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View Full Version : Woah, anyone ran across "the list"



Arklatex
03-05-2009, 01:17 PM
I've tried to put in a few buys this morning in scottrade, and I kept getting "please contact your local branch for trading this security"

So I call to see what this is about, apparently they recieve a list of stocks and mutuals not to allow to trade over the internet, and only through physically getting through to a broker.


Why would a wisdom tree mutual fund also show up on "the list". I tell him a lot of stocks must have ended up on the list because I keep getting the same error message. I ask him what the purpose of this list is, he says he doesn't know stocks just show up on "the list" for a few days. So I tell him why, it's so they can restrict trading on the security. A lot of stocks are around their 52 weeks lows so they are throwing out trading restrictions!

They are literally trying everything to hold the system together! Can you imagine the day they won't let you sell your stocks?
Ethek
03-05-2009, 01:23 PM
wow, would trading ETF's negate the risk for this... I pretty much trade ETFs exclusively except for miners right now.
Politicallore
03-05-2009, 01:25 PM
edited
Arklatex
03-05-2009, 01:28 PM
No, they said since it's on the list they'll only charge me the $7 for trade over the phone. So they aren't making money from this, the list was given to them.
Politicallore
03-05-2009, 01:30 PM
No, they said since it's on the list they'll only charge me the $7 for trade over the phone. So they aren't making money from this, the list was given to them.

well, I stand corrected.... I could have swarn it costs more. You must be a heavy trader! lol
misterx
03-05-2009, 02:32 PM
This has been done for years when thd SEC suspects fraudulent trading in a security. Brokers always honor the internet price for such trades.
HOLLYWOOD
03-05-2009, 02:42 PM
They only do this... so you end up paying a much higher rate...

There should be no such list, its scottstrade trying to rip you off...

So the SEC is starting to do their jobs, because they're under the microscope?

I would like to see 'the list' as compared to last quarter, over quarter, year over year, and reasons.


http://www.stockpickr.com/view/answers/64220/
Arklatex
03-05-2009, 02:47 PM
Buy why would MTA to DKA all of a sudden end up on the list? Happen to do they are both around their 52 week lows? You make the call.


They are controlling the market, trying to adjust volatiliity. They said there isn't anything I should be worried about buying these stocks, they said they do it all the time without giving 2nd thought to the list. They said stocks move on and off the list and they don't know why.