Jump to content

Closing Only


Recommended Posts

Hi there, 

Using Spread Betting on your platform feels like I'm constantly being restricted to what I would like to invest in by the "closing only" message. 

ARKK, BETZ, NGAC + many others all fall into the "closing only" category - this is restricting how I'm choosing to invest. 

I'm intending on placing a big order into the ARKX SPAC via Spread Betting on the day this is released mid to late March - can I expect the same issues which ARKX?

I'm on the cusp of opening accounts elsewhere in the hope they don't restrict how I choose to invest. 

Please advise, 


Tom 

Link to comment
Guest My Name Is Ben

I’m having the same issue. Every SPAC I want to take a position in is closing only. It’s starting to annoy me to point I also have looked elsewhere to different brokers and will look at moving if this isn’t rectified soon. Also other brokers are offering the stocks before availability on IG. 

Link to comment
On 16/02/2021 at 13:00, MillerThomas227 said:

Hi there, 

Using Spread Betting on your platform feels like I'm constantly being restricted to what I would like to invest in by the "closing only" message. 

ARKK, BETZ, NGAC + many others all fall into the "closing only" category - this is restricting how I'm choosing to invest. 

I'm intending on placing a big order into the ARKX SPAC via Spread Betting on the day this is released mid to late March - can I expect the same issues which ARKX?

I'm on the cusp of opening accounts elsewhere in the hope they don't restrict how I choose to invest. 

Please advise, 


Tom 

 

On 18/02/2021 at 20:34, MillerThomas227 said:

50% of stocks are supposedly "closing only", is there any response to this @IG? 

 

7 hours ago, Guest My Name Is Ben said:

I’m having the same issue. Every SPAC I want to take a position in is closing only. It’s starting to annoy me to point I also have looked elsewhere to different brokers and will look at moving if this isn’t rectified soon. Also other brokers are offering the stocks before availability on IG. 

 

2 hours ago, bkhan said:

I have been waiting a week to hear back from this same issue, I however have am unable to open any nee positions and can only close. I too am in the cusp of moving 

 

Retail clients demand that their broker DOES NOT take the other side of their bet, that would be an outrageous conflict of interest, you lose - they win.

The other thing that retail clients demand is that the broker DOES take the other side of their bet, so then the punter will always get filled at their prefered price   

 

.

  • Like 1
  • Great! 1
Link to comment

IG Markets Please Explain!

Yesterday I found I was unable to purchase leveraged shares of AVZ despite historically being able to and having current open positions on the same stock.

I have been advised by someone on Hot Copper that AVZ and 1100 other stocks have been removed from your CFD offering.

I have also been informed on Hot Cooper that I have until next Friday 26/02/21 to close my position or provide 100% of the margin requirement otherwise the position will be closed. 
 

Any open positions 30 days after this will be closed with these shares being delisted completely.

If this is true where is the official communication regarding this?

Why am I hearing this on Hot Copper but there is nothing on your site, Twitter or Facebook pages? 

Please clarify and know that once these positions are closed, I will be taking my $47k account balance and moving to another provider. 
 

  • Like 1
Link to comment

Still no response from IG, alarm bells are ringing.

 

Your platform has cost me serious amounts of money over the past 6 weeks. First with the period of time when your website & app completely stopped working (criminal), this cost me thousands in profits as I couldn't close my AMC trade. Then this past week, I wanted to enter into a new SPAC FRX at $11 (as low risk as investments get as the floor is $10) yet the closing only message prevented me from doing so... FRX has since increased to $15 and will continue to increase in my opinion.  

 

Regretfully I'm going to begin the process of transferring to a competitor; CMC, Saxo Markets, Spreadex... who? I'm unsure yet. I'll begin my DD into these companies this weekend and will decide next week... will post in this thread for the benefit of my fellow investors experiencing similar issues.  

  • Like 1
  • Thanks 1
Link to comment

I spoke to IG today.

1) they are removing approximately 1100 trading options from their leveraged offering.

2) anyone that that has an open position in any of these offerings must by next Friday 26th February either provide 100% margin for these positions or have them forcibly closed.

3) For those who decide to maintain the positions by providing 100% margin you will have an additional 30 days from Friday 26th February to close the positions before they are forcibly closed.

4) After this date the 1100 offerings will be completely delisted from IG markets.

5) This applies to retail and Pro clients

Link to comment
21 minutes ago, MillerThomas227 said:

Would appear CMC are the next best option if interested in US stocks. I'll be taking a deeper dive into DD to find out. 

CMC have a good reputation but they also restrict trading on some markets at various times the same as IG does for the same reasons.

The 'close only' comes about because the broker has hit their max risk tolerance on that particular market, too many of their clients are on the same side as is the market as a whole and they can't hedge any more client positions.

So they close the book until enough clients close out their positions to allow the book to be re-opened. In fast moving markets the book closing and re-opening may happen muliple times through the day, in others it may last weeks.

You might be better off with CMC, there are some traders here with multiple accounts, maybe someone can tell us what other brokers are doing. 

 

 

  • Thanks 1
Link to comment

I loaded up on tons of SPACs just before the restrictions, lucky me. But now IG is refusing to add any more SPACs. The reason is they don't have any funds left to buy the underlying stock as we are all going on margin, the funds need to come from somewhere to hedge the position. They are using their own funds for that. They should issue senior notes or a common offering to raise funds like robinhood to be able to continue trading. It's not normal that us the retail investors have less tools than the institutions that are never restricted in their trading.

Link to comment

IG should be more like Robinhood, yes that would be great, selling their order flow to Citidal, in front of a congressional panel at the mo and more or less bust, terrific.

Should consider using Plus500, they just take the other side of their clients bets as most lose anyway. You will always get a fil that way. They had a scare last April though when their clients actually 'got it right' on the big oil drop. Nearly went bust and had to give notice to share holders of no divs for a while.

On second thoughts maybe not.

  • Great! 1
Link to comment

Hey all, 

Please note this is a business decision but want to apologise for any inconvenience or upset it causes. 

IG and the wider financial markets have seen unprecedented demand for trading from retail clients. We constantly review the products we offer particularly as there are additional operational hurdles associated with margin intensive asset classes. More information on this will be released this week. 

All the best. 

Link to comment
Guest Dariel Riera

So hopeless and dissapointed about these happenings. 😣

Retails loosing money on a daily basis, because of the inminent differences between a broker and a ''common mortal''... and for once, we manage to make a few bucks back from all our losses, and we are all forced to close down our poor wins (compaired to brokers millions)

Could somebody PLEASE write or link the **** list with the 1100 assets that we're not allowed to trade anymore?

Thanks a lot.

Link to comment

So hopeless about these happenings. 😣

Retails loosing money on a daily basis, because of the inminent differences between a broker and a ''common mortal''... and for once, we manage to make a few bucks back from all our losses, and we are all forced to close down our poor wins

Could somebody PLEASE write or link the list with the 1100 assets that we're not allowed to trade anymore?

Thanks a lot.

Link to comment
13 hours ago, CharlotteIG said:

Hey all, 

Please note this is a business decision but want to apologise for any inconvenience or upset it causes. 

IG and the wider financial markets have seen unprecedented demand for trading from retail clients. We constantly review the products we offer particularly as there are additional operational hurdles associated with margin intensive asset classes. More information on this will be released this week. 

All the best. 

Just issue senior notes or do a common offering if you need funds to buy stocks. But not allowing customers to buy the stocks they want is really weird. At least add all the stocks at 100% margin, what would be the issue with that ? But not adding them at all should not be legal. We want to have access to the same stocks as the institutions.

Also if you need funds move Tesla to 100% margin as it's the most traded stock.

  • Like 1
Link to comment
13 minutes ago, StormChaser said:

Charlotte: There's commentary doing the rounds on Twitter that IG is going to raise the margin on a whole range of stock SBs to 100%?  Is this true?  I have received no notice to this effect.

This isn't information I've received yet but if I get information on this I will share it on this forum to the community. 

Link to comment

I think this could be a social media momentum attempt to try and shake people out of the stocks concerned.  There is a lot of chatter but no formal references yet to any official notice or publication from IG.

It's one thing setting stocks SBs to closing only, quiet a different thing to drastically change the margin such that people can be forced to close position which may force crystalisation of a loss.

E.g.:

https://twitter.com/WShak1/status/1363450096331980801

List posted on OneDrive.

Recommend you take this very seriously.  A circular should be sent to clients ASAP confirming or denying the speculation.  Could get messy.

Link to comment
Guest ZosoGraffiti
1 hour ago, CharlotteIG said:

This isn't information I've received yet but if I get information on this I will share it on this forum to the community. 

This is a link to the twitter post I saw, There's a lot!

Link to comment
Guest ZosoGraffiti
1 hour ago, CharlotteIG said:

This isn't information I've received yet but if I get information on this I will share it on this forum to the community. 

Sorry With Link

 

 

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • image.png

  • Posts

    • DIMO's platform seems to be shaking things up in the car world! Being able to get useful info about your car easily sounds great for drivers. And now that their token is on Bitget exchange, more people can get in on it. Super exciting news!
    • Just for completeness, I mean lists of companies. Many thanks, Peter
    • It’s one of the most popular traded markets on our end, and we take a look at the S&P 500’s technical overview in both weekly and daily time frames, the strategies to deploy for conformist, contrarian and ‘hold’ camps.   Written by: Monte Safieddine | Market analyst, Dubai   Publication date: Tuesday 27 February 2024 06:48 Dive into the conflicting sentiments of IG clients versus COT speculators and stay ahead of the game with upcoming market events. Don't miss out on this essential guide to understanding the current state of the S&P 500 and preparing for what lies ahead!       This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.    
×
×
  • Create New...
us