Delisted stock: China Petroleum & Chemical Corp - ADR

[Dkantabria]

Hi, 

China Petroleum & Chemical Corp - ADR was delisted. Reading IG help for these kinds of cases I found:

"If you have an open position on a stock that delists, we’ll close your position at a level of zero and typically open a new position – called a ‘proceeds line’ – on your behalf which is untradeable, has no price and brings no value to your account. Once the company confirms there is no return to shareholders, which can take years"

But this is not what happened. I can still see my stocks on my positions tab b ut I can't operate. Reading on the web I understood I'll neet to operate (If I want ) in Over the counter market but I guess to do this I'd first need to transfer to a OTC account as is not possible through Ig.

 

Am I right? Anyone know how to operate these cases?

 

Thanks. BR

[AshishIG]

22 hours ago, Dkantabria said:

Hi, 

China Petroleum & Chemical Corp - ADR was delisted. Reading IG help for these kinds of cases I found:

"If you have an open position on a stock that delists, we’ll close your position at a level of zero and typically open a new position – called a ‘proceeds line’ – on your behalf which is untradeable, has no price and brings no value to your account. Once the company confirms there is no return to shareholders, which can take years"

But this is not what happened. I can still see my stocks on my positions tab b ut I can't operate. Reading on the web I understood I'll neet to operate (If I want ) in Over the counter market but I guess to do this I'd first need to transfer to a OTC account as is not possible through Ig.

 

Am I right? Anyone know how to operate these cases?

 

Thanks. BR

Hi @Dkantabria,

The above statement specifically applies to positions held in CFD accounts. If you have shares in your Share dealing account that is suspended or delisted, we will have to wait for the stock to become tradeable again, which is beyond IG's control. There is no fee associated with holding these suspended shares in your account.

In share trading, clients do not have the option to close their positions when the market is not trading. The shares will remain in the account until trading resumes, they are confirmed as worthless, liquidation is completed, or shareholders have been paid out.

Alternatively, if there is another broker who offers trading on delisted stocks, you have the option to transfer these shares to them.

For more information, please refer to the following link: https://www.ig.com/au/help-and-support/cfds/market-details/what-happens-if-the-stock-i-am-trading-suspends

All the best,
AshishIG
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