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Spreadex
Just had a call from spreader. You can deal with them over the phone for Amur.
In the market info is says the expiry date is 6/4/29. This is in the DFB position rather than the march June etc.
Ironically AMC still looks available to trade. If I was to open a position now I wonder what would happen... P ricks...
Thanku SPI Ill complain along the same lines about igindex spreadbet forced termination.. Where did 2029 come from? I had permanent rollover on, and in practice rolled 2 quarters at a time each time, the existing contract was to sept 2021 with auto rollover. How will you put a figure on the amount, Do you expect a result? Are you aware of any groups of peeps getting together on this, its not just amc of course.
Unfortunately the wording of my ombudsman complaint isn't retrievable. But I got a reply today saying they had raised the complaint with IG.
My complaint was along the lines of IG force closed, changed terms to allow it. Contact expiry was due 2029. Long running position at a loss. IG action drove the market down through forced sales, I sufferred losses (and stress as a result) and want my trades reinstated and to be compensated for the stress. Along those lines...
Thank u for your post Smi
Would you be willing to share the wording of a complaint please?
Im happy to pay increased margins even to 100pc , but not happy to be force closed in the middle of a contract to sept
What do you see the loss ?..
To me it’s the removal of the possibility of a gain on a share on permanent rollover that’s already moved between 44p and 1.2p and a forced sale at 1.3p in the middle of a contract, how would you quantify that.
I have made an official complaint to the financial ombudsman. I suggest others do the same if they were impacted. IG were well within their rights to increase margins to manage "risk" although the risk is zero at 100% margin... but changing their terms and conditions and then mistreating their customers is pretty poor form. Don't take it lying down.
I posted this on the IG community some time ago but the IG moderator has not approved its content yet surprise surprise.
https://www.fca.org.uk/consumers/how-complain
https://help.financial-ombudsman.org.uk/help
Here are IGs details for the complaint:
IG (IG Index Limited and IG Markets Limited)
Cannon Bridge House
25 Dowgate Hill
London
EC4R 2YA
UNITED KINGDOM
Hi gwm - sorry to learn of your probs / prospective loss in IG closing out contracts. I never get involved with these spread betting / CFD merchants myself because of the third party risks involved as we see here; not that that helps you and ors in this position, unfortunately.
At least as a direct holder of the equity, you're a part owner of the Co. which is risky enough on AIM these days without any additional concerns...
As for my view on where we are now with this situation, you've really answered your own question - no positive communications to speak of / missed timelines / little direction to assist us and having to rely on guesswork accordingly much of the time - hardly anything to shout about.
However, the major deposit is the main draw, of course (with more to discover yet, I've no doubt, if and when funding can be arranged) - it's fortunate that what we do have is the more desirable stuff (nickel sulphide & copper primarily) with EV / battery demand growing apace and one can only hope that somebody will develop this discovery even if our BoD can't arrange to monetise it.
Meanwhile, we just continue to sit and wait... sasa.
modjo.. in order to help you !?!! ig will halve the buy sell spread from them but you have to telefone.. it will take you a VERY long time to get through their tel system, then esculated to a dealer.
The loss to us is ig index average cost plus spreadbet costs, my average way above current price, im quite prepared to take the risk of much higher much lower share price, but not when the position is forcibly closed at a low!!! There is a lot of newsflow that may drop in the next 2 quarters and would radically alter the share price.
5 days till the end of qtr 1 when RY issued rns saying delayed teo would be submitted.
Geng, Sasa, When we sere informed no problem delaying license, the Russians have given 1 yr extension.
Did you read that as amc are now delaying up to a year, or there is no change to the previous rns, the teo is being submitted in qtr1 as rns, but the russian system has automatically given 1 year.... or is it not clear.
Sasa, what do you make of not shouting amcs position from the rooftops? No interviews, no dir buys, no clear explanations or spin on events.
Thank you for including your wording of coms to ig spreadbetting, I will do the same so at least something exists in writing to confirm there is no intention of selling at this time. Are you addressing it to a particular person.
surprised amongst everyone here there hasnt been a poster with spreadbets on ig amc and a legal background.
Hi, I've added a post detailing my questions into IG.
Hi, as has been communicated my current spread positions will be closed as soon as practical from Monday 29 March, while ensuring that all reasonable steps are taken to obtain the best results for our clients.
Please can you outline what those reasonable steps are going to be to ensure the best result for me.
Also please advise what determines best result in this regard.
----
Their wording is VERY subjective.
now I started new chat with topic -IG Threatening us they will Force Close our position-
Hi modjo00 ,, yes, on ig community page., Forums and — IG has shown it's true colours and is restricting BUYING of AMC and GME—
hi, where are you on the ig communities page? Can you share as would like to get involved.
Ombudsman nothing yet., It may take some weeks.,
I am also discussing this matter on community.ig.com.,
Still I am confident to say that if IG is focing us to close any opened positions they should compensate our loss and all commission we were paying.,
I do also hold real shares of AMC,, and I am not willing buy more with IG,, rather with another broker.,
For now I am not aware of group of traders taking this any further,, and Inadvice you to make an official complaint to IG., if they give you final answer and you are not happy with, then report it to ombudsman
combi I would guess ig forcibly closing current spreadbet positions will result in a loss for most with them on amc, ive had this on auto rollover for years, its now at am almost low. Ive no problem with taking a risk up or down with a spreadbet with amc, but if it can be closed forcibly mid contract thats totally different risk. They are not allowing even the current contracts till sept to run their course.
What did the ombudsman say
Do you know others or groups that intend to seek recompense from ig
Have you any idea if forcibly closing position is legal? They say this is in latest terms n cond, how about unfair contract law
................
amc.. No enthusiasm, No interviews, No shouting from rooftops, no dir buying, even if its uneconomic at this nickel price and ry is waiting, why. The paperwork submission was delayed into the next quarter..this weekend, by rns
Even though the Russian system automatically gives a year no amendment to tis rns, lets hope ry keeps his word. Paperwork submitted rns and dir buy, and notice of some interviews needed....now...
gwm121 ,, so I reported it to financial ombudsman.,
Ig stopped replying to my emails.,
They are trying to justify their steps to delist so many companies (fair enough) but this shouldnot finnacially affect us.,
If your AMC positions are contracted until september and IG is going to force close them now, it is their own negligance and they should refund you your loss and all commission you have paid already.,
combi my position is open till september, and on auto rolling contract. i invested on the basis of holding till a key event which could move price up or down, there would be no point if id known it would be force closed at nearly its lows.
ig said i could buy shares instead.. there is a huge difference, spreadbet profit is capital gains free , shares are taxed.
Additionally the paper loss incurred so far chrystelised by ig shortly by forced closing cannot be set against taxable profits on shares, so you will have to make nearly double to get back to your ig break even. anyway why buy shares with ig when they perform like this.
Please let the board know if you find any legal angles, or groups taking any action on this. So... you can place a spreadbet contracted to a date 7 months or so ahead on an auto rollover , and when the share is at a low point they can force close the position not allowing you the contracted time to recoup or make monies, seems strange, no one would invest on that basis if they thought there was a real chance of this happening.
They changed t&c so it suites them, or as they are saying they reviewed and made decision. Yesterday IG replied to my email saying that my money are absorbed by market already as my average is just about 3p with total sume £3333. But, £ are not absorbed by market, would SP go up over my average I would be in profit. Money are still on my acc. ., I argued with fact Key Info Document of AMC on IG site is stated expiry date 06/04/29 at 16:30 hrs, and this information encouraged me to invest/open positions. This, I strongly believe mean to be guaranted by IG. Yes, they are saying we can still buy real shares, but who will guarantee that they will not do the same kind of s*** with real shares?, Unless company bankrupt they should not force close our positions or ask us to close. Unless they would do with all companies listed on Spread share, they should not or cannot do with companies selected by them. I think this is on thin line with law, but I am not expert
combi.... Let us know if you find out anything about ig forcing positions to be closed before the end date of current positions let alone auto rollover please. They are saying its in the terms and conditions, however its a superbad time to close......... If you rebuy as shares you cant get the capital loss at present on the spreadbet, and if amc go up you will pay the capital gains tax getting back to the price you bought into ig. Bad bad bad, Is it legal????
Good afternoon all,, just want to ask if anyone here hold amc positions on IG spread share?,
All positions will be apparently closed by IG,, is this legal step if there is clear evidence that expiry date for this positions is 06/04/29 ?, (This is stated in market info, key informatiom document,, on IG site).,
Thank you for any advice.