Major Currency Trader Shuts Down For Days

[sailingaway]

http://beforeitsnews.com/story/2260/136/Major_Currency_Trader_Shuts_Down_For_Days.html

[Roxi]

I know so little about trading. Any idea what affect this has, or what it means that they are doing it? Have other companies done this before? How long has this company been public?

[sailingaway]

I don't know all those answers, but Tyler Durden thinks this is a significant event showing this guy's feeling there may be extreme volitility, so it must be highly unusual, imho.

[jmag]

Oanda has done this kind of thing before. I think it's a lot about the Dodd Frank Act, where they are supposed to hold traders' hands now and wipe their bottoms. From a retail trader's perspective, it doesn't seem to mean much because although the market is open on the weekend, the spreads are prohibitively high and price rarely moves until the Asian session starts Sunday afternoon, which is after the end of the planned shutdown. Most traders on Oanda and the like would not have been trading at that time anyway.

I just got the email from them while writing this. They are going to hold the prices steady during the trading halt. So they are not going to let their prices follow the interbank feed. That's interesting. There could be huge gaps in the prices when they resume.

Apparently it's about the Greek elections.