[CFD] Upcoming Increase in Margin Requirements - postponed for 01.12.2020

@JimLahey thank you very much for delaying. I really thought of switching the platform, but now I trust you :slight_smile:

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Fantastic!

Can we have our crypto positions back now too? It’s a pity you didn’t see sense before you stole those from us.

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Agree with all of this. You’re spending more to make less. It makes no sense.

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I had multiple trades like this it took profit early on this is my last one of the same stock now my leverage has reached a limit

Agreed, It’s great news that we now actually have the time to figure out whether our funds are in danger or not, but we still need to know how long T212 is expecting the leverage to stay at 1:2 so we can make a fair judgement about what to do with our money. It’s crucial for risk planning and for forming a strategy.

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A small victory for 212 customers, but all could have been avoided with a longer notice in the beginning. I hate to think how many people panic sold thier positions.

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So you decided that users of T212 are the ones who should pay the price and that risk, of course it’s Okey to force closing people’s positions at a losses to prevent the company from loosing money.

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@Tony.V @David can you tell us when the leverage will be reset to 1:5?

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I did and absolutely furious at T212 no respect for us as customers and so disappointed at the level of communication from them!
Hope your sort your portfolio out ok

After noticing overnight interests go 2x in addition to all what happened these last few days I’m closing all my positions before the week end and leave T212 CFDs. I may move everything to the Invest account but I’m not touching CFDs with T212 again.

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Great move @Tony.V , by extending this deadline. I feel this is the happy compromise everyone needed. People should really get on to managing their positions ASAP though to avoid any shortfall come next week.

Is the maths here correct ?

8000 * 0.45 / 2 = 1800
10,000 * 0.2947 / 2 = 1473
9,300 * 0.2594 / 2 = 1167

So to hold these positions I need 4,400 in blocked funds ?

Will we be compensated for the forced closure of any positions that are in the red ? If so then that would be a start in making up for this almighty mess.

My thoughts go out to all who are suffering right now, including the 212 team. If we think our problems are big just imagine theirs. I’m quite sure there are valid reasons for such profound and speedy changes to our trading parameters.

It is my understanding that when we enter into a contract we agree to abide by the terms and conditions. This applies to both parties. Everything in a contract applies to both parties. Basically if you can exercise a right in a contract then so can I.

We enter into a contract each time we trade. This contract is overseen by the main contract we agreed to, upon sign up.

Further it is my understanding that if we wish to change or modify our contract in any way we must inform and gain agreement within a reasonable time, say, 14 days. This would give us enough time to rearrange our positions or indeed close out altogether in order to protect our losses.

I’m positive that the team at 212 have good reason to lock down under these extraordinary times and I’m quite sure that these actions would be primarily to protect 212 from damage and ultimately protect us all in the long run. No more 212 means no more us either.

Our original contract states:

6.9. We shall have the right to modify at our sole discretion the Margin requirements, Interest Rate Swaps, commissions, minimum and maximum trading amounts, minimum and maximum number of units of each Financial Instrument and alike.

T212 state clearly in the contract we all signed and agreed to. However later in the contract it appears that a certain time is allowed for any changes to be made prior to action.

27.1. We may change the terms of this Agreement for any of the following reasons:

27.2. If we make a change in accordance with this clause 27, we shall always give you at least 14 days’ written notice before we make the change, except as required by applicable law or regulation.

27.1.1.2. the change would not be to your disadvantage;

Clearly this change is to our disadvantage.

In the light of this, would it be an appropriate question to ask for 14 days grace to allow a reasonable time to move our positions.

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@David @Tony is there any plans to get back to normal swaps?

They have mentioned that all of this is only temporary, so yes @rahimli I think soon they will revert things back (once it happens of course).

I think they mentioned this earlier in this thread.

I can understand the large swaps with high leverage. But I wonder if the leverage gets to 1:2, then logically they should decrease the swaps. Otherwise, what’s the point of having a cfd? With these swaps and 1:2 leverage it doesn’t make sense at all.

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I don’t know - but I imagine it’s to ride out the volatility they see in the market.
If they can deter people from placing new trades also, it helps them out because they no longer have to take the opposite side of a trade which may hurt them bigger than normal.

It’s all just to spread or lighten the load on their hedging I think.
I’m confident that it will all be back to normal soon.

Generally it’s been a bit of a mammoth month with things happening.
That’s my take on it anyway.

Is Monday a normal full trade day

My hope is that the switch to 1:2 leverage will allow them to tighten spreads and decrease swap fees - if this isn’t the case then the CFD platform is basically useless.

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I think they are just pumping the brakes a little. Slowing the speed of their hedges in the short term and I reckon it will back to normal soon after.

I wonder if the crypto news messed things up, as the FCA really threw a spanner in the works banning Crypto. + election + covid rising + vaccine issues apparently. Maybe?

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