He should know about manipulation (and attractive women if the movie is right)
IB seems to have restored full trading in all retail pumped and related options. They also took down the page I noted above, so I included a screen shot of it from a cached source.
Here was the weekend update, which still included a broken link to the above page.
We are seeing unprecedented volatility in GME, AMC, BB, EXPR, KOSS and a small number of other U.S. securities that has forced us reduce the leverage previously offered to these securities and, in certain instances, limit trading to risk reducing transactions. IBKR currently has no restrictions on trading shares in those companies, and customers can open or close positions in those shares. Like many other brokers, IBKR placed options on certain of those stocks in closing only earlier this week. The plan is to lift those restrictions in an orderly manner while closely monitoring market conditions. To be clear, IBKR has not restricted clients’ ability to close existing positions in any of the U.S. securities subject to market volatility, and does not plan to do so.
The limits IBKR has placed have applied to all customers and were not limited to “retail clients” or any other group.
On Friday all trading restrictions were lifted on options in AMC, BB, EXPR GME, KOSS and other options that experienced recent market volatility. The options, as well as the underlying stocks, are currently subject to increased margin requirements.
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I sold GME puts this am without issue at IB. E*TRADE is barely working, most orders seem not to be going thru. Many brokers are having tech issues today.
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IBKR recently started a class action service to automatically opt you into class actions (I think it takes something like 50%20% though.) What do you think the odds are they opt us into the lawsuit vs. IBKR?
Edit: fixed. Also. Obviously I was joking.
Haha, well I make it a point of not holding the broker stock at that broker, usually b/c they aren’t allowed to offer margin on their own securities, but I think my trading setup is long enough exposure to IBKR without buying the stock.
The class action paperwork service takes 20%, not 50%. It’s the stock lending program that takes 50%.
https://ibkr.info/article/3296
There is no upfront fee to subscribe to this service, but all recovered amounts are subject to a 20% contingency fee, as detailed in the Terms & Conditions.
I signed up but haven’t gotten paid anything. Sadly, most of the time you’re defrauded or mislead by mgmt, I still managed to be net up on my trades which disqualifies me from collecting. Also, they don’t allow shorts harmed by lying pumps by mgmt to claim damages either, so it’s not like I get much out of these.
HSBC is banning trading in stocks that are “related” to crypto currencies, such as MSTR who made headlines (and a cool $2B in gains) by investing lots of their spare cash and funding from debt offerings in Bitcoin.
Pretty rich claiming to have standards on this stuff when HSBC was the worlds premium cartel drug money laundering bank for years.
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Vanguard bans purchases of OTC stocks come end of April.
Beginning April 28, 2022, Vanguard will no longer accept purchases and transfers in of most over-the-counter (OTC) securities. This change allows us to better support a targeted, enduring suite of products and services rooted in Vanguard’s time-tested investment philosophy and built to help secure the long-term success of investors.
You can continue to hold and sell your positions in these securities. You can also make additional purchases of a small selection of global American Depositary Receipts (ADRs).
“all our trades are free”, you just can’t trade 75% of all US stocks…
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Merrill is banning new purchases of various closed end funds (CEFs). They aren’t saying which.
email today from Merrill Edge saying they are now “blocking” many CEFs from new purchases including some that I already own
These are very safe, diversified investments (as safe as things owning stocks or bonds can be these days), so it’s bizarre they would ban these when individual stocks are way riskier. VCIF is one such example of a fixed income CEF they dislike.
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That’s very strange. Why would they care?
Bitcoin ETFs are SEC approved. Some brokers aren’t willing to let their customers buy them.
- VANGUARD ARE BANNING ALL BITCOIN ETFS FROM THEIR PLATFORM
Merrill too
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I wish they would let people make their bets, and stop charging me for paper statements … for every %&^$ fund that I own.