Apparently T212 has a clause that SPACs that merge and have new tickers may not trade immediately. Of course no one would know this until it’s too late and this cost me significantly today trying to trade $OPEN which changed from $IPOB today.
@David advised me that: “Acquisitions & other corporate events might not get reflected immediately. The stock became tradeable at 15:00 GMT”.
Therefore on T212, $OPEN only started trading at 15:00 GMT and this is obviously 30 minutes after the US market opened and the price had moved wildly.
In this period I went from £1,250 in profit to a £250 loss. There were no warnings that you couldn’t trade and no message advising when you could.
As I was unable to trade, I missed out on a considerable profit. I bought the shares Friday with the intention of selling them at US open given they were likely to rally (which they did).
I, like many of you no doubt, have invested in a variety of SPACs. If this happens every time then many T212 customers will miss out on opportunites at open of the US market.
Sadly, I feel once again that T212 have let us down. And once again, a lack of communication has exacerbated the issue.
If you have invested in any SPAC holdings, be warned of the above as you may not be able to trade for some time once your SPAC has merged and has a new ticker.
Normally, each corporate event is reflected timely, in most cases before the market opening. We had placed a notice that indicated the corporate action, and it is our practice to do so with any event of that nature. The delay in the execution was a force majeure circumstance, and we have taken the necessary measures to prevent it from occurring again.
The trouble with this type of issue is none of the t212 traders know before they buy so are not making correctly informed choices, it could also be said that they have lost money due to being offered a service by t212 that can’t execute a profit therefore should be a void transaction.
I would like to see t212 to only be offering services/stocks that they can actually perform to the best of the markets ability.
I don’t see the point in offering customers something for the sake of it when it is obviously causing issues to its customers
So essentially it was T212’s fault but they’re hiding behind small print in the terms to avoid any compensation for loss of potential income… Great.
