Easy Equities suspended trading

[AstroTurf]

Hi Ladies and Gents,

I’ve just come back from a discussion with our risk department and the short answer is that we did force a suspension in trading on the platform today, but this was done to ensure we managed a potential risk to our clients.

As you're all aware, EasyEquities is not an online trading platform and does not offer live pricing, but offers 15 minute delayed pricing instead.

Today there was extraordinary execution risk where Lonmin was concerned because:
1.The market (JSE) was suspending trade in that instrument intermittently throughout the day. During those suspensions you would not have been able to trade in the share anywhere
2.There were also massive price fluctuations that could have created big differences between the prices clients expected to execute the trade at (as they would have been seeing 15 minute delayed prices on our platform) and the actual price of the execution.

Due to these factors the only way we could reduce this risk to clients was to suspend trading on Lonmin on the platform and guide clients to our broking desk (which we did via a clear message on the page).

This way, our trading desk could advise clients on live pricing and execute the trade for them to avoid the risk of large disparities between the prices clients were expecting and what they may have received when receiving the trade confirmation, had execution been available on the platform.

Best regards
Justin

Not to be sarcastic or anything but when it gets close to where I want to buy or sell what you are saying is I should call and then hold with the sales person till the price gets to where I want it?

 

[d7e7r7]

Doesn't it cost more to trade over the phone as opposed to on their website?

 

[The_Mowgs]

Hi Ladies and Gents,

I’ve just come back from a discussion with our risk department and the short answer is that we did force a suspension in trading on the platform today, but this was done to ensure we managed a potential risk to our clients.

As you're all aware, EasyEquities is not an online trading platform and does not offer live pricing, but offers 15 minute delayed pricing instead.

Today there was extraordinary execution risk where Lonmin was concerned because:
1.The market (JSE) was suspending trade in that instrument intermittently throughout the day. During those suspensions you would not have been able to trade in the share anywhere
2.There were also massive price fluctuations that could have created big differences between the prices clients expected to execute the trade at (as they would have been seeing 15 minute delayed prices on our platform) and the actual price of the execution.

Due to these factors the only way we could reduce this risk to clients was to suspend trading on Lonmin on the platform and guide clients to our broking desk (which we did via a clear message on the page).

This way, our trading desk could advise clients on live pricing and execute the trade for them to avoid the risk of large disparities between the prices clients were expecting and what they may have received when receiving the trade confirmation, had execution been available on the platform.

Best regards
Justin

Why suspend trading when you clearly state on the platform that the peice is not live but a 15min delayed price?

It should be MY choice and MY choice ONLY when I want to press the buy or sell button seeing as its MY money...

 

[The_Ogre]

Why suspend trading when you clearly state on the platform that the peice is not live but a 15min delayed price?

It should be MY choice and MY choice ONLY when I want to press the buy or sell button seeing as its MY money...

This is my opinion as well.

 

[Noseworthy]

This is my opinion as well.

Blows, what if I only get home at 6pm and want to sell and buy shares for the next day?
Im stuck in meetings all day and can't buy and sell willy nilly

 

[techead]

Blows, what if I only get home at 6pm and want to sell and buy shares for the next day?
Im stuck in meetings all day and can't buy and sell willy nilly

well what they are saying is that it's not a trading desk...

 

[Thor]

I put a few thousand in EE. But don't trust them enough to put in more

First they are the doggiest company and must be avoided at all cost then you use them.
.?

 

[shooter69]

well what they are saying is that it's not a trading desk...

+1

I actually understand what Justin is saying and it makes sense. I am sure we would have had a "Why is the price not the same as on the website when I placed my trade" thread if it was not for them stopping trades because of delayed info.

I followed the price today and saw massive fluctuations. 1 minute its at R1.40, I go make coffee and its 70c. You see 31c shares(delayed data) and buy but then get the confirmation that it just cost your 49c. Imagine the backlash that would have caused.

 

[JStrike]

First they are the doggiest company and must be avoided at all cost then you use them.
.?

No, I said I only put a very small amount into them to play around with their system. It is pretty dodge, and I won't put real money into it

 

[Thor]

Hi Ladies and Gents,

I’ve just come back from a discussion with our risk department and the short answer is that we did force a suspension in trading on the platform today, but this was done to ensure we managed a potential risk to our clients.

As you're all aware, EasyEquities is not an online trading platform and does not offer live pricing, but offers 15 minute delayed pricing instead.

Today there was extraordinary execution risk where Lonmin was concerned because:
1.The market (JSE) was suspending trade in that instrument intermittently throughout the day. During those suspensions you would not have been able to trade in the share anywhere
2.There were also massive price fluctuations that could have created big differences between the prices clients expected to execute the trade at (as they would have been seeing 15 minute delayed prices on our platform) and the actual price of the execution.

Due to these factors the only way we could reduce this risk to clients was to suspend trading on Lonmin on the platform and guide clients to our broking desk (which we did via a clear message on the page).

This way, our trading desk could advise clients on live pricing and execute the trade for them to avoid the risk of large disparities between the prices clients were expecting and what they may have received when receiving the trade confirmation, had execution been available on the platform.

Best regards
Justin

I tried to get out on R1 but could not.

Secondly, that's a lie, the JSE did not suspend shait.
Otherwise give me some proof please

 

[The_Mowgs]

+1

I actually understand what Justin is saying and it makes sense. I am sure we would have had a "Why is the price not the same as on the website when I placed my trade" thread if it was not for them stopping trades because of delayed info.

But the delay is still displayed on the platform informing me of this so no need to restrict me to make my own decisions.

 

[Toothless]

If you want to do live share trading, buying and selling on the spot, EasyEquities is not right for you. Rather go elsewhere and create an account with your bank, or something like PSG where this is possible.

It seems to me EasyEquities is a better option for those who invest in the long term. But, that being said, if I purchased 1000+ shares in a company today, will I be able to sell the shares in 2 years time in one day or will there be limits places by EasyEquities?

 

[The_Mowgs]

If you want to do live share trading, buying and selling on the spot, EasyEquities is not right for you. Rather go elsewhere and create an account with your bank, or something like PSG where this is possible.

It seems to me EasyEquities is a better option for those who invest in the long term. But, that being said, if I purchased 1000+ shares in a company today, will I be able to sell the shares in 2 years time in one day or will there be limits places by EasyEquities?

You make it out as if people are complaining about the fact that the price is not live which is not the case.

 

[Toothless]

You make it out as if people are complaining about the fact that the price is not live which is not the case.

No, but many thought they would buy at 50c and sell at 70c or R1 within minutes or hours though. I do not think EE has the capabilities of dealing with these type of trades at all.

 

[shooter69]

But the delay is still displayed on the platform informing me of this so no need to restrict me to make my own decisions.

I did not look at the message displayed but according to Justin they also stated that you could phone the service desk to place the trade yet people did not do that.

 

[The_Mowgs]

No, but many thought they would buy at 50c and sell at 70c or R1 within minutes or hours though. I do not think EE has the capabilities of dealing with these type of trades at all.

If thats the case then they should say so and not say they made a decision because they thought it to be in my best interest

 

[shooter69]

No, but many thought they would buy at 50c and sell at 70c or R1 within minutes or hours though. I do not think EE has the capabilities of dealing with these type of trades at all.

100% correct. They have a trading platform called GT247.
Easy equities is geared more towards investing rather than trading. And in the last 24 hours people were trading Lonmin like crazy.

 

[Thor]

I did not look at the message displayed but according to Justin they also stated that you could phone the service desk to place the trade yet people did not do that.

I did. They weren't able

 

[Thor]

100% correct. They have a trading platform called GT247.
Easy equities is geared more towards investing rather than trading. And in the last 24 hours people were trading Lonmin like crazy.

That is correct.

 

[ToxicBunny]

100% correct. They have a trading platform called GT247.
Easy equities is geared more towards investing rather than trading. And in the last 24 hours people were trading Lonmin like crazy.

Which is entirely fine, but say I had held Lonmin shares for 2 years, and today I decided I wanted out... they wouldn't let me get out, even if the pricing was a bit out of whack.