Granite etf short Tesla x 3

[Alotment]

Anybody find their trade on the above this morning disappear off their account. Price went from .01 to about 9 pounds. My profit was scrubbed by IG! Original trade still sitting in history though.

[AndrewM]

Yes - there was a consolidation action of 1 for 1500 of these securities : https://www.sharesmagazine.co.uk/news/market/LSE20210504170819_3963598/GraniteShares-3STS-Reverse-split-Consolidation

I've been on chat and on the phone to IG - they've done the consolidation, but still not updated the correct prices, which should of course also rise by ~1,500 on a ceteris paribus basis (all things the same). At the time of writing this, TSLA has dropped a further 2.4% today, so these securities ought to have risen ~ 7.2% (3x short TSLA) on the day. 

The IG person I spoke with this evening promised me he would check with the relevant team and revert. My call was very late in the day (after 6pm) so I trust that they will have this resolved in the morning. If not, I do suggest calling again. 

[RO1982]

I called today and still no update - be interested to hear why this is taking so long and I assume they will calculate daily changes in retrospect, as I'm sure everyone is expecting values to go up with Tesla dropping...

[CharlotteIG]

21 hours ago, Alotment said:

Anybody find their trade on the above this morning disappear off their account. Price went from .01 to about 9 pounds. My profit was scrubbed by IG! Original trade still sitting in history though.

 

16 hours ago, AndrewM said:

Yes - there was a consolidation action of 1 for 1500 of these securities : https://www.sharesmagazine.co.uk/news/market/LSE20210504170819_3963598/GraniteShares-3STS-Reverse-split-Consolidation

I've been on chat and on the phone to IG - they've done the consolidation, but still not updated the correct prices, which should of course also rise by ~1,500 on a ceteris paribus basis (all things the same). At the time of writing this, TSLA has dropped a further 2.4% today, so these securities ought to have risen ~ 7.2% (3x short TSLA) on the day. 

The IG person I spoke with this evening promised me he would check with the relevant team and revert. My call was very late in the day (after 6pm) so I trust that they will have this resolved in the morning. If not, I do suggest calling again. 

 

7 minutes ago, RO1982 said:

I called today and still no update - be interested to hear why this is taking so long and I assume they will calculate daily changes in retrospect, as I'm sure everyone is expecting values to go up with Tesla dropping...

Hey all, 

GraniteShares 3x Short Tesla Daily ETP (3STS) has had a stock consolidation action of 1 for 1500. We closed your original position at its opening level and opened a new trade on your behalf. The new position will reflect the ratio of the consolidation, ensuring that you don’t gain or lose any capital in the process. For every 1500 shares you had it will be replaced by 1 share.

 

The London stock exchange cancelled trades executed on the 17th May 2021 as these were executed against pre-consolidation share holding but a post consolidation price. IG passed on these cancellations to clients and reflected the terms of the consolidation.

 

GraniteShares 3x Short Tesla Daily ETP (3STS) is currently set to phone dealing only as it's been halted in the underlying market. Once the London stock exchange unsuspend trading we will set the market to tradable on our platform and the price will be adjusted correctly.

 

All working orders for GraniteShares 3x Short Tesla Daily ETP have been cancelled.

 

Anyone still holding positions on a leveraged account your stops and limits will be adjusted accordingly.

 

If you have any questions please let me know. 

 

All the best, Charlotte 

[RO1982]

Thansk for your reply

Will share values take into consideration movements on 17/05 and 18/05 despite trading being halted? I would imagine everyone is expecting to see an increase in an open positions that were held pre consolidation because of decrease in Tesla share price

Thank you

[AndrewM]

Hello @CharlotteIG
Is there any news on when the pricing and trading will go live please? As noted above, there is an expectation that open positions will accurately reflect all price movements since the close of trading on the 14th May. Thank you