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Important: new positions restricted on GameStop and AMC


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Guest Farrell Jr

What you have described is even WORSE!!

Allowing selling only on an equity is pure market manipulation!

What could possibly be the rationale for this — WHO has made this decision at IG? On what basis?

I am reporting you to ASIC.

 

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I phoned IG today, if it's any consolation they're not lending your shares out for short selling either. The only people selling GME right now are short sellers, selling shares they're borrowing for the third time, IG put a stop to that lending, as I am sure a lot of brokers are doing, whether they have shares to sell to retail or not.

Another way of looking at it, GME had ~250% short interest last I looked, that means there is something like negative 100 million shares available to buy right now, if you or I were selling, those shares will go towards getting the available shares back to zero, so there still wouldn't be any available to buy.

I expect NYSE will halt trading on GME some times this week, maybe tonight. They have to, the short sellers debt racking up is unpayable.

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This is an appalling decision. This is platform is about to provide access to some part of the markets to retail investors. Why is it preventing purchase of GME and AMC. if you want to protect your customers base remove leverage but the rest is our decision. 

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