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ADVOCACY CASE STUDIES
Our client was a user of a trading platform that allows for Contract for Difference (CFD) trading. He had many short positions in the Dow Jones Industrial Average (DJI) as he believed the US market would fall following the election of Donald Trump in 2016. On 6 February 2018 the DJI fell heavily and our client seeked to benefit from closing many of his short positions. However, the CFD provider’s app and webpage did not allow for him to close these positions. Eventually, after about seven minutes the app worked and he closed his short positions, but at a higher price. The CFD provider argued that he should have called the trading desk since the app and webpage were not operating properly.
Actions Taken to Assist & Result Achieved
We wrote many submissions to AFCA, arguing that the CFD provider was at fault for not allowing our client to close his positions online. The CFD provider was ordered to pay compensation of $22,086 for not providing the best service it could.