My VIX position Failed to rollover even though I was notified that it will be automatically rolled over with price adjustments the day before the rollover is meant to happen and I have auto rollover setting on.
Instead it closed my VIX position due to a ‘technical issues’… surely I can get reimbursed if trading212 cannot reopen my position.
I wonder if anyone has any ideas or experienced the same issue today?
I realise this post is 3 years old but I have the very same experience as @apattisson and @Penguin yesterday. 14/2/2023
The feedback I have received from trading212 so far seems to be mainly from bots. Generic responses varying from ‘unfortunately your positions were closed, please feel free to open a new position’ to ‘the issue is under review and we will definitely update you’.
Can you please advise. The prospect of facing losses for such a technical malfunction is quite stressful.
Due to technical issues, VIX-14 February 2023 was not rolled over to VIX-15 March 2023. It was anticipated that the VIX-14 February 2023 would convert to the new VIX-15 March 2023 with a Buy price of $20.76 and a Sell price of $20.59.
In light of this, you have the option of choosing to reopen your position personally with the same Notional Value. If your new opening price leaves you at a disadvantage, you can submit a request via this form, and we will gladly look into your case further.
P.S. The notional value can be calculated using the following formula: Notional Value is Quantity X Price.
Here is an example:
100 units at $19.00 = $1900 Notional Value
95 units at $20.00 = $1900 Notional Value
@Momchil.G How is it you define notional value when trades were made in hedge mode?
Also after the losses from the closures, the value of the account has dropped significantly which has brought margin risk into play.
Please reimburse like before. Personally, I’ve spent thousands in interest to trading 212. Do right by your customers.
@JingZhuo@doryder I have experienced them same and incurred huge losses. Hoping trading 212 will do the honourable thing and reimburse, as they have done in the past. Search vix rollover and you’ll find it here. A user called penguin and Patterson (I think) received reimbursements.
Your being compensated if you open a new position at a loss, albeit you will need to contact them that’s surely good. Not as good as it all working perfectly in the first place but surely you could profit from this error. What’s not to like?
also a bit worrying that I am depending on the interpretation of a kind stranger @Dougal1984 (Which I would gratefully gratefully appreciate). I’ve already asked @Momchil.G for clarification on this tread and emailed privately. No response.
Myself and a friend are in the same boat. Down many thousands. Obviously trading on margin means that the losses have been multiplied. Closing my positions was something I had absolutely no interesting in doing and Trading212 forced it on me. Opening them again is impossible, as the margin buffer is gone, so their response of ‘just open your positions again’ is laughable.
What is there to think about!? Credit the accounts due to the failure of your platform so people can trust you. Do you think anyone will use Trading 212’s platform when they know that positions can be closed randomly due to bugs that you do not take ownership of? How is that your users’ problem? COME ON! Real money is on the line here.
I bet Trading 212 are waiting for the VIX to pick up so they know they would not have pocketed their clients’ losses and their clients would have made a profit. Then they can come out and say - we are amazing. Here are your account credits.
Here’s a kicker - will Trading 212 be compensating their clients if the VIX shoots up and we end up NOT making a profit? Trading 212 could very much be liable in this case for missed opportunity damages.
The VIX could shoot up at any moment. This could result in you being held liable for lost opportunity damages instead of being held liable for economic damages as is currently the case. There is nothing to think about. Credit the account the difference cashed out by closing your customers’ positions AND refund the overnight borrowing costs while the VIX is down or definitely be held liable when it goes up. This bug is not part of the deal your clients signed up for when choosing to trade real money on your platform.