Glad to be informed as to why all that conspired happened the way it did.
Although I feel that these Market Makers are behind the times if they assume high trades is āSuspicious Activityā and feels like they themselves are trying to manipulate the market by halting such stocks.
They either have to adapt to this new environment or the Powers that be will have to start looking into the rules on how Market Makers should operate in this new environment of new investors.
This backs up my theory that T212 accidentally added them, and then instead of admitting they shouldnāt have, have dug a bigger hole in trying to make out that the status changed as a reason for removing them.
In this particular case though itās absolutely nothing to do with manipulation.
The pump and dump stocks were already well into the dumping stage before T212 announced. Itās certainly not a knee jerk to the news.
Also T212 customers will make up less than 1% of the total outstanding shares. Probably 0.1% so T212 customers not being able to buy now has negligible affect on the SP.
What have done though is by saying its status change, when to me itās clearly not, have now caused Twitter and Reddit to erupt with conspiracy theories which does then damage the stock.
T212 really need a better PR team, this is like the fourth recent cock up in communications.
Like the GME/AMC they should have said from the start look we donāt agree itās literally out of hands as we just piggyback on IBs platform then they would have won brownie points.
Here they could have said look we donāt normally add non-PSE stocks but a few got added by mistake. Either they take the hit and accept the new legal scrutiny, or give some time more heads up before shutting off the buy button.
The whole FCA BTCE and crypto was poorly handled too. They have a legal obligation but the communication was crap.
The CFD comms on margin requirements, spread and min/max size have been awkward, and probably lost quite a few customers from it.
The new limits on deposits and min amount invested also seem to be badly conveyed too. There should have been a heads up email sent a good month or so before to make everyone fully aware before changes were implemented.
T212 is tiny compared to all the trading world. And within the customers here I would say again a small percentage of us held one of these risky stocks (1.4M clients, 600k daily active traders).
All just seems a bit of a mess and some of it way above my head. I donāt know the processes involved behind the scenes though, so just trying to stay out the whole debate. I do get the frustrations on both sides of the coin though. Fighting a losing battle!
Presumably the PSE qualification can change quite rapidly. Whilst t212 could communicate more clearly the bigger problem is customers not having the faintest idea of what they are trading in or the basics of the markets.
The lack of understanding is frightening at times!