Easy Equities suspended trading

And with this attitude, ee have permanently relagated themselves to minor status or minimal cash investment oppurtunity.
 
So EE going down. What happens with my money? SO miffed, thought I was onto a good thing here. Damn, SA sucks.
 
terencej said:
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.
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This costs extra as opposed to doing it online doesn't it?
 
Gnarls said:
Isn't this only applicable for fractions of shares? I thought that if you had enough for a whole share it would vest in your name? If only one of the bigger banks could offer us fractional share investing.

/edit
I guess if you're trading you'd still need to use them to sell given the time frames and all.
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Section 8.110.1 of the JSE's rules states that they need to issue you a contract note to indicate your equity in the company in question.

If you bought yesterday and didn't receive a note this morning then you don't have any equity in said company... you have a CFD.

They realised that the guys who bought 10k plus shares at 30c and now want to sell at 120c would now need to be paid a sum totalling millions which has to come from their pocket - a CFD is between you and the broker, not the JSE - they thought up a bullschit excuse to not fork out this money as it will quite literary bankrupt them.

They broke the law.
 
YingYang said:
Section 8.110.1 of the JSE's rules states that they need to issue you a contract note to indicate your equity in the company in question.

If you bought yesterday and didn't receive a note this morning then you don't have any equity in said company... you have a CFD.

They realised that the guys who bought 10k plus shares at 30c and now want to sell at 120c would now need to be paid a sum totalling millions which has to come from their pocket - a CFD is between you and the broker, not the JSE - they thought up a bullschit excuse to not fork out this money as it will quite literary bankrupt them.

They broke the law.
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That's a lot of conjecture without evidence. Not sure this is quite what they have done. Although if they did accept the trades and did not execute the underlying asset purchase they haven't sold a CFD - they've simply committed fraud...
 
DJ... said:
That's a lot of conjecture without evidence. Not sure this is quite what they have done. Although if they did accept the trades and did not execute the underlying asset purchase they haven't sold a CFD - they've simply committed fraud...
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I'm confused by the t&c's that I posted above wrt the purchase of whole shares. If the shares are issued with gt247.com acting as agent, and we become the legal owner of said share, what right do they have to prevent a shareholder from trading their share?

Their explanation might only be valid wrt partial shares...
 
There are extraordinary circumstances when a broker can disable trading of an asset on their platform, or at least not process the trade. Nothing I've seen here today, nor any Lonmin announcements, qualify. Waiting on more public disclosure from EE.

But this is why chasing easy money is the same as chasing cheap products. It always bites you in the arse...
 
DJ... said:
That's a lot of conjecture without evidence. Not sure this is quite what they have done. Although if they did accept the trades and did not execute the underlying asset purchase they haven't sold a CFD - they've simply committed fraud...
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Isn't the simple answer to this to ask those on EE.
Do you have a contract note for the shares you bought? On Monday or otherwise?
 
Pho3nix said:
Isn't the simple answer to this to ask those on EE.
Do you have a contract note for the shares you bought? On Monday or otherwise?
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Those can be "delayed". But let's wait for more details to come out first.

Their imposed suspension based on the reasons provided are complete bull. So there's another excuse coming that will determine everyone's best course of action...
 
This is an important read:

http://support.easyequities.co.za/s...my-entire-holding-in-a-particular-instrument-

When an EasyEquities Investor wishes to sell a particular security, the 'trade value' cell on the sell page is usually pre-populated with the total value of the Investors holding in that particular instrument when they arrive on the page.

If however the 'trade value' cell on the website is populated with a value that is less than your entire holding in that particular instrument, this is because the number of shares the Investor can sell is subject to a maximum value.

EasyEquities may from time to time limit the:
Total value of Trades that may be executed;
Total value of Trades that may be executed in a given Security;

This is because EasyEquities is an execution system rather than an order entry system. We are in effect an intermediary between our Investors and the exchange. As such, we have to ensure that when a client issues the purchase instruction on the platform, that we are then able to go to the market and execute that exact trade. From time to time - though very infrequently - this affects the availability of certain instruments.

This does not however mean that you can't sell more than the system set limit.

Should you experience a limit on a particular security and want to sell more of the security than the platform will allow, please contact our Trading Desk on +27 (0) 87 940 6101 between 09:05am - 16:40pm Monday to Friday (business days), stating that you are experiencing a system limitation and they will assist you to sell the desired value.
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Because they do not provide an online platform with direct and immediate access to the JSE, nor do they offer direct access to brokers directly on the JSE floor, will make most complaints here null and void.
 
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That clause relates to liquidity of the specific asset. They're was sufficient liquidity in Lonmin, that's for sure. And not seeing any directives issued on it. That clause can only be applied by them if liquidity was proving problematic. And it wouldn't involve nor require the suspension of trade, which is a JSE issue, not a broker issue. Their terms however state that they're a facilitator and not a broker. So really they have buggerall obligation to anyone other than settlement. This is why it's incredibly risky to put your eggs in this basket, and why for years I have argued that this schit should not be peddled on MyBroadband. I've argued vociferously against this, precisely because people who know no better fall for crap that costs then money.

I watched this starting a few days ago and knew it would result in serious problems. I can't carry on trying to prevent the inevitable. Until this sort of thing is sorted out by MyBroadband terms and conditions and moderators, people are going to lose money. You guys also knowingly gambled, and you gambled with your choice of intermediary. And it was allowed on MyBroadband. And their terms royally screw you. Something any investment forum or actual broker would have warned you about. Something morons punting bullschit that they don't understand on MyBroadband, won't. Simple...
 
So basically it seems a scam? Thank god I did not "invest" the 10k I considered. A divorce is more expensive
 
DJ... said:
That clause relates to liquidity of the specific asset. They're was sufficient liquidity in Lonmin, that's for sure. And not seeing any directives issued on it. That clause can only be applied by them if liquidity was proving problematic. And it wouldn't involve nor require the suspension of trade, which is a JSE issue, not a broker issue. Their terms however state that they're a facilitator and not a broker. So really they have buggerall obligation to anyone other than settlement. This is why it's incredibly risky to put your eggs in this basket, and why for years I have argued that this schit should not be peddled on MyBroadband. I've argued vociferously against this, precisely because people who know no better fall for crap that costs then money.

I watched this starting a few days ago and knew it would result in serious problems. I can't carry on trying to prevent the inevitable. Until this sort of thing is sorted out by MyBroadband terms and conditions and moderators, people are going to lose money. You guys also knowingly gambled, and you gambled with your choice of intermediary. And it was allowed on MyBroadband. And their terms royally screw you. Something any investment forum or actual broker would have warned you about. Something morons punting bullschit that they don't understand on MyBroadband, won't. Simple...
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So do you advise against using EE ?
 
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