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Morning Guys, providing an update so that hopefully this can be of help to others.
Spoke to IG and it went sour very quickly (at first) as I allowed my emotions to get involved. Basically, they would not accept my request to keep the margin at 50%, and insisted on the increase of 100% which they action yesterday. What this has done, is put my account P&L in a minus amount. I did managed to get out of them that as long as the P&L amount is less than 50% of the margin in my account, my NMC position will remain open and I do not need to add more funds, however I can not do other new trades, since my P&L is in the minus which is probably a good thing ATM with the volatility of the market.
Thanks Rasstuss and Castaway for your input/advise.
Spoken to IG again and they are sticking to their bureaucratic position based on their standard procedures i.e. they have requested all their client holding IG position (long or short) to increase the margin to 100%. I need to write a formal complaint letter to IG before I can take this to the FCA. Can anyone help/support to structure the complaint from a technical perspective? e.g if they are in breech of any trading rules, or are they entitled to change the margin as and when it suits them and covers all their risks.
The outcome I would be looking for is; keeping the current margin at 50%. To clarify, I would like to keep the position open although do not have the additional funds to cover the additional margin.
@ Rastuss, thanks for your about the etiquttes. In regards "did you mention to them that the FTSE Index appears to be substituting the ADR price for the LSE price of NMC shares?"
I didn't mention the IG as TBH I dont understand what this means? can you clarify?
@Castaway, definitely I would like to hold my current position, however this means I have to add a significant amount, and that could sit there for a very long time.
Morning, spoke to IG this morning and they are adamant that I must have enough margin (i.e. from currently 50% to 100%) so cover my position otherwise it would be closed. Any guidance what I should do in terms of escalation? to which ombudsman? and can I get this done before IG deadline of margin increase 31/03 12pm?
P.S. as mentioned before, I am very new to all of this, hence if my etiquette is not right please let me know. E.g. is this the right forum to be posting this subject as I understand a lot of people (including myself) may lose a lot of money and also shorter are seen as negative to the market place.
Thanks Castaway, although if I don’t put in funds, they could close my position.
My open position is a SB on IG.
So I guess my only choice (if IG doesn’t accept my request of holding current position of 50% deposit) is, to add more funds and wait for the outcome, which could be weeks, months, or even years?
Absolutely agreed, I’m out if my depth. Not sure how I got myself into this, and even more confused/stressed how I’m going to get out of this.
I was going to call IG, although wanted to get advise/guidance from more experience traders. If IG say I have to put down 100%, do I have any choice? E.g. if I don’t add more funds, they would just close my current position and I’ll eat the loss between £8.50 and £9.38.
Hi Guys, first of all sorry to hear everyone in such a horrible position, hope they find a way to continue operating and unsuspend soon. Need some advise and guidance pls; I’m a very novice to this and somehow got myself in the NMC embargo. Earlier in the year when NMC shares were swinging up and down, I opened a short position (£8.50) and very shortly NMC was suspended.
IG initially increase its deposit from 25% to 50%, which I had to put in more money to hold the position open. Now they are asking for 100% deposit.
Any guidance what I should do? Not sure what happens if NMC does not continue to trade. Does that mean IG will take all my deposit?