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 “Suspicious Activity” 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 shouldn’t 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 it’s absolutely nothing to do with manipulation.
The pump and dump stocks were already well into the dumping stage before T212 announced. It’s 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 it’s 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 don’t agree it’s 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 don’t 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.
These two are now in a close only mode, what happens if I don’t sell my stock?
you will just hold onto them until you do sell.
So, who going to buy them if it’s sell only mode?
The 99.9’% of other people around the planet
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).
There are more market participants than just 212 users
How weird well CLIS that’s not PSE as of now
Would be nice to get an update…
Yesterday it was limited to sell, but someone in StockTwits posted a reply from 212 that its now okay to buy $CLIS
CLIS seems to have had it’s PSE removed, as the screenshot in the above post does show it with the status in January.
Yeah I saw that it actually was PSE and now not, yet they allow buying.
Whilst others that weren’t PSE and still not PSE have the restriction.
All just seems a bit of a mess and some of it way above my head. I don’t 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!
Even weirder they only just got it 7 Jan…
We know 15 Jan it had the badge
And between then and now lost the badge
Do these badges need more glue? Makes me question are some actually PSE but have no badge…
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!
Well to meet it any of the following
A price of over $5 per share
the issuer has Average Revenue of at least $6 million for the last 3 years
Net Tangible Assets in excess of
$2 million if the issuer has been in continuous operations for at least 3 years
or $5 million if less than 3 years.
5$ /share is easy, just do a reverse stock-split.
Something is cooking:
U.S. securities regulator suspends trading in three more 'meme stocks’