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IG Group restricts trading on GameStop and AMC due to 'extreme volatility'

Stock MarketsJan 30, 2021 10:45AM ET
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© Reuters. FILE PHOTO: A GameStop store is seen in New York

(Reuters) - Online trading platform IG Group Holdings Plc said on Saturday it will restrict any new positions on GameStop Corp (NYSE:GME) and AMC Entertainment (NYSE:AMC) due to "extreme volatility" in the market.

"Due to extreme volatility, and to prioritise the service we give our existing clients, we are not allowing any new positions to be opened on the US stocks GameStop and AMC Entertainment," London-based IG said in a tweet https://twitter.com/IGcom/status/1355507435453243402.

"These restrictions will be reviewed regularly," it added.

The company is the latest trading platform announcing restrictions following a surge in volumes in recent days stemming from calls on social media by individual investors to trade stocks like GameStop and AMC that were being heavily shorted by hedge funds.

On Friday, the U.S. Securities and Exchange Commission waded into the battle between small investors and Wall Street hedge funds, warning brokerages and social-media traders it was on alert for any wrongdoing in this week's roller-coaster trade.

IG Group restricts trading on GameStop and AMC due to 'extreme volatility'
 

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Comments (14)
Tumelo Mash
Tumelo Mash Jan 30, 2021 8:32PM ET
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r/Wallstreetbets Has about 5.5 million new users on the forum that is an estimated $1 billion more or less of capital raised to buy 3 stocks. At the same time might hurt Wall Street Monday and cause a sell off on the broader market the more news coverage Wallstreetbets gets and popularity the more cash they have on hand. This could start a financial crisis as banks and funds lose money. I am a retail investor if they get tired of gamestop they could go on and hunt more shorted positions which are priced properly based on fundamentals because of the frenzy that's going on causing fear across all investors which will result in the Sec taking strict measures to stop the madness in defense of the big boys for the sake of the financial institution of America they will tell you. I advice to use money you can afford to lose not your life savings please. It a full blown out war next week
Art Fire
Art Fire Jan 30, 2021 4:15PM ET
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Not a single thing wrong when people see an investment opportunity and takes advantage or those dum enough to create it. That is capitalism at its finest.
Kevin Geraldy
Kevin Geraldy Jan 30, 2021 1:14PM ET
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Apes together strong!
Jo Tay
Jo Tay Jan 30, 2021 1:14PM ET
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This is the way
Lateef Adewale
Lateef Adewale Jan 30, 2021 12:47PM ET
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This is why people need to use decentralized trading platforms. Cryptocurrency is the future as it is not controlled by any institution!
Edward Chong
Edward Chong Jan 30, 2021 12:47PM ET
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cryptocurrency is worse. its equally volatile.
John Patrick
John Patrick Jan 30, 2021 12:47PM ET
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Edward Chong and it will be controlled by that insitution called the Government soon enough
Joshua Ortiz
Joshua Ortiz Jan 30, 2021 11:45AM ET
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Love the fact one hedge fund had to file bankcurpcy( 60 billions dollar) another 4 hedges had a massive lost. America is always out doing itself
Hoang Tuan
Hoang Tuan Jan 30, 2021 11:45AM ET
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the fact that people are in misery and that why we are happy isn't how we should thrive for
Hoang Tuan
Hoang Tuan Jan 30, 2021 11:45AM ET
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the fact that people are in misery and that why we are happy isn't how we should thrive for
Jo Tay
Jo Tay Jan 30, 2021 11:45AM ET
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They didn't lose 60 billion. That was the whole short market. Get it straight
Kaveh Sun
Kaveh Sun Jan 30, 2021 11:45AM ET
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Jo Tay shorties were forced to cover. Most shorties were hedge funds. This feel good when the average Joes r/o/b wall street.
Jo Tay
Jo Tay Jan 30, 2021 11:45AM ET
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Agreed, op indicated a single hedge lost 60b
Pedro Lopes
Pedro Lopes Jan 30, 2021 11:32AM ET
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This is why people need to use decentralized trading platforms. Cryptocurrency is the future as it is not controlled by any institution!
Jose Pagan
Jose Pagan Jan 30, 2021 11:30AM ET
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then find another brokerage. people in the UK, you heard the news
New Jazenevd
New Jazenevd Jan 30, 2021 11:17AM ET
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Btw, folks, “hedge funds” could sit on long side of “gamestop” trades too. Give it a thought.
Show previous replies (10)
Kaveh Sun
Kaveh Sun Jan 30, 2021 11:17AM ET
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New Jazenevd not for gme. R u one of those shorties got burnt?
Kaveh Sun
Kaveh Sun Jan 30, 2021 11:17AM ET
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New Jazenevd one thing is clear that hedge funds will short gme again.
New Jazenevd
New Jazenevd Jan 30, 2021 11:17AM ET
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Kaveh Sun  I don’t short, sorry to disappoint you. Do you always try going personal instead of arguing on topic?
Kaveh Sun
Kaveh Sun Jan 30, 2021 11:17AM ET
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New Jazenevd i went thru all the institution holding list. None is hedge fund. If u r not them, why u r defending them?
New Jazenevd
New Jazenevd Jan 30, 2021 11:17AM ET
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Kaveh Sun  Please. Institution holding lists are quarter old at least. Take it easy and stop looking for  “hedge funds” under your bed.
cory odonoghue
cory odonoghue Jan 30, 2021 11:06AM ET
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Any restrictions imposed on retail investors need to also be imposed on hedge funds
New Jazenevd
New Jazenevd Jan 30, 2021 11:06AM ET
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Hedge funds do not trade on Robinhood and similar platforms.
Kaveh Sun
Kaveh Sun Jan 30, 2021 11:06AM ET
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New Jazenevd IG have tons of hedge funds.
Stoxer One
Stoxer One Jan 30, 2021 11:06AM ET
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Kaveh Sun and the same restrictions apply to them too
Kaveh Sun
Kaveh Sun Jan 30, 2021 11:06AM ET
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Stoxer One good to know. Interactive Brokers here have different rules. I thought they r under the same group.
Kaveh Sun
Kaveh Sun Jan 30, 2021 11:06AM ET
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Stoxer One my bad, IBG is interactive brokers group. I missed the B. IBG is a wall street crook.
Brijendra Chauhan
Brijendra Chauhan Jan 30, 2021 11:05AM ET
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Not an open market
New Jazenevd
New Jazenevd Jan 30, 2021 10:55AM ET
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Things like this happened on market all times. It is getting more common now, because too many folks sit at home with pockets filled by government stimulus. These silly rallies make money to investors that had positions in stocks before the rally and take profits during the rally. On the other hand, folks buying during the rally will be left with empty bags.
Nick Thomas
Nick Thomas Jan 30, 2021 10:55AM ET
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no, things like this happen when hedge funds short a security so much that it is mathematically impossible to cover...sorry boomer but your missing the point
New Jazenevd
New Jazenevd Jan 30, 2021 10:55AM ET
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Nick Thomas  Take it easy. Leaving the affair with empty bags is mathematically possible. You may learn it soon.
Nick Johnson
Nick Johnson Jan 30, 2021 10:55AM ET
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Nick Thomas You are right about the hedge fund however I am not really sure why you are assuming he is a boomer.  Shaming people for being from an older generation like this does nothing but expose your own ignorance.
Benoit Avril
Benoit Avril Jan 30, 2021 10:55AM ET
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Clearly but some of them don't really want the money, they just want to send a message. A lot of them say if they lose, they only lose few bucks.
New Jazenevd
New Jazenevd Jan 30, 2021 10:55AM ET
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Benoit Avril  That’s media narrative, silly one. Someone makes money on it, while some fools may believe in “sending a message”.
Simon Lyon
Simon Lyon Jan 30, 2021 10:52AM ET
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Ask yourself, who stands to gain from all these trading restrictions?
Kaveh Sun
Kaveh Sun Jan 30, 2021 10:52AM ET
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Restriction is from buying but not selling. That is the problem. Price will drop like a rock because buyers cant buy.
Adrian White
Adrian White Jan 30, 2021 10:52AM ET
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More accurately, the restriction is on opening new trades. If you are short you are allowed to buy to close.
Roberto Alosco
Roberto Alosco Jan 30, 2021 10:52AM ET
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We can hold
Kaveh Sun
Kaveh Sun Jan 30, 2021 10:52AM ET
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Adrian White short were forced to cover to fuel the rally. There is no shorties left.
Remko Phone
Remko Phone Jan 30, 2021 10:52AM ET
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Crooks, this is market manipulation.
Nick Johnson
Nick Johnson Jan 30, 2021 10:52AM ET
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The crooks are the hedge fund managers who over-shorted these stocks and created this situation.
 
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