No buying Power for 3 days????

investor1984 · 1 No buying Power for 3 days???? Tue Jun 28, 2011 8:18 pm

investor1984

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Rumor is spreading that brokering houses have stopped giving the 30% - 50% ( depending on the portfolio & broker ) buying power for 3 days .. Is this true??? I only came to know about this after 5, so i couldn't check it with my broker ... What about you guys????

Last edited by investor1984 on Tue Jun 28, 2011 8:19 pm; edited 1 time in total (Reason for editing : typing error)

Fresher · 2 Re: No buying Power for 3 days???? Tue Jun 28, 2011 8:32 pm

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today even though my broker advised me some shares to keep the T+5 extended, I found that I didn't have the margin available to me.

it was available from my other broker.

early · 3 Re: No buying Power for 3 days???? Tue Jun 28, 2011 8:57 pm

early

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I spoke to my broker around 4.30 pm and nothing was mentioned about anything like this. Could be a rumour. Anywhey things should be back to normal from 1st after month end credit clearence.

wikum100 · 4 Re: No buying Power for 3 days???? Tue Jun 28, 2011 9:03 pm

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investor1984 wrote:Rumor is spreading that brokering houses have stopped giving the 30% - 50% ( depending on the portfolio & broker ) buying power for 3 days .. Is this true??? I only came to know about this after 5, so i couldn't check it with my broker ... What about you guys????

it its true with me i have only 150000 to settle ..from today morning i found that i cant buy becose they have stopped my buying power for 3 days ???it is asia securities

Genting · 5 Re: No buying Power for 3 days???? Tue Jun 28, 2011 9:32 pm

Genting

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One of my broker gave me up to 40%, but have to settle within T+5.
The other stopped giving credit saying that it is the monthly settlement time.

jaya · 6 Re: No buying Power for 3 days???? Tue Jun 28, 2011 9:42 pm

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Not true with my brokers.

BenZ · 7 Re: No buying Power for 3 days???? Tue Jun 28, 2011 10:44 pm

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is it only for Asia ??

bettersrilanka · 8 Re: No buying Power for 3 days???? Tue Jun 28, 2011 11:21 pm

bettersrilanka

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i checked in my account.no prob... it is asia..

thighrokker · 9 Re: No buying Power for 3 days???? Wed Jun 29, 2011 5:30 am

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My broker is Asia securities.
Since yesterday ( 28th) they have cancelled giving buying power. I can only buy for the CASH amount i have in my CDS account.

Can a broker do this? Is this some new SEC rule?

When i called them, my Adviser told me its temporary and will be so only until end of this week...

My understanding was that you are allowed to buy up to 50% portfolio value with buying power and pay in T+3

* Are other Broker firms also doing this sort of thing? Is it legal?

* Also, i got no warning, no message... nothing. It was just done and they were silent about it until i called and asked. Rather unprofessional, in my view!

* Are the Brokers also feeling the impact of a dropping mkt? Is this the early indications?

tubal · 10 Re: No buying Power for 3 days???? Wed Jun 29, 2011 5:36 am

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And one wonders why people paid 112 for ACAP yesterday. They lost their biggest customers to TKS and now seem hell bent on antagonizing their retail customers. Next they are going to sell their insurance firm, so how are they going to make a profit next year?

RDS · 11 Re: No buying Power for 3 days???? Wed Jun 29, 2011 7:45 am

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Seems Asia sec in financial crisis. No buying power

kam2011 · 12 Re: No buying Power for 3 days???? Wed Jun 29, 2011 7:53 am

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tubal wrote:And one wonders why people paid 112 for ACAP yesterday. They lost their biggest customers to TKS and now seem hell bent on antagonizing their retail customers. Next they are going to sell their insurance firm, so how are they going to make a profit next year?

However, I believe they will have a huge capital gain in case they sell out AAIC stake.And also management do not take such a decision withuot a proper investment plan/business plan. Isn't it? Just a view.

wiser · 13 Re: No buying Power for 3 days???? Wed Jun 29, 2011 10:16 am

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any way don't bother about buying power. Buy with your own money.

bettersrilanka · 14 Re: No buying Power for 3 days???? Wed Jun 29, 2011 10:24 am

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yes Wiser you are correct..

yoyo · 15 Re: No buying Power for 3 days???? Wed Jun 29, 2011 3:31 pm

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One of my brokers gave credit more than 100% of my portfolio. But I had to settle it within one week..

investor1984 · 16 Re: No buying Power for 3 days???? Wed Jun 29, 2011 3:37 pm

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yoyo wrote:One of my brokers gave credit more than 100% of my portfolio. But I had to settle it within one week..

I have this experience with my broker too ( LSL ) they let me purchase more than 100% of my portfolio ( not through CDAX - CDAX margin is only 50% ) , i didnt ask them though for how long they are extending me this credit line bcoz i did settle the due in T+3.