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Oil price negative?


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Oil price negative?

  #201 (permalink)
 
Pa Dax's Avatar
 Pa Dax 
Netherlands
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Wow! Reconfirms my trust in IB big time.

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  #202 (permalink)
SunTrader
Boca Raton, FL
 
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Not how markets and trading should work.

You make a trade, you live and die with it.

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  #203 (permalink)
tradalert
Germany
 
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Pa Dax View Post
Wow! Reconfirms my trust in IB big time.

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Here it's the full article: https://archive.is/EGIGB

https://www.bloomberg.com/news/articles/2020-05-08/oil-crash-busted-a-broker-s-computers-and-inflicted-huge-losses

GREAT NEWS!

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  #204 (permalink)
 
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 SMCJB 
Houston TX
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WOW!
Then came what looked like the deal of a lifetime: buying 212 futures contracts on West Texas Intermediate for an astonishing penny each.

...

At midnight, Shah got the devastating news: he owed Interactive Brokers $9 million. Hed started the day with $77,000 in his account.


How is a guy with $77,000 in his account allowed to buy 212 futures contracts, approximate overnight margin requirement of $2.1 Million? That's day trading margins of 27+:1.

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  #205 (permalink)
tradalert
Germany
 
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SMCJB View Post
WOW!
Then came what looked like the deal of a lifetime: buying 212 futures contracts on West Texas Intermediate for an astonishing penny each.

...

At midnight, Shah got the devastating news: he owed Interactive Brokers $9 million. Hed started the day with $77,000 in his account.


How is a guy with $77,000 in his account allowed to buy 212 futures contracts, approximate overnight margin requirement of $2.1 Million? That's day trading margins of 27+:1.

IB only asked for $30 margin per contract. That was the biggest mistake. There are people in even more unbelivable numbers

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  #206 (permalink)
 bassa 
amsterdam
 
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SunTrader View Post
Not how markets and trading should work.

You make a trade, you live and die with it.

Not, when you can't exit... The moment I would have seen a minus bid of 1 CT.. I would have killed the trade in a heartbeat.. But.... I couldn't... System didn't let me...

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  #207 (permalink)
SunTrader
Boca Raton, FL
 
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bassa View Post
Not, when you can't exit... The moment I would have seen a minus bid of 1 CT.. I would have killed the trade in a heartbeat.. But.... I couldn't... System didn't let me...

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You mean not when you waited till it was too late. CME clearly gave notice - which I guess broker couldn't deal with. But it is our job to be informed about changes and having a backup plan in place.

Where did you get long?

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  #208 (permalink)
 bassa 
amsterdam
 
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But do you really every single day before you start trading, check the whole internet, whether there is some status update on the contract... And btw cme had on their own website stated that there was a low limit of 0.01and no high limit... They even still had it a week after the event.. Recently they took the whole column out


Strange, can't upload an image of their website, so you can see.. Cme had the wrong info on their own product

https://drive.google.com/file/d/1dk66hhMW2N8S6Okh7Bs3is8aid6UVgcK/view?usp=drivesdk


Also look at the update time in the picture.


May 1st 2020.. . That's like 10 days after the event... So at some point you have to deal with the info you are getting (in this case the exchange itself!!)

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  #209 (permalink)
SunTrader
Boca Raton, FL
 
Posts: 260 since Nov 2018
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Speaking of things disappearing - what happened to this reply:

"No. I went long @ 20.01 cet... And at 20.09 it went subzero... Couldn't exit... Just to get settles at 20. 30."

that I got in an forum post email alert but don't see here now?

Anyway glad you were reimbursed. That is what is most important.

PS can't tell what that blurry google drive image shows.

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  #210 (permalink)
futures trader
san diego, ca USA
 
Posts: 29 since May 2014
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bassa View Post
on their own website stated that there was a low limit of 0.01and no high limit... They even still had it a week after the event.. Recently they took the whole column out

Cme had the wrong info on their own product

Thanks for the CME photo, that is good evidence of their culpability. Were you with Interactive Brokers or another FCM?

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