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FX Brokerages Move To "Close Only" Ahead Of Monday Open
First at Mayzus:
Upcoming risk - Instruments moving to 'Close Only' mode
Due to the uncertainty surrounding the ongoing Greek debt negotiations, and ahead of a potential announcement over the weekend that could lead to high volatility on the market, please be informed that we have decided to decrease your risks by temporarily moving all Instruments to 'Close Only' mode, from 22:30 GMT+3 on Friday the 26th of June 2015, until 00:30 GMT+3 on Monday the 29th of June 2015, trading terminal time.
Please take this information into consideration whilst making your trading decisions.
If you have any further questions regarding this issue, then please feel free to contact your Personal Account Manager or our support department on support@mayzus.com.
... next FxPro:
With Greece’s uncertain future in the Eurozone continuing to dominate the headlines, we would like to inform you that we are doing everything in our power to reduce the risk of trading EUR pairs.
In order to provide a safeguard against a highly volatile market open, trading on EUR pairs may be subject to increased margin requirements.
This depends on the outcome of today’s decisive Eurogroup meeting, and how the situation in Greece unfolds over the rest of the weekend.
Please be advised that, depending on the severity of market conditions come Sunday night/Monday morning, we reserve the right to limit EUR trading to the closing of existing positions only.
We will, of course, inform you of the trading conditions that will apply to EUR pairs before market open.
... shortly, everywhere else.
h/t misinfo
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No more trading. Markets are closed till further announcement. Have a nice day.
All euro denominated debt is for the forseeable future now functionally worhless is I interpet that.
In other words lending against anything denominated in that so called currency is verboten.
Does that sound righ to everyone else here too?
The Fed will probably buy all of those worthless euros to keep the market bid. They've got lots of dollars they can create.
"These swap facilities respond to the re-emergence of strains in short term funding markets in Europe. They are designed to improve liquidity conditions in global money markets and to minimize the risk that strains abroad could spread to U.S. markets, by providing foreign central banks with the capacity to deliver U.S. dollar funding to institutions in their jurisdictions. "
http://www.newyorkfed.org/markets/fxswap/fxswap_recent.cfm
We're going to need a bigger bazooka!
"" Upcoming risk - Instruments moving to 'Close Only' mode ""
Hehehehe, Just Wait Until The NUKE OPTIONS Arrives::: ALL Physical GOLD (Au/Ag) Deliveries "SUSPENDED"!
It begins...
Atms are deposit only
Careful. You'll start a bank run here.
Can shit just finally "get real"?
Welcome to the financial twilight zone again.
My name?
Not my name.
Holy Hunt Brothers, Batman!
"FX Brokerages Move To "Close Only" Ahead Of Monday Open
Holy Hunt Brothers, Batman! "
You can sell; but, no one is allowed to buy???
Where are the 'market makers'?
This sounds like a liquidity problem. Wasn't HFT supposed to make that impossible?
Long = Sell to close.
Short = Buy to close.
Greece will be "rescued" at the 11 1/2 hour.
Too many banks that own "democratically elected" politicians would be hurt to a far too great degree by a Grexit (then a Portexit, a Spaixit, Italxit, etc.).
And then the USA finally gets the war with Russia it has been pining woe these many years?
Hmmm.
Something doesn't sound right with that "train of thought"...
and it will cease to exist .
Tickmill has informed its retail and institutional clients that trading will start as normal on Sunday night and that it is well prepared to provide excellent brokerage services even in light of expected market turmoil on Monday. Business as usual there.
I bought a $32 dollar T-shirt today for $2.
I'm going to resell it to my older brother for $4.50.
Am I a 'market maker?'
If your brother pops for the 4.50 I'd say you are quite a successful one as well.
To everyone of these clickbait articles related to Greesy Exit:
Which Monday?
FREE BEER TOMORROW
Ooh mah boy got his first ZH article published :)
Somewhere, some how, the American tax payer is going to get fucked over.
Be interesting to see if even the London Stock Exchange is open come Monday actually...
You can watch the carnage 9 hours earlier when world equity futures open at 3pm PT, at which time I plan to commit a foul and be ejected from Sunday lawn bowling so I can proceed to the bar to watch the futures price collapse and what I hope is the beginning of a fatal Brussel's bleed out. My leading downside indicators XLB basic materials and the trannies are pointing down 3% where players may be suiting up for a varsity game of catch-the-falling-knife around DJIA minus 550 and SPX down 60 points. We'll see...
http://www.investing.com/indices/us-30-futures-advanced-chart
Mondays us open is flat. The ppt has been training for this event
Monday will se a MASSIVE equity market rally as Greece & the EU miraculously work out a solution (due to bankster pressure/meddling) to keep insolvent Greece in the insolvent EU.
GET...? As in future tense?
Everyone is part of the Rothschild empire. There are no 'special' taxpayers, there are only the first in line.
"Your suffering shall be legendary!"
~"Somewhere, some how, the American tax payer is going to get fucked over."~
Dude, that deal's already been done. And I mean, apart from the homosexual-poligamy marriage declaration from SCOTUS, and the SCOTUS re-write of Obamacare, and the broken borders, and the Obama drone war, the Lois Lerner IRS, and on, and on, and on . We're on the hook for the $12+ TRILLION since Bush-Obama got a hold of the debt. Macholatte bro, we done been fucked over already. The shaft is up the poop shoot. How cool are the govt. printing presses that don't even require fuckin' paper?!?!
Sorry Dude,
I'm not accepting responsibility (financial or otherwise) for any of this shit.
Molon Labe.
Gents:
Please allow me to edit my earlier remark:
Somewhere, some how, the American tax payer is going to get fucked over....AGAIN!
Clowns are the pegs on which the circus is hung.
P. T. Barnum
Fuckin A right Dude!
"Somewhere, some how, the American tax payer is going to get fucked over."
Along with the German taxpayers
The _______ 'fill in the blank' taxpayer always gets fucked.
FIFY
Greeks can always start using the barter system for all transactions and avoid the tax man and the banks,at the same time.
Bitcoin?
"You say you will sell me 1000 gallons of Greek Oil for ten cents and I will offer you one dollar."
Proceed from there...
Start? Remember we are only presented the free shit army Greek types in the media. It is always the most addicted that is trotted out to justify keeping systems intact. We only hear about the tax dodging problems never the other half of how the tax dodgers really live and transact. You wouldn't want to give the proles any ideas or 'hope' that it really is better on the other side of the fence. How many have already rejected the system outright and doing just fine bartering and living within their means hiding in the hills and countryside that we don't see or hear about? You know that think about perception and reality like out of sight/sound out of mind.
Shhhhhhhhhh....
It still can print small papers.
Ha! I'll bet there's huge lines of people making deposits. :)
true dat...
while reading this brief article, the score from a classic piece streaked through the higher regions of my hippocampus:
https://www.youtube.com/watch?v=ARO7ZjsXSkE
what trembling there shall be,
janus
Reminds me of this
https://www.youtube.com/watch?v=GXFSK0ogeg4
NWO Fortuna pagan sacrifice soundtrack in da house
Oh yea, Zerohedge. Gloom, doom, and all the stupid comments that you can stomach.
Stoopid joos run the place anyway. Fuck you Icahn! You pedophilic joo fuck!
And fuck you too you lurking piece of shit!
Close only! FUCK YOU!
C'mon Jacob; put the keyboard down before you hurt somebody.
Waddaya mean ya don't own a flashlight?
Stop with the broken yiddish, dammit!
Minion much?
For those of us in the "eager to learn" category, please educate us to exactly what it is that is beginning; what is it that is begiinning, how does it work - the mechanics of it, what other activites - "things" - does it impact, what and how do these impacted items do to change the market, what chain of events are set off, and does it just cause a temporary harm or does it start an implosion and how serious is this, and finally, who will try to offset these effects and how will they do it?
Oh yeah - and what is the liklihood of the effects and its chain occuring, and if it does, the liklihood of the entity(ies) successfully offsetting it?
Thanks!
-30-
If you have no Cotten you have no product from whence to physical dollar (all Greenbacks are in fact LINEN not paper)...so, long Linen producers and King Cotten come Monday.
Again, which Monday?
Early or late are both wrong answers.
http://redefininggod.com/
HA HA HA.....not BITGOLD gold guaranteed by the British and Canadian governments. Got BITGOLD? You should and should also ignore the ignorant negative replies this post is bound to get but all I can say is tsk tsk for those who don't own some BITGOLD
Scotty
at the end of that long string of euros is 10,800 tons of gold...I'd not call that worthless. Furthermore it is marked to market so as the value of the dollar falls the value (on the ECB balance sheet) of this gold rises....as gold is priced in dollars.
Not many seem to grasp the game afoot here. (confession I have been watching Sherlock, the one with Martin Freeman as Watson...so there is that)
The problem is they can't peg against gold without making the Euro convertible and I just don't see that happening anytime soon.....
"The problem is they can't peg against gold without making the Euro convertible and I just don't see that happening anytime soon..... "
Rentenmarks were not convertable.
"The newly created Rentenmark replaced the old Papiermark. Because of the economic crisis in Germany after World War I, there was no gold available to back the currency. Luther thus used Helfferich's idea of a currency backed by real goods. The new currency was backed by the land used for agriculture and business. This was mortgaged to the tune of 3.2 billion Goldmark, based on the 1913 wealth charge called Wehrbeitrag which had helped fund the German war effort in World War I. Notes worth 3.2 billion Rentenmarks were issued. The Rentenmark was introduced at a rate of one Rentenmark to equal one trillion old marks, with an exchange rate of one United States dollar to equal 4.2 Rentenmarks.[2]
The Act creating the Rentenmark backed the currency by means of twice yearly payments on property, due in April and October, payable for five years. Although the Rentenmark was not initially legal tender, it was accepted by the population and its value was relatively stable. The Act prohibited the recently privatised Reichsbank from continuing to discount bills and the inflation of the Papiermark immediately stopped. "
I'm neither sure of who paid the 'mortgages' on the land that 'backed' the Rentenmarks or what happened if the 'mortgages' on the land that 'backed' the Rentenmarks were not paid...
...I'll take another look at this and post futher if I have time to do so today and find anything specifically detailing the mechanics of the mechanism...
Yea yea yea. Invite an Amish to your fucking little fight club right? You'll never because you're a bunch of weak physically and mentally fucking joos.
I bail hay all day long! Bail load and unload! each bail about 70 lbs. I'd throw you through you little BMW's front windshield you fucking little faggots!
Impressive
Impressive
Where I live farmers use machinery to bail with. Bales are generally about 110 lbs. with ton bails from 1600 - 1900 lbs. Each cutting (used to be 3 per season now 5-6) generates (Idaho alone) several million bales. It's mowed, cut and bailed over the course of 7 days depending on the weather (rain?). Your description of your activites in processing hay into bales at 70 lbs each and doing it all day long everyday indicates that your (operation) is somewhat antiquated along with the possililty that some, much or most is poor quality at best. On the other hand this site may feed your innate desires to bullshit the Pope, who is in fact quite the bullshitter himself. I grow hay and never touch it. I don't have a BMW but several really nice F250's. Before you ever got close to my windshield you would be so full of holes you could add to your already pathetic resume that you function part time as a sieve.
"I bail hay all day long! Bail load and unload! each bail about 70 lbs. I'd throw you through you little BMW's front windshield you fucking little faggots! "
Yeah, Am; bailing hay is some of the hardest fucking work I've ever done.
The dirt and dust and brittle straw clings to your sweat and you get filthy. With the heat and the sun dehydrated as fuck, too.
Beamer isn't mine. Let's stack the hay around it and hide it until nightfall.
-We'll joy ride that bitch through Zook's corn fields when dark falls and dump it under the spout at the sawmill.
The Dollah and the gold markets are indirectly connected. The Euro vs duh dollah are directly connected in the markets. One goes up ... the other MUST go down. The same with the Yen. Sooooo ... All currencies/fiats may rise dramatically as the Euro tanks dramatically which also means that the major currencies/fiats markets may all be closed next week.
I think that will be a major problem with any exchange of fiats to fiats. Do you know of any country/nation that does not trade in fiat currency?????
Again...your dollars are priced in LINEN not paper.
We do have paper in the USA too of course...and engravers.
Counterfeiting DOLLARS however is very hard since they must be WOVEN into existence not."printed."
Better verify that with North Korea...
(and the Swiss Rawt-shilt)
Wall Street itself could counterfeit the Bucky through the use of various "financial products" I guess.
Be shame to do so of course because of all the "love left on the table."
That's about $415 billion worth of euros at today's prices. Meanwhile I bet there's at least 40 times as much euros and euro-denominated debt floating around.
You're a fucking creep with your god damm speedo and fucking wristlets! Fuck you!
You're even more of a creep for noticing said speedo
"You're a fucking creep with your god damm speedo and fucking wristlets! Fuck you! "
Tickle him with your beard. He hates that.
Considering this feels so much like the Lehman weekend, it probably won’t amount to much, but it still feels like fireworks on Monday.
"you too can trade like the pro's..."
disclaimer: suckers.....
I knew the market was in severious [serious+ severe] trouble this week when my father's former broker called with some of his "can't lose" recommendations. It's classic; whatever he recommends is the stuff his company is usualy trying to dump.
"Swing trading while levered long volatility" sounds even better then!
I'm going to refrain from celebrating until we see that "oh sh#!" look on the faces of the puppets on CNBC next week.
Greek vacation packages will be super cheap this season.
Do not underestimate SuperMario, he will even create more EUR.
That is exactly what will happen
Socialize the risk, privatize the profit
Can someone please explain what the fuck this means, for those of us who don't know jack about FX markets.
Essentially -- to keep people from losing their ass, a broker is forcing its clients to cover positions.
I would expect this with retail FX trading.
They are voting on new FX currency rules. See below.
It means that you can't open any new positions until 00:30 GMT +3 . You can however close any trades you currently have open.
BTW that would mean 6:30 p.m. NY time.
if you can only close, doesn't that mean someone is on the otherside opening? excuse my ignorance
Technically yes, as every F/X trade is a simutaneous buy and sell transaction.(the broker is the counterparty) The broker sounds like they're trying to limit their exposure by limiting new money the ability to trade for that time period.
how does the broker then limit the risk they are taking for opening positions on existing accounts that are closing?
their customers cannot open new position but can sell to other brokers customers.
They aren't opening new positions. They're covering(closing) existing positions. The broker is squaring up the trade by either buying back or selling an amount equal to the size of the trade.
Yen Cross: thanks for the info.
Tyler: BROKERAGES implies more than ONE grift shop in the fucking Caymans, man.
that is correct. It is a little old lady with a bowl cut....
Looks like Moe Howard's mum.
( apologies to the chap who posts as Bank of Moe Howard )
No. The person with the Long Position sells to close; the person with the Short Position buys to close; the trades cross. No one opens anything. You''ll have to excuse Yen-whatsit; he's just another internet expert.
Got this online:
"close only" mode (you will not be able to open any new positions or place pending orders)
The idiots I know,
I have met two people now who told me the stock market was great, they had high hopes of investing, and then they lost all their money in about 30 min, both of them. One even encouraged me to 'Play the game' Hahahaha. I wanted to tell him that the game was rigged and he should just FUCK OFF, but I witheld myself. The other was a architect who lost almost ALL of his inheritance in ONE EVENING, I mean this is how Wall Street survives, by dumb fucks playing the fixed game.
Venezuela inflation hits 510%
http://fee.org/anythingpeaceful/detail/venezuela-hits-510-inflation
Hoiw much is gold worth vs the Bolivar? PLENTY!!!!
In terms of the fiat Bolivar vs fiat Dollar.
The Bolivar is not enforced for international trade, the dollar is. IOW. .. the Bolivar must stand or fall on its own merit, the dollar does not.
Note to ZHers who keep using the Old Monetary Model (when money was backed by a Precious Asset like Gold), in the "New & Improved" version, aka MMT, the current winners and losers are determined by the Fiat Casino rules, by CB Bookie vs CB Bookie games.
Venezuela and its ilk (Greece, PIIGS...) won't and can't heal and rebuild until they go to Monetary Rehabilitation: go cold turkey on their USD addiction.
oy vey Kirky boy!
C'mon Jacob; finish yer piss. Ya had enough of that shit. Toss that bottle and button up.
We gotta ditch this Beamer inna quarry or something..
..and so it begins...
But the official .gov Venezuela inflation rate is only 3.2%; so everything is alright. Sound familiar ?
Markets are free and open, when things are going up.
When the bottom falls out, markets are shut till further notice, trading limits are on. Anything but a free market on the way down.
This proves that todays markets are not functional, or making real price discovery, a real market can handle ups and downs. This fake market can not.
So much for capitalism. The west ain't got it!
Heads I win tails you lose
Well said jack and Anunnaki, truth!
Really?
Try and tell that to Arch or Peabody Coal.
Just a fee short years ago those enterprises were worth tens of BILLIONS.
Now not only can they not give their mines away but the Fed is intent on RAISING interest rates.
Meanwhile Germany, Japan and China...
FX brokerages: 'The Hotel California' for money..... "you can check out anytime you like, but you can never leave"
What, no spoofing?
Turn those... machines... back... on?
This time it's different.
Market breaks 48 hours in advance. Have a good Monday
That filthy cock-socker Soros is out there somewhere.
Soros, that greedy old fuck! He somehow believes he can be buried in a solid gold coffin, stuffed with hundred dollar bills. Fucker is a perfect example of his people.
Even buried in a golden coffin lined with hundred dollar bills, the fucker will still be dead.
Good luck to the grave robbers!
Nothing will happen, business as usual.
Celebrating the month of Greece's independence day (from IMF), all market will be closed for the month of July. Thank you always-hot-tempered-Spartans. It does help yelling "Spartannnnnnnnns" all the while though.
Could it be that PM investment is finally going to pay off?
Probably not.
I'd be more inclined to think the price could go down 20% more before it will go up 20%. They've got complete control of the paper price of metals, and as long as people buy and sell the physical based on the paper price things won't change. Alchemy was changing lead into gold. They have done much better than that, they have changed paper into gold.
more than likely they will decline, at least priced in dollars. If the euro takes a big hit due to grexit or default fears, the dollar would likely be bid simultaneously due to safe haven status. Most big money seeking safety is going to flood into the dollar, which will make it spike while the euro is hit, which could easily knock another 10-15 % off gold and silver(in USD, at least). This will also lower UST yields. It can gie the fed needed cover to tick interest rates up a few bps as well. As crazy a it sounds, until the dollar loses its safe haven status, most big money will come to it rather than gold. Id keep some dry powder handy for if this greek nonsense finally blows up. I havent read a single "greece" artcile since I swore them off the other day, so I havent been following it.
Oil will tank also b/c of the strong dollar. My USO puts are gonna light up like christmas trees...
That sure sounds right to me. "Equities, the dollar and debt continue to hit all time record highs" so now is the time to restrict liquidity?
I would think folks who are looking would WANT short sellers fully engaged in this rally. "They're providing fuel for the raging bull...
Seems like they will be forcing some weak Au hands into forced liquidation, no sense leaving anything including an easily manipulable commodity gain on the table for panicked sellers- they figure on pocketing it instead.
China will be the nation/market that eventually names the price of PHYSICAL gold imo. Presently, they are the number one buyers of Perth Mint gold products and place more special orders then any other country by a long shot. Check out th elines of people in their gold stores--buying 500 gram 24k gold dragons, 100 gram gold bars, pandas, and such.
I've read somewhere German buyers are now #2 or close to it....
+100 for the Alchemy analogy. I make that same statement to people all the time. When I think they usually get it they give me a long pause and say..."what is alchemy".
Society is going to go through a shit storm.
Did u say alcohol?
double post me again, tooth
Looks like any Greek contagion will not escape earths atmosphere, so it is "contained".
Yeah, sorta like Fukushima. Maybe they can build an ice damn around Greece to keep the toxic sludge contained.
Good one.
They said "...to decrease your risks..." and "...whilst making your trading decision..." so everything must be fine.
Not that you can make a lot of "decisions" with "close only" but..
Plus ONE Kabillion... :o)
ZHers just went from "crazy" to "genuis".
Nope, cause half the ZH'ers are BTFD'ers who actually believed the CB's would prop up markets forever.
Today they found out different
Most of us are crazy regardless; maybe we're just crazy but prescient?
Criteria for Broadening the SDR Currency Basket; IMF Policy Paper ...
Please Select One of the available options:
1 display your balance
2 change your PIN
3 return your card
Thankyou
I'm thinking number 1 should be:
1. Your Balance is not currently available.
Press i, and all you will get is a Hillary cackle.
OMG! A Cankle-Cackle...
Talk about blood-curdling sounds.
now it is clear why everyone was nervously pushing the greeks around. there is nothing else to push around left.
I think the greeks were just stalling until the new BRICS bank is open for business July 6th, I believe. Greece can be their first customer. Putin does it again -check -maybe checkmate in this round. More rounds to come. Do we have any American chessmasters who can give Obama a hand? Let's bring in Bobby Fischer - no never mind. I forgot -he hates the joos.
To follow through on your chess metaphor : before Lemonhead can smirk checkmate Peace Prize is gonna turn over the board
If youre trading retail FX, probably using 100x leverage, with some bucket shop that no ones ever heard of, you deserve the buttfuking youre gonna get next week.
You mean Bank America?
Who is buying then?
Little hobbit lady is buying. That is her job.
Are you referring to Grandma Yellen?
you're not allowed to offer, you're only allowed to hit the bid
Then who is bidding?
This broker sounds like a bucket shop. None of my brokers have made any changes.
Here's a link to interbank rates while the markets are closed.
http://www.ozforex.com.au/exchange-rate
from finance.yahoo:
MAYZUS Investment Company Ltd. (ex. United World Capital Ltd.) is registered as a Cyprus Investment Firm (CIF) with the registration number HE230122 and licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 093/08 in accordance with Markets in Financial Instruments Directive (MiFID)...
they are a CIF in accordance with MiFID. BUG LULZ