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FX Brokerages Move To "Close Only" Ahead Of Monday Open

Tyler Durden's picture




 

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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Sat, 06/27/2015 - 15:20 | 6242041 Yen Cross
Yen Cross's picture

 Thanks buzz. Yeah they're a little shitbox Cyprus broker. I got fucked over by a broker in Cyprus back when the CFTC required offshore brokers to register and meet their requirements.

  Luckily it was a small amount of money, but they ran off with it and there was nothing I could do about it.

  Cyprus Securities and Exchange Commission (CySEC) . rotflmfao.

Sat, 06/27/2015 - 15:36 | 6242084 RockyRacoon
RockyRacoon's picture

...yeah, but, large explosions start from tiny sparks!  I got my popcorn all buttered waiting for this one.

Sat, 06/27/2015 - 17:20 | 6242342 Ms No
Ms No's picture

Agreed, not so sure if the sparks are tiny though.  Last I saw the Chinese markets were down over 7% and Tylers referred to "The near-20% decline in equity values in a matter of days",  (not sure of the timing of that). 

If the Greeks don't do as they're told one might assume all markets will be punished to up the ante and the pressure.  It's most essential to have popcorn ready just incase.

Sat, 06/27/2015 - 13:56 | 6241796 noronoro
noronoro's picture

In before $15-US-dollar for a bottle of mineral water in Greece

Sat, 06/27/2015 - 13:59 | 6241798 holdbuysell
holdbuysell's picture

Tis but a warm-up for what's coming.

When the real crisis hits, do people really think they'll have access to their 401K/IRA?

Reminds me of Pal's 2012 presentation, "The End Game".

Sat, 06/27/2015 - 14:19 | 6241843 Farmer Joe in B...
Farmer Joe in Brooklyn's picture

Cashed out both my 401k and IRA this year. Ate the fees and taxes. At least I got half of it to pile into productive assets (land, buildings, well, solar) and more gold. 

Also have a big wad of cash in my safe for the first time ever. 

Tick tock...tick tock...

Sat, 06/27/2015 - 14:23 | 6241869 Winston Churchill
Winston Churchill's picture

That safe should be your designated decoy, Buy a shovel and get some exercise.

Sat, 06/27/2015 - 14:36 | 6241915 Farmer Joe in B...
Farmer Joe in Brooklyn's picture

It is built into the foundation. They will have to kill me and dynamite it out.

I do have a couple of stacks buried for good measure though... 

Sat, 06/27/2015 - 16:38 | 6242246 DIgnified
DIgnified's picture

Lead bullion?

Sat, 06/27/2015 - 17:25 | 6242367 Ms No
Ms No's picture

Only one decoy Winston?  In the realm of tin foil hats there is a decoy, in the realm of the faraday cage there are many.

Sat, 06/27/2015 - 19:15 | 6242722 Winston Churchill
Winston Churchill's picture

You must have had a very boring life to be so trusting Ms.

i've had a truly amazing one, along with meeting the famous/infamous and doing biz with them,

also doing things that most will only daydream about.i have no bucket list, just things I would like to redo.

My paranoia has been fully and justly earned over the years. otherwise I would have been picked clean,

and buried in an unmarked grave long ago.

A little paranoia will save your ass.

Sat, 06/27/2015 - 22:10 | 6243009 Ms No
Ms No's picture

Agreed, I was joking.  Well kind of, I actually do have two decoys.  

Sat, 06/27/2015 - 20:29 | 6242934 Hongcha
Hongcha's picture

Not a bad move.  I think there is actually much more time.  If they get to locking down retirement accounts we will be already very far along in the endgame and I don't feel we are entering that phase just yet.  

Sat, 06/27/2015 - 21:48 | 6243126 Anunnaki
Anunnaki's picture

What happens when they ban cash?

Sat, 06/27/2015 - 14:10 | 6241823 the grateful un...
the grateful unemployed's picture

NYSE is considering this as well, with the caveat that they will allow BUY orders only

Sat, 06/27/2015 - 14:33 | 6241903 Right-on Left-off
Right-on Left-off's picture

BUY orders only

One says buy another says close and then there are others not saying anything.  Are the market makers and manipulators 'panicking' ?????  Where's our 'Fearless Leader' when we need him ?????

Sat, 06/27/2015 - 15:13 | 6242026 the grateful un...
the grateful unemployed's picture

the commodity market is zero sum, close order only means buy orders if the market players have shorted the market

Sat, 06/27/2015 - 14:35 | 6241831 e_goldstein
e_goldstein's picture

Bullish (for everything but PM's), right?

Sun, 06/28/2015 - 03:28 | 6243563 disabledvet
disabledvet's picture

No one is just long gold...folks are ALWAYS levered long gold too.

The Fed is CLOSING the dollar window? That doesn't sound bullish for precious metals to me...

Sat, 06/27/2015 - 14:18 | 6241842 DOGGONE
DOGGONE's picture

In America, we keep the people ignorant -- deception by omission:
Stop whoring for Wall Street.
http://www.showrealhist.com/yTRIAL.html
http://patrick.net/?p=1223928

Might this Greece-based "Close Only" be a CYA event for masking/ending some of the above ignorance?!

Sat, 06/27/2015 - 14:20 | 6241848 FrankDieter
FrankDieter's picture

Gold up $40 on Monday !!

Sat, 06/27/2015 - 15:25 | 6242065 Bighorn_100b
Bighorn_100b's picture

Gold down $40.00 on Monday. Be nice if you were right though.

Sat, 06/27/2015 - 20:27 | 6242931 Hongcha
Hongcha's picture

Gold will be stepped on regardless.  Can't have it looking like there are viable alternatives to the moneychangers ... can we.

Sun, 06/28/2015 - 03:31 | 6243565 disabledvet
disabledvet's picture

"Gold down four hundred dollars an ounce" it is then...

Sat, 06/27/2015 - 14:20 | 6241851 holdbuysell
holdbuysell's picture

Help us, Kevin Henry, you're our only hope.

Sat, 06/27/2015 - 14:22 | 6241866 MrBoompi
MrBoompi's picture

"We have decided to decrease your risk" is really "We have decided someone other than the market manipulators can pick up some easy cash".  And you know we can't be having any of that.

Sat, 06/27/2015 - 14:29 | 6241893 deflator
deflator's picture

 Probably decided that they need to decrease their risk now that they realize being on the wrong side of the Greece trade.

 

 Sounds like after the fact damage control rather than their implication of front running damage control.

Sat, 06/27/2015 - 14:24 | 6241867 Quinvarius
Quinvarius's picture

After they blow everyone up, they will announce a new deal plan.  They are playing this crap for volatility so they can make trades.  No one would drag this process out for so long unless they were profiting.  This was all solvable over a year ago.  It can be solved at any time. This is why we use fake money.  To solve these problems.

Sat, 06/27/2015 - 14:29 | 6241892 holdbuysell
holdbuysell's picture

If Greece is left to default, resulting in initial turmoil in the markets that may/may not be quelled, that will be the sign that TPTB are ready to take this thing down in a controlled collapse the second half of this year.

Elul 29 may still live up to its billing yet.

Sat, 06/27/2015 - 16:15 | 6242185 Teknopagan
Teknopagan's picture

As easy as the twin towers

Sat, 06/27/2015 - 14:26 | 6241882 Al Tinfoil
Al Tinfoil's picture

NOOOO PROBLEMO

I have learned from many learned commentators' statements of the last few months that:

1. Grexit will not be a problem for Europe;

2. The markets had already priced in any effects of Greek default or Grexit.

See? No problem.

 

/SARC

Sat, 06/27/2015 - 14:34 | 6241908 Savyindallas
Savyindallas's picture

It's no big deal. Greece will default and Mr. Yellen will print a quick trillion and bail out the German European banks. Problem will be solved in 15 minutes. It's that easy. I'm waiting for bernie sanders to announce his plan to bail out all student loans and give every American a check for $50,000. Average Americans need to be invited to the bankster's orgy. I plan on buying my kids new cars with my $50,000 check and take my wife on her long deserved carribean Cruise  -she deserves it. I'm going to stock up on viagra in anticipation of the trip. Maybe I'll find me a young girlfriend to help me get back into my old form. 

Sat, 06/27/2015 - 14:41 | 6241931 Bollixed
Bollixed's picture

All that with only $50,000? Keep dreaming...

Sat, 06/27/2015 - 16:30 | 6242226 ThroxxOfVron
ThroxxOfVron's picture

Two Geelys and a weekend in Haiti ?

Sat, 06/27/2015 - 14:46 | 6241936 optimator
optimator's picture

Savy, the trillions haven't been printed yet, just wired around the globe.  When they do print the notes will be new and the $100 bill will replace the $1 dollar bill for starters.  

Sat, 06/27/2015 - 21:22 | 6243052 Baby Eating Dingo22
Baby Eating Dingo22's picture

Bernie 2016

It's high time we get OUR shot at the inkwell before the SHTF

Sat, 06/27/2015 - 21:43 | 6243106 Anunnaki
Anunnaki's picture

You read it here first:

Bernie's plane will crash on the way to his first debate with Empress Inevitable

Sat, 06/27/2015 - 14:37 | 6241920 Right-on Left-off
Right-on Left-off's picture

See? No problem.

So true .... but isn't it different this time ?  ;-)

Sat, 06/27/2015 - 14:38 | 6241923 buzzsaw99
buzzsaw99's picture

go on, A MAYZUS with your intellectual prowess.

Sat, 06/27/2015 - 14:45 | 6241941 Right-on Left-off
Right-on Left-off's picture

From the previous article to this one, 

 

"Eurozone Rejects Greek Bailout Extension: All Bailout Programs Expire On June 30, Referendum Moot"

Doesn't this mean that we have a true bonifide official default with no recourse Tuesday midnight in EU land or IMF land (Wash DC) or both ?

 

Sat, 06/27/2015 - 15:10 | 6242016 lakecity55
lakecity55's picture

There may be a hidden financial explosion in the works. It will take a few days to play out.

BOOM?

Sat, 06/27/2015 - 20:18 | 6242900 Hongcha
Hongcha's picture

Nothing means anything when they can change the rules to suit the house at any time.  Stay away.

Sat, 06/27/2015 - 14:49 | 6241952 optimator
optimator's picture

"Decided to decrease your risks" reminded me of the East German DDR saying they built the 'wall' to keep West Germans out.  What else can they say.

Sat, 06/27/2015 - 23:31 | 6243329 bluskyes
bluskyes's picture

If you give me your freedom tomorrow, I'll protect you today.

Sat, 06/27/2015 - 14:50 | 6241957 XRAYD
XRAYD's picture

How can they efficiently and honestly RIG markets while they are open, and reprice "assets" to assure "stability" and save the financial system?

BTDT!

Sat, 06/27/2015 - 15:02 | 6241989 Jack Burton
Jack Burton's picture

Greece might default in drips and drabs. As each new payment comes due, they simply do not service it. And then watch the EU reactions. Then wait till the next payment due, fail to pay, and watch again. A step by step default, at least to begin with?

There is no telling the consequences, do we know where the bodies are buried, and who is swimming naked? Gonna be a hell of a show finging out who hold the bag. A full default of 350 billion Euros is nothing to sneeze at, enough to bury many banks, hedge funds and pressure the ECB to save them.

The EU. by it's own laws, should not have allowed Greece into the EU or Euro. Laws were broken to get them in. I see this default as real justice to those who faked and hid the reality of an illegal Greek entry into the EU.

Sat, 06/27/2015 - 15:09 | 6242012 lakecity55
lakecity55's picture

......broken by the influence of Goldman-Sachs....

Sat, 06/27/2015 - 15:57 | 6242122 AE911Truth
AE911Truth's picture

Re: " hid the reality of an illegal Greek entry into the EU"

GS, who perpetrated the fraud is positioned to profit from their position using non-public information concerning the fraud.

This means their profits are illegit, as proceeds of criminal action.

These bankers are nothing but criminal corporations.

Humanity demands justice.

 

 

Sat, 06/27/2015 - 17:48 | 6242413 cherry picker
cherry picker's picture

"God's Work, but the Devil is in the details,"  Goldman Sachs :)

Sat, 06/27/2015 - 18:33 | 6242579 Surveyor4Pres
Surveyor4Pres's picture

"...illegal Greek entry..."

Now, that's funny, right there.

Sat, 06/27/2015 - 22:02 | 6243155 mijev
mijev's picture

Roll over and take it like a man.

Sat, 06/27/2015 - 20:17 | 6242897 Hongcha
Hongcha's picture

Correct Jack Burton but as we know there is no real justice for the perps; just more pain for the roiling, pacified masses.

Sat, 06/27/2015 - 15:04 | 6242002 db51
db51's picture

Are youi fucking kidding me ZHers??? lmao (me included) There is a master plan in place and with the stroke of a keyboard....this too will pass and we'll be screaming higher by Monday Morning. I never dreamed in a million years this shitshow would keep going without so much as a minor setback....This Greek hype is nothing but theatre for the sheeple......keep your eye on the fucking ball....wait a minute....where's the fucking ball anyway....that's the problem.

Sun, 06/28/2015 - 07:49 | 6243692 Wahooo
Wahooo's picture

The ball is in Wall Street's court and they're just running down the clock.

Sat, 06/27/2015 - 15:19 | 6242040 wizardofOZ
wizardofOZ's picture

what happens with euro (physical cash)  if greece starts using drachmas ?

What is amount of physical cash (euro) in greece ?

Sat, 06/27/2015 - 15:51 | 6242111 PoliticalRefuge...
PoliticalRefugeefromCalif.'s picture

It could be that MAYZUS is just the one designated to bell the cat, or it's just another psyche op game within the game.   -again.

..been a busy week, they are packing in double portions lately, must be something in the air.

Sat, 06/27/2015 - 16:04 | 6242128 Heyoka
Heyoka's picture

Pardon silly question but what does "Close Only mode" for where instruments are moved mean?

Sat, 06/27/2015 - 16:11 | 6242171 Chuzzle
Chuzzle's picture

Please do not worry.

Sat, 06/27/2015 - 16:35 | 6242243 jonjon831983
jonjon831983's picture

If it's electronic, how can you tell if the serial number of that Euro note starts with a Y!!!!

omg.

Sat, 06/27/2015 - 16:49 | 6242274 Monetas
Monetas's picture

What is this .... the Parthenon Post .... "All The Greek That's Fit To Print" .... I was actually glad to see a Michele story .... and tonorrow .... Never On Sunday .... a Banzai cartoon about Greece .... enough, already .... it's all rearranging the plates .... at a Greek wedding .... before they smash ém .... good grief !

Sat, 06/27/2015 - 17:18 | 6242337 franzpick
franzpick's picture

Greek, European and soon worldwide banks will be announcing their version of the restriction:  "DEPOSIT ONLY TRANSACTIONS".

Sat, 06/27/2015 - 21:30 | 6243078 Anunnaki
Anunnaki's picture

Hotel California - you can check out any time you like but you can never leave

Sat, 06/27/2015 - 18:00 | 6242469 steveo77
steveo77's picture

Stats and charts on the decimated sea lion populations in california

http://nukeprofessional.blogspot.com/2015/06/pacific-seals-dying-enmasse...

Sat, 06/27/2015 - 18:03 | 6242485 Wahooo
Wahooo's picture

I just checked my 401k and it's all gone.

Sat, 06/27/2015 - 21:28 | 6243076 tool
tool's picture

Dontbyou guys get to chose asset allocation within your 401K's? I moved my equivalent in to cash two weeks ago

Sat, 06/27/2015 - 23:59 | 6243381 slightlyskeptical
slightlyskeptical's picture

Yes, everyone has the option to move to cash and equivalents in their retirement plans. That's why I don't believe most of these morons who said they cashed them out and paid taxes, penalties, etc. Truly folks who belong in MyIRA's if what they say is true.

Sun, 06/28/2015 - 02:25 | 6243521 tarabel
tarabel's picture

 

 

To suppose that a desperate and collapsing state will respect the sanctity of this huge pile of private capital in its own moment of crisis is a chimerical idea.

Sun, 06/28/2015 - 02:33 | 6243522 tarabel
tarabel's picture

 

 

It's hard for me to assess such claims one way or the other. I have neither the opportunity nor the danger of such an investment.

But one thing I know to be true--

The big pot of 401k money is not easy for the actual owner to get their hands on immediately, yet the entire universe of such things can be seized with one little regulatory change. So it would be faster for the authorities to seize it than it would be for the owner to spirit it away to safety in the event of a crisis.

Since this probably represents the largest glob of capital on the planet, it's "conversion" or "nationalization" is guaranteed. Of course the former owners will probably receive a monthly check, but the capital itself will be gone and they will be supplicants at the foot fo the bureaucracy-- just like Social Security recipients.

I see big growth opportunities in the future of the "Early Bird Specials". 

Sun, 06/28/2015 - 02:27 | 6243523 tarabel
tarabel's picture

 

 

People with 401k plans are ultimately placing their bet on a lengthy continuation of the current state of affairs.

Sun, 06/28/2015 - 03:06 | 6243549 Farmer Joe in B...
Farmer Joe in Brooklyn's picture

@tarabel summed it up pretty well...

...but one key point was missed...

Having your 401k allocated to cash is a good start, but what good will cash sitting in an illiquid account (1) that can easily be seized (2) denominated in dollars that could quickly lose value in a serious financial crisis (3) do for you??

Obnoxious sentence, yes...but my point is that I would rather take the hit now (50% fees and taxes, give or take) and put that into PRODUCTIVE ASSETS (land, house, barn, greenhouse, well, solar panels, etc...in a relatively stable LatAm country, in my case) or assets that are likely to thrive in a reset (precious metals, seeds, guns, ammunition, medical supplies, etc).

You can enjoy your "cash"....talk to me in a couple of years and see who is better off. I choose to take my haircut now and make my money work...

Sun, 06/28/2015 - 03:28 | 6243562 Uber Vandal
Uber Vandal's picture

"I moved my equivalent in to cash two weeks ago"

One should carefully read the prospectus of the "cash equivalent"

One should also become acquainted with the term "Breaking the buck"

Here is just a sample Money Market account prospectus, which many 401(k) plans have as a cash equivalent.

http://www.vanguard.com/pub/Pdf/p030.pdf

Refer to this nifty caveat:

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insu rance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Fund

 

 

Sat, 06/27/2015 - 18:52 | 6242653 Heavy
Heavy's picture

Where's the Ramirez comic on this shit?

Sat, 06/27/2015 - 19:16 | 6242728 robertocarlos
robertocarlos's picture

You have to understand that the markets closing is not a problem. As long as the markets don't go down in value, everything is OK. So closing for good at the high would be good in fact. 

Sat, 06/27/2015 - 19:43 | 6242810 fowlerja
fowlerja's picture

Another example of managing the "free market"...

Sat, 06/27/2015 - 19:53 | 6242831 Raul44
Raul44's picture

This kind of remind me of recent ruble scare. When usd/rub was spiking like no tomorrow. I wanted to short it right at the climax when the news were scaremongering at its best and price action went full retard, yet my broker shut the pair down. Just a few days later I read on ZH that ruble appreciated 30% against dollar. I was prevented to make money by my own broker - for my protection.

Sat, 06/27/2015 - 20:06 | 6242860 Bogdog
Bogdog's picture

You obviously didn't qualify. You get to ride in the back of the bus with the rest of us.

Sat, 06/27/2015 - 21:49 | 6243128 duck dodgers
duck dodgers's picture

Of course. You're just a pleb...you dont know whats best for you.

Sat, 06/27/2015 - 21:26 | 6243069 Anunnaki
Anunnaki's picture

So is this it then? Mom and Dad are getting divorced so Dad can be with that hottie from Kiev with the genital warts?

Sat, 06/27/2015 - 22:00 | 6243148 putbuyer
putbuyer's picture

Want to know how bad inflation is in NYC. The bums are now asking for dollar 25

LOL

Sat, 06/27/2015 - 22:10 | 6243172 mijev
mijev's picture

So now we know why gold got it in the nuts last week.

Sat, 06/27/2015 - 22:22 | 6243200 Anunnaki
Anunnaki's picture

Peace Prize has ran up the U.S. credit card to 18 trill. Up from shrub's 10 trilil

How high will it go if he has to have Granny crank out more Yellen green ultra plush to pay off the dipshit Eurotard's oopsy daisy

Sun, 06/28/2015 - 07:50 | 6243693 Wahooo
Wahooo's picture

Peace Prize and Shrub loose with a credit card. LOL. Thanks for the laugh this morning!

Sat, 06/27/2015 - 22:26 | 6243211 Ultimate_Warrior
Ultimate_Warrior's picture

My last pay check was $9500 working 12 hours a week online. My sisters friend has been averaging 15k for months now and she works about 20 hours a week. I can't believe how easy it was once I tried it out. This is what I do... http://bit.ly/1LCjofJ

Sun, 06/28/2015 - 00:33 | 6243435 dreadnaught
dreadnaught's picture

Maybe your sister could save the world!

Sat, 06/27/2015 - 23:09 | 6243293 Super Hans
Super Hans's picture

Oh great. Why bother letting free market capitalisim take it's course.

One guy in our department went on vacation this week, and now we are all in crisis mode, because we can't have overtime. The only people that have a vested interest are the department managers, because they all make close to 20 or more per hour.

It is all just one clusterfuck. Why bother?

Because I got to fucking eat! and I will not go on EBT!

SH

Sun, 06/28/2015 - 03:42 | 6243573 disabledvet
disabledvet's picture

Saying no to swap lines being opened to Europe ala 2008...indeed this is the exact opposite!...sure sounds like Capitalism to me.

"If equities correct twenty percent in the USA why am I levered long gold again?"

Talk about a Margin Call...

Sun, 06/28/2015 - 00:33 | 6243437 Moccasin
Moccasin's picture

When markets go sideways and the political elite or banksters always wait until late Friday to make the announcement at the end of the trading day. This is obviously to give the big players time to huddle and 'collude' over the weekend so they can hit it running first thing Monday. Just once I would like to see the announcements of when market shit is going sideways in the middle of a week day just fuck things up. Tuesday at 10:05am would be nice a time for such announcements, enough to put a little jump in the algo traders cpu and scare a few banksters broke.

Sun, 06/28/2015 - 02:13 | 6243515 tribune
tribune's picture

close only!. what the *%$@ does that mean?

Do NOT follow this link or you will be banned from the site!