Hello. Does anybody know what happens to a sell position when a company gets delisted upon Chapter 11? The terms make it clear that the position is closed, but at what price? It should be 0 right?
One more question: why am I getting that transactions are suspended for HTZ? Can you help me out @David?
I’m surprised myself. All the oil companies and energy companies that have 100% + today have been suspended. Hertz is still being traded, has reached 5.00$ but we can’t trade because “it’s been suspended”…
I get the same error for literally every stock I want to trade. Support not answering to emails atm
I don’t understand why nobody from Trading 212 is responding… should be a straightforward answer.
Mate, it’s rather simple. With CFD you are betting against Trading 212 not market aka other investors. No one at their right mind would accept your bet on a company with 100% daily growth. It’s that simple. CFD and spread are where 212 makes money… therefore it makes sense to suspend trading for certain stocks/commodities
I thought so… the more important thing is what happens when it gets delisted (for example JC Penny just got delisted and trades under JCPNQ). I looked in the help, but there is no mention.
Honestly, no idea… I believe Dave or someone from Team212 might help. Although it might take a day of two since they’re quite busy with Autoinvest at the moment
@Tony.V Maybe you can help as support doesn’t seem to be answering to emails. The situation is volatile and a fast answer is needed and appreciated. What happens to a short CFD if the company gets delisted due to Chapter 11?
Once the company is delisted from trading on the main stock exchange, you will be released from paying interest swap rate. Until price settlement is reached, your positions will be still opened. Whenever we have an official closing price, just then your positions will be closed.
A side note - I understand that it’s urgent, however, your ticket was submitted 2 hours ago, which is currently near to the average response time (depending on the priority of the matter). So please reply to the ticket & ask to be marked as solved if the information above was enough - that way we’ll avoid the double-job for our team.
Thanks for your reply. One more thing… by official closing price you mean the value of the stock, if any, once bankruptcy procedures are finished right?
PS: Replied to close the ticket.