it happens again!! the bloody SGX!!

[leetahbar]

well! it happens again. TODAY! the sgx system cocks up. when i keyed in to buy, the system didn't show the deal was transacted until half an hour later. prior to that i had keyed to WITHDRAW order.

hence thinking, the order was withdrawn, i submitted a new BUY order. about an hour later, there was 2 orders DONE in my email!

how can SGX multi-million dollars trading system so goofup? financial hub? die lah!! more like a financial fuckup!

anyway, prices recovered and i m making double the profits - a blessing in disguise. but what if it would be contra loss? it would also be double the losses!!

SGX really needs to perk up, shape up or ship out!! it's charging investors "extra" for every buy/sell transaction and the way their system is running, they should be embarrassed !!:oIo:

 

[leetahbar]

i see that i m not alone....

Coffeeshop Chit Chat - SGX PROBLEM! Subscribe
From: tohgoh 10:10 pm
To: ALL (1 of 1)

13174.1

Cannot sell, cannot buy, cannot withdraw!

My profit zao kai!

The Chief should be fed to the HYENAS!

 

[leetahbar]

oh shits!! IT HAPPENS AGAIN THIS MORNING!!

but luckily, again it was a blessing in disguise!

queued to buy NOBLE at 142 when the price was retrieving. it hit 141. obviously tot it was done. then checked. it wasn't done. called broker and he confirmed NOT DONE. so keyed in order through him. DONE at 1.42, 10 lots.

half an hr later, email beeped and showed that my old order at 1.42 was also done. 10 lots!! gosh!! i ended up with 20 lots at 1.42.

very fortunately, NOBLE recovered to 1.52. contra off and again made a double profit of about 2k gross.

if sgx glitches keep going on like that, one day someone is going to die cock standing!! hopefully not me:p

 

[leetahbar]

the reversal action, that is, keying a SELL order faces the same bloody delayed glitch. imagine this scenario. u key 10 lot ABC shares to sell at $1. it is done but due to the inefficiency of sgx computer system, the transaction isn't shown or confirmed DONE. you key WITHDRAW order because seem that ABC price is going to rise further. again, order isn't CONFIRMED.

you are left wondering whether ur inputs are already processed or not. as it's a very exciting volatile trading period. u presume order WITHDRAW is confirmed. you key in new SELL order at higher price for ABC stock and wait....

email beeps. u get a shock!! there are 2 orders transacted which means instead of selling 10 lots ABC, u ended up selling 20 lots. this is an excess of 10 lots which u possessed. MATI!! price goes up further. u r at a loss. market closes. liao!! 5 days later SGX sends u a fine of $1k for "short-selling".

who's at fault here? i think this could be another way SGX bleeds unwary investors. financial hub? or fuckup hub?

May 13, 2009
Investors hit by short-sale rule
New SGX rules impose hefty fines on those who sell shares they don't own
By Goh Eng Yeow, Senior Correspondent

SOME investors rushing back into the red-hot market have been caught out by new rules on short-selling and heavily fined for selling shares that they did not actually own.
They have been told by the Singapore Exchange (SGX) to pay fines of $1,000 or more within five days of failing to settle their trades.

The penalties were introduced last September to deter 'naked' short-selling during a period of near panic on global bourses.

Such short-selling occurs when a trader sells a stock he does not own or has not borrowed in the hope that the price will fall. This would allow him to pocket the difference.

But the SGX appears to be catching an increasing number of 'innocent' investors who fail to deliver small quantities of shares when a trade is due to be settled three days after it is transacted. The trades are usually 1,000 or 2,000 shares of a blue chip like DBS Bank or SingTel.

When investors fail to come up with the shares at settlement, the SGX has to buy the stock on a specially established buying-in market. It then delivers the shares to the buyer on the seller's behalf - as well as levies a hefty fine.

The number of failed trades has risen sharply in line with the rise in daily market volumes. They have more than doubled in the past month, from 1.4 billion shares to 3.7 billion.

Two weeks ago, the SGX buying-in market attracted trading in about 10 to 15 counters a day. By yesterday, the list of counters traded had grown to 50.

Many of these failed trades have apparently been made by retail investors returning to the market after a long absence. They are selling online shares held in Central Provident Fund (CPF) accounts without specifying that they are CPF trades, or their accounts were not properly linked up to the SGX.

One remisier gave the example of a client fined $1,000 after selling 1,000 OCBC shares online.

 

[leetahbar]

sometime when sgp brags about how "excellence" it has arrived, u can be sniggering at such news.

it gives an impression that sgp is good at bullying the "little people" who are ignorant as to approach where to address their plight. it's very situational and circumstantial.

SGX lays the deadly computer glitching traps. many unwary investors just fall into it like my above examples have shown. simple investor thought he has done an honest trading. due to the SGX and far too delay response to a transacted order, a second transaction is executed and thus resulting in a unwary "shorting".

bloody SGX which impose a charges for every transaction now should answer and be responsible for such mis-cue. if anyone who should be fined, it should be SGX. then again, how to complain against them? MAS? and just where is MAS when u needed them to step in and exercise prudent justice??:oIo:

look at LEHMAN MINIBOMB. the answer is very obvious. singapoe is a big financial fuckup hub!

 

[nickers9]

sometime when sgp brags about how "excellence" it has arrived, u can be sniggering at such news.

it gives an impression that sgp is good at bullying the "little people" who are ignorant as to approach where to address their plight. it's very situational and circumstantial.

SGX lays the deadly computer glitching traps. many unwary investors just fall into it like my above examples have shown. simple investor thought he has done an honest trading. due to the SGX and far too delay response to a transacted order, a second transaction is executed and thus resulting in a unwary "shorting".

bloody SGX which impose a charges for every transaction now should answer and be responsible for such mis-cue. if anyone who should be fined, it should be SGX. then again, how to complain against them? MAS? and just where is MAS when u needed them to step in and exercise prudent justice??:oIo:

look at LEHMAN MINIBOMB. the answer is very obvious. singapoe is a big financial fuckup hub!

MAS is busy spending our Singaporeans taxpayers money somewhere around the world.

Where got time for us the little miserable peasants.

 

[leetahbar]

i think little people in sgp gets brutally devoured by the ravenous sharks in the share markets.

SGX is using us as a baits for those avaricious and cunning sharks.

this is indeed a fuckup financial hub - a sea of sharks that feeds on us, the ikan bilis.

 

[cooleo]

Why u play SGX?! Go and explore NYSE!

 

[leetahbar]

if i m lucky here why go there?

 

[cooleo]

if i m lucky here why go there?

U rely on luck to buy stock?! Might as well try 4D!

 

[leetahbar]

U rely on luck to buy stock?! Might as well try 4D!

my double clicks due to sgx glitches ended up with double blessings and doubling the profits.

the point is there are many uncles who might not be awared of this "trap" and ended up losing instead of anticipating some profit from their investments. they double click their SELL and it ends up a short-sell position for them. (sgx system is very slow to confirm the TRANSACTION.)

SGX the bloody fuckup system cannot cope with excessive volatility. it won't be fair to fine those victims 1k. the main culprit that should be fined is SGX itself for laying such cheapskate whatever pc system.

just like LEHMAN MINIBOMB, the banks are also the conmen but in the end it's the unwary citizens especially senior citizens who are the worst hit and lost most if not all their savings.

FAIR? is this the kind of "FINANCIAL HUB" we are suppose to accredit ourselves or a bloody fuckup hub?

 

[leetahbar]

everything is a gamble. u either win, lose or draw. but to lose, we have to lose it hands down and not with our legs kicking the air and fuming.

i only ask for fairness. just like a good sportsmanship. it's not winning or losing but the fairness of the outcome of the game.

 

[Angelo]

Hi ppl.

why feed this stupid old troll?

everytime theres a reply he masturbate. Just ignore his postings and he'll go find something else to do.