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Stocks that are only available for orders to close


Guest Teehighletfly

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Hi @Teehighletfly, it's a good question and one that comes up time and time again. Importantly, what is the specific stock and are you trying to trade it on a leveraged or non-leveraged account?

On a leveraged account some stocks simply go south to such a degree that they fall below the IG size, liquidity criteria to trade any longer so they only allow those already in to get out.

Or it may be that IG can't find a counter party to take your trade and for whatever reason IG are not willing to act as market maker themselves, for example if all trades are one way. 

You will be more likely to be able to buy or sell the stock, if there are any takers, and if it is still within the IG criteria, on a non-leveraged share account. 

 

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Guest Teehighletfly
On 27/08/2018 at 22:40, Caseynotes said:

Hi @Teehighletfly, it's a good question and one that comes up time and time again. Importantly, what is the specific stock and are you trying to trade it on a leveraged or non-leveraged account?

On a leveraged account some stocks simply go south to such a degree that they fall below the IG size, liquidity criteria to trade any longer so they only allow those already in to get out.

Or it may be that IG can't find a counter party to take your trade and for whatever reason IG are not willing to act as market maker themselves, for example if all trades are one way. 

You will be more likely to be able to buy or sell the stock, if there are any takers, and if it is still within the IG criteria, on a non-leveraged share account. 

 

Thankyou @Caseynotes. Would you happen to know is there any way one can be deemed eligible for esma exemption having 6 years trading experience and CFA program completion.  Is the 500k essential even with a good track record?  If we have a Brexit will this invalidate ESMA rules?

 

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Hi @Teehighletfly, it appears that there has been a wide range of interpretations of the esma and fca regulations regarding who may be considered a 'professional' client. IG was initially hit with some 6,000 applications and seems to have adhered somewhat more rigorously to the guidelines than many other brokers and have certainly had their attention drawn to the fact here on the forum.

Look at section 3, 5, 3 below from the FCA 'Handbook'  (2) where two out of three (ain't bad) and can trading for a year be considered as having worked in the 'financial sector', some are saying yes.

Look at the guidelines, construct a case and have a go.

fca1.PNG.6a3cc6af324e68cd63fce11d8d863307.PNG

 

  

 

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Guest Teehighletfly

Thank you @Caseynotes I can understand where ig are coming from with regards the leverage and their exposure,(counter party risk) particularly in relation to major interest rate changes that may come to the fore in the years ahead.  Wild times ahead.

 

Cheers,

 

 

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