Naked Shorting

SlowFAST · #10 31-05-10, 09:20 AM

Quote:

Originally Posted by beng_beng

Just an update:

A representative from Phillip called me today at 0850hours about my selling more shares than I owned.

He helped me to change the second transaction to sell from my CPF investment account (I have one lot of the same share in CPFIS account). Problem solved Yeah yeah

Thumbs up to Phillip.

Thats great. Lucky u got the same shares in your CPF.
good to maintain a good r/p with ur broker.

beng_beng · #9 31-05-10, 08:55 AM

Just an update:

A representative from Phillip called me today at 0850hours about my selling more shares than I owned.

He helped me to change the second transaction to sell from my CPF investment account (I have one lot of the same share in CPFIS account). Problem solved Yeah yeah

Thumbs up to Phillip.

Dog · #6 28-05-10, 10:37 AM

I called the operations people at the broking house and they advised me to fax in my appeal and they will forward it to sgx. The operations people will also do the buy -in for me. A fine will be imposed for shortselling and that was why I was advised to appeal. Then you will wait for your trading statement to know what price the buy-in was done and a letter from sgx to inform you whether your appeal is successful or not. This was what happened to me when I accidently sold more than I had. Hope this help

SlowFAST · #7 28-05-10, 11:53 AM

Hi u definitely have a broker/deader assigned to your poems acct. its his/her job to assist you.

SGX will do the buyin on T3. they will increase the price by 2ticks for every half hour laspse until 5pm. But if no one sells to u then your buyin is not successful. this is especially true for illiquid counters like warrants.

iirc, T1 no prob. if SBL has the shares available, it will solve your problem. Its better to eliminate risk than to be exposure to mkt which u have no control over.

Penalty for Failed Settlements on T+3 (CDP Clearing Rule 6.7A.1)
Trade is deemed to have failed if buy-in is unsuccessful by end of T+3. SGX will impose a penalty of $1,000 or 5% of value of failed contract (whichever higher). Existing arrangements for SGX to consider penalty waiver appeals will continue.
· Buying-in and Procurement after T+3
Buying-in will continue from 3 to 5pm on T+4 and T+5 for open positions not covered in previous market day. Requests for withdrawal of buying-in may be made by 11am on T+4. Procurement by Clearing Member will start on T+6 if buying-in is unsuccessful.
· Penalty for Extended Failed Deliveries and Failed Deliveries in Buying-In Market (CDP Clearing Rule 6.7A.2)
SGX will impose a penalty of $5,000 per day (up from $100 per day) for failed deliveries that cannot be procured by the Clearing Member after T+5. SGX may also refer the Clearing Member to the Disciplinary Committee for extended failed deliveries after T+7 or for failed deliveries in the buy-in market, whereupon a minimum $20,000 penalty may be imposed.