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I received this email notification from Amp today:
Posted by AMP Futures on Apr 21, 2020
updated 1pm - April, 21, 2020
Due to certain anomalies affecting Crude Oil, Futures have been set to Liquidating Trades Only. Any positions in CLM20 and QMM20, both long and short, are subject to liquidation..
This is an unprecedented times....YOU must trade responsible.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals, U308 and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,060 since Dec 2013
Thanks Given: 4,410
Thanks Received: 10,230
When you backetest a system on Tradestation does it break out the trades you couldn't take because they wouldn't let you or does it imply that you could take them?
I Lost 450k in same liquidations through IB. Looking for the same victims for class action
1. On interactive brokers website were no warnings that the price of an asset could be negative
2. During the trading session, I tried to close this position with a negative limit price(-0.01 us dollar), but technically platform does not allow this. I recorded video from a PC, as well as from a mobile terminal.
3. Within a short time IB closed trading under this contract and I did not have a chance to carry out any operations
That was my understanding as well, although I was really surprised it was that low of a number.
IB should be reaching out to those affected and explaining. This has a way of causing a ripple effect as well on their accounts, margin calls on other products, etc. The liability is even more than just covering the loss below zero.
@maksend, you need to list a valid physical location in your profile. "Planet Earth" is a violation of our very clear rules about this, please take it seriously.
My understanding is that the 88M is just the shortfall they had to cover with the exchange, not necessarily accounting for the equity in the account that still existed with CL at $0.