Woke up yesterday to find that Illinois Tool Works Inc(ITW) buy order was triggered at $57.61. Check with the Yahoo Finance to discover that stock has never reach this price. Called up marketmaker trading helpdesk and was told this
“As conversed over the phone, your pending order (ITW) was correctly filled. I understand you have different sources to refer to, but all orders placed on CMC Markets’ platform must be referred to the CMC Prices on our platform as well. Kindly click the URL Link below (Clause 3.8) to see the explanation so that you may learn about how it works.
http://www.cmcmarkets.com.sg/content/documents/cfd/CMC_Singapore_Legal_Documents_PDS.pdf
Kindly also see the following where I attached the chart for the particular counter you traded on. The charts are always available for clients to determine if their pending orders are triggered but not determined by the prices from underlying market or prices from other providers. ”
Today, found out ITW trade has exited with a loss due to gap down.
Traders beware.
At least I always enter every trade with a pre-defined stoploss. Always prepare for the unexpected. The above can also be prevented by using marketmakers with direct market access (DMA)
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