, afraid I might steal the value. They regularly "revise" their prices before opening, so any early morning tips to "buy with City" can be forgotten as you simply can't get on.
Hats off to Sporting though, at least they lay advertised prices for up to 10 minutes - even if they do limit you to pounds 3 or pounds 5.
All I ask is for a fair crack at the whip!
Mr G McLEE