Because they only have 1/18th their normal capacity. That’s the reason some shares are restricted.
I already did this on Friday. It’s still unread, so I’m guessing it’s lost in the backlog.
Don’t get me wrong - I love FT and the service has been seamless for me until this. It’s just that right now I feel quite helpless with no way to contact them to report what is to me a high priority issue, except to wait for a response to the in-app chat, or post something here in the hope that it’s seen by the right person.
Yes, but FreeTrade ultimately decided which shares to restrict. They chose to restrict GME buys but to allow buys on others. Is that not some form of market manipulation?
They’re getting through the backlog as quickly as they can. I don’t think your request will get lost so don’t worry about that, but yes I can understand its very frustrating for you at the moment so hope it gets sorted for you ASAP.
You might not understand but even though there are lots of people wanting to buy GME, there will be even more that want to be able to trade normally across the whole market.
The fairest way is to redistribute the way they can utilise the fx problem that has been foisted on them by first making sure people can sell, and not force them to sell as others did. And thereafter, start opening up lower volume stocks to more and more people to keep things going.
What you have forgotten is that fx is for both sells and buys so potentially opening up just GME for trade could have taken the volume away from people being able to sell too. That would have been a far worse situation. Literally people would have lost money, not theoretically lost out on potential gains.
Fair point, the ability to sell is more important. I just think they could have involved the community more in their decision. I do not like that they unilaterally decided which stocks people could and couldn’t buy.
I understand that thought process, sounds as though with very short notice, there was much to do in order to even make that work so possibly no time to calmly ask for feedback unfortunately.
It’s a difficult decision and I assume they looked at the data and ran their numbers. Don’t forget that Freetrade also loses out on revenue by restricting FX trades, so it’s in their own interest to maximise trades for all users.
Hi Ryan, sorry about the delay in responding.
Can you send me a DM with your Freetrade email and I’ll get that looked into for you now?
Let’s imagine a timeline here.
Around midday Freetrade gets a call from its FX provider. They are informed their bandwidth is going to be severely restricted.
How long do you think that call could last?! A couple of minutes?! I doubt it. More like an hour if not more.
That puts us at 1.00 pm. Now management have to gather. Assess the situation. Consider the options. Find a solution. There’s 90 minutes left till the US markets open.
How long do you think that meeting would take?! A couple of minutes?! You reckon?!
Then there’s an in-app message that has to be written. How long do you think that takes?! A couple of minutes?!
Do you honestly believe it would have been better to announce that information immediately?! Does immediately means straight after the information is dropped on their hands?! Does immediately means before management could meet and discuss the situation?!
Would it have been better, wiser even, for management to come to the forum straight after having a conversation with the FX provider to let us know what is going on and ask us what we wanted them to do about it?! In an hour?! Two at the most?! I don’t think so.
I think they did what they could do given the war like circumstances. It’s not ideal. I don’t particularly like it. But I don’t blame them. Quite the opposite.
I managed to buy 1 share of GME on friday, with the throttled orders, mine was one of the very few the get through. People need to stop blaming Freetrade for this, they let us know what they were doing as soon as they could and not them trying to manipulate the market.
Robinhood and 212 on the other hand… who knows.
Found it quite hilarious how you share that the CEO just said FUCK THE HEDGEFUNDS and it is completely ignored by everyone who continue waffling on for hours about whatever they were waffling about. He also responded to someone who said he should treat the team to pizza by saying the team deserve Teslas, not pizzas!
Big big comments. Seems like they are positioning themselves alongside the oppressed speculators and going guns blazing into next week.
Popcorn at the ready for monday!
Everyone is a speculator in 2021!
To clarify, i meant he is positioning Freetrade alongside the WSB movement. He is saying Freetrade is fighting to offer the democracy and liberty that the people deserve (ps. Fuck hedge funds).
some hedge funds play an important role by finding unloved stocks, providing funding, helping identify fraud
ft and stake and revolut all use drivewealth
drivewealth took money from point72
point72 and citadel bailed out melvin capital that shorted gamestop and lost
so it’s hard not to imagine there’s some conflict of interest. at work we’d have to file this with compliance or some legal guy would be asking questions
sigh … why is citadel in every trade and why is everyone selling orders to citadel 'Flash Boys' Exchange Isn't About the Little Guy - Bloomberg
“Citadel is, of course, one of those “market makers that execute most retail orders,” so it has a dog in this fight: Retail brokers send most of their customers’ orders to “wholesale” market makers like Citadel, 1 unless the customers specifically direct the brokers to send the orders elsewhere.”
“If you are Citadel, and you know with 100 percent certainty that the customer on the other side of you comes from E*Trade, then you know with 100 percent certainty that that customer is not Bill Ackman. (I mean, not Pershing Square, anyway.) It might be Martin Shkreli, or Sarah Meyohas – some retail investors can move stocks, so there is some risk of adverse selection – but the risk is considerably reduced. Retail investors, as a class, have much less money and much less information than institutional investors. Their trades are much less likely to be predictive”
" Citadel itself, for instance, gets about 30 percent of Fidelity’s order flow, 18 percent of E*Trade’s, 15 percent of Charles Schwab’s, etc."
We gonna be good to go for tomorrow?
It would be good to understand how long the FX provider will be offering a reduced service for…I was under the impression it was a one-off event and normal service would be resumed soon.
Legal says orders can be routed by DriveWealth to other market makers, for which DW can receive money… or they can do it directly in NYSE. So if my Revolut, Freetrade or eTrade order doesn’t get through, it’s always the middleman. Toss the coin to the Witcher.
SEC RULE 606 DISCLOSURE
- Policy for Routing Client Orders . DriveWealth, LLC primarily routes its order flow to one of its executing brokers, Cuttone & Co., a NYSE floor broker, who assess the quality of the markets to which its routes order flow to obtain the best execution of behalf if DriveWealth and its customers. In this regard, DriveWealth may, depending on several factors, including the security involved or the size of the order, execute the order with itself, as principal, or may route client orders to other broker-dealers, such as Cuttone & Co. For orders executed in a principal capacity, DriveWealth does not receive payment for order flow. Separately, orders that are routed to our executing broker, DriveWealth will share in monetary rebates with our executing broker. Orders sent to various OTC market makers in listed or OTC stocks may be exposed to certain exchanges and market centers for the purpose of obtaining price improvement. Orders sent to an exchange via an automated routing and execution system have the opportunity to be executed at prices better than the National Best Bid or Offer either pursuant to a computerized pricing algorithm (in the case of orders in a stock with a spread greater than $0.01) or order exposure features of such systems. Donato Cuttone, the CEO of Cuttone & Co., is a non-voting advisor to DriveWealth Holdings Inc.’s Board of Directors.
If Drivewealth can sell our order but Freetrades can’t, can my order be sold then? I’m just catching up with twitter