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Sell counter which doesn't exist
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singaporegal
Supreme |
03-May-2007 20:36
Yells: "Female TA nut" |
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There was once I accidentally sold more lots than I was holding. My broker in Poems was so nice that he covered for me. Good service. |
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sohguanh
Veteran |
03-May-2007 10:30
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There was some story covered about this buy-in market and how it is not so transparent to investors. If you neber cover then at T+4 a buy-in occurs in a separate playground called buy-in market which is different from what we see online. In this buy-in market remisers/brokers will buy in for those positions under them that are short. The main grouse is the starting price as they are not released by SGX before trading starts. The author request for SGX to release those stock that are shorted and the price so just before trading remisers/brokers can advise their clients on how to go about doing their trade. In cases, can actually make monies as usually the share price are higher than wat we see online as it is a restricted playground called buy-in. For investors who are faced to this fate it should be transparent and let us take a look but sadly this process is done without us knowing except for the remiser/broker. So shortist please be careful of going into this fate!!!! Conclusion: wanna short MAKE SURE COVER BACK!!!! |
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rogue_trader
Master |
03-May-2007 10:22
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Actually there is a "formula" to calculate the "actual buy-in" prices but brokerage houses can buy-in/force-sell on those "default" customers behalf at their own discretion. But in this case, I am not sure of whether the buy-in prices can count in the higher of T (transaction) date or not, as I never tried naked short without covering. But in my own "imaginations", how can ony buy-in at the higher price on T date when that particular counter is trading at a low on T+1 date? One thing I don't understand, what was the "timing" your order was executed? Coz if it in the morning time, you still have time to buy-back wah, don't need to wait for CDP to buy-in unless yours is a CPF contract. |
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sohguanh
Veteran |
03-May-2007 10:02
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You accidentally click sell or purposely sell a counter you don't hold? Purposely means you are shorting that stock and muz be covered within same day else face the fate as what your remiser told you. If accidentally then also face same fate abit cruel. Dunno can cham siong abit with brokerage house? Are you a frequent shortist or not? If not your argument of accident click sell may be a strong argument for the brokerage house to help you out. Past records of your trading are important to brokerage house. |
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kiwi77sg
Member |
02-May-2007 23:27
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Hi, Recently I sold a counter which I don't hold at $2.85. And my remisier told me I had to wait till CDP force sell this counter. On Tue, it was the due date for this counter to force sell and its drop tremendously to $2.68 since start of the day. But remisier told me, since on Mon the price was higher at $2.83 at closing, the force sell price will be $2.83 plus 2 bit. Anyone encountered this ? Need your advise. Remisier advise is " CDP can force sell at any price which is higher " Thanks. |
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