The suspension and designation of 3 highly active and leveraged stocks that
saw their values went from rags to riches and back continue to cause much
grief and unhappiness among investors that were caught in the whirlwind.
Clients and remisiers were equally upset by the turn of events as many are
going to be hurt with a lot of losses, and now the latest, investigation on
short selling and probably prohibitive fines that could hurt the pockets
very badly.
The President of The Society of Remisiers, Jimmy Ho Kwok Hoong, has been
caught in the midst as representative of remisiers and trying to alleviate
the pains and losses of his members and their clients. In another letter to
the ST Forum he lamented the lack of clarity of SGX’s instruction and
slowness to investigate the counters that saw their prices shot through the
roof within a short span of time. The mess got worse when different broking
houses started to interpret the instructions differently and changing
continuously.
As a result some clients sold their shares prematurely and ended in short
positions which could lead to penalties from SGX. I quote from Jimmy Ho’s
letter, ‘Compounding matters, clients are now required to show satisfactory
evidence that they own the “designated” security, either with the CDP or
other custodians, before they are allowed to sell. Clients are further
upset over this new ruling, which is onerous, impractical and illogical.
The SGX’s handling of the situation, so far, has been amateurish.’
What is happening?
16 comments:
Rb...so the sgx pat themselves on the back n say..good job..well done n in its trail leave the company..investors..traders..remisers losing billions..what if the sgx didn't do anything..would 90% of the companies capitalization been wiped out?...silly silly sgx...amateurs being paid professional money...if I'm the affected party/ies ..sue the fucked up regulator...
this is what will happen if you want to participate and play with both your eyes wide opened in the stock market playground....
in this cruel world, stock markets, who is to be blamed....
The Americans have operated the whole banking and finance industry and stock exchanges using fraud with when they armtwisted their govt for deregulations to allow them to do as they pleased.
Nothing changes after the last financial crisis. The American bankers are dominating the world's financial system with crooks and crooked deals. Until they rein in the crooked bankers, the banking and finance industry will keep ballooning till it bursts.
Rb..actually..the whole thing stinks..there were unabated selling in the period prior to the suspension...did somebody know something? Nudge nudge..wink wink..time to call the cops? Where did the selling come from? Company's insiders who are on the verge of announcing mega deals? Bloody unlikely...hehe..
They only catch the small guys.
rb
should write something about the pineapple tart man.....
I was in that kind of position once. Remained clean throughout. I am proud of myself as impeccable as far as money matter is concerned. There were rooms for indiscretion, but never walk down that road.
rb
I salute you.
I think despite the confusion and unhappiness, despite whatever lah, PAP will still win the next election.
What do you think?
60% are not affected by stock market upheavals.
Or even if they lost money, it is money they can afford to lose. And they also don't blame PAP or SGX for their loss.
That's what I think.
IS THIS PRACTICE SOMETHING "NEW"?
who are the players/investors of these stocks beside those syndicates?
- small retail players?
- fund managers?
- the timing of those investments
- who bought at the/near the recent high?
- any financial institutions financing those purchses?
- of course .... who sre the astute investors who sold at the high?
- maybe gic can consider employing those investments/funds managers who had invested at top prices recently ......
Once a while, those jokers will make use of SGX to make some handsome profits for themselves just by selling junks to the public.
What is the solution?
You must only buy the "correct" stocks.
When you buy the "wrong" stocks, this is what happens.
But I thought SGX sells only the "correct" stocks?
Aren't all the SGX stocks "mentored" through the Catalist system?
If the stock is "mentored", it must be guarantee of good quality tio bo?
So vote for the "correct" political party in GE 2016.
Make sure must have the LKY quality control certificate.
You forgot to mention the knuckle duster seal of approval.
@ Rb: @#% The SGX’s handling of the situation, so far, has been amateurish.’
What is happening? @#% ?????????????????????? ????????????????????????????????????????????????????????????????????????? ............................................ .......................................,............................??????????????????????????????????????????????????????????????
This is the problematic situation we are right now in as a society as a whole in general.
Top have perpetual policy misconceptions, disconnect and awful prescriptions.
Look at the TRANSPORT policies for example. Kong liao poon kek sim ........ aiiiiiiiiiiii........ sigh :(
Hm zai see si mi "ELITES", si mi "Kiang Nang NAO"!!!!!
After ka jiao the car market by raising down payment from 0% to 50% suddenly in late Feb 2013 which is less than 8 mths ago, COE prices are effectively back to where it started but many livelihoods of car traders and dealers and their families, wives, children, parents, grand parents, in laws etc etc are arguably in severe hardship or at least hard pressed situations.
But I suppose life goes on for all the well paid LTA "HIGHER MORTALS". Simply because they are not in car trade or job.
Back to these stock market $10,000,000,000 ( $10 billion ) saga.
Arguably same situation.
High salary, high perks, high overheads, top down high handed policies ........... in the end, all at the expense of Sinkies. Poor sinkies keep picking up the humongous tabs and bills.
Well, SGX CEO and top management, for the Japanese, if they are caught napping, they honourably take the rap and resign to take responsibility. Well, in SinkieLand case, our "HIGHER IMMORTALS" have "unlimited cash and political capital". Nothing will happen. They can do whatever they deem fit. Sinkies need them, even in 100 years time ........
They did not know what they were doing or know that they are doing all the wrong things. And the people hiring them have no clue what the hell is going on. So the blind will lead the blind to the cliff.
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