"Due To The Extreme Volatility Some Market Analysts Foresee..."

Tyler Durden's picture

Helmet time.

From Oanda

Due to the extreme volatility some market analysts foresee could result in the coming days, OANDA fxTrade will not accept any trading activity from 6:00 AM EST until approximately 3:00 PM EST, on Sunday, June 17, 2012. OANDA believes the convergence of a major market event during off-market hours represents a potential trading risk and has taken this rare step to protect traders from excessive rate fluctuations.


Please note that during this halt in trading, you can still access your account details but no trading activity will be accepted. For this reason, OANDA strongly recommends that all traders consider minimizing currency exposures prior to the trading halt.


If you do intend to maintain open positions during this period, be aware that OANDA will hold exchange rates steady during the trading halt. However, when trading resumes, rates will immediately adjust to the current market rate and it is possible that the updated rate could result in a margin closeout if the price has moved significantly against your positions.


Therefore, it is your responsibility to ensure you have adequate funds in your account to prevent a margin closeout.


OANDA apologizes for any inconvenience this may cause.


For more information, please contact a Customer Service representative.


Best regards,


The OANDA team

What do you get when you mix counterparty and agency risk, and throw in some currency collapse fear for good measure? This.

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world_debt_slave's picture

ha, ha, watch the last 10 or so minutes of Richard Pryor on the Sunset Strip. That mofo went up in flames smoking dat' pipe, bitchez!

Not For Reuse's picture

who the fuck would want to trade FX while the market is CLOSED anyway?

Tyler Durden's picture

What they are saying is to have no opEURn positions into the weekend.

geewhiz190's picture

a one-off or the shape of things to come ?

Paul Atreides's picture

A one-off? We're on the express elevator to hell...going down!

Doña K's picture

What if this is a Bernanke's set-up to start QE-XXX and burn shorts and PM's before the meeting?

Stay out of everything mates. You would be guessing one way or another.

Cash $ position ready for action appears to be the safest bet IMHO

Matt's picture

What if it turns out to be something other than Euro? Are there any other smouldering fires out there in FX Land that could flair up?

LowProfile's picture


Personally, I say EUR first, JPY second, everything else third, with USD last.

3MonthsZHober's picture

You'd be smart to be loooooong the USD. Flight to safety and all.....

TruthInSunshine's picture

Helmet time? If one is massochistic enough to trade [i.e. gamble on red/black] in the Full Fractional Reserve Central Banking & Planning Casino (some erroneously refer to it, still to this day, as "a market" or "the markets"  -- how quaint) that printus electronica maximus has wrought, you'd best invest in a very sturdy jockstrap & cup.

Harlequin001's picture

When all's said and done, you're trading shite for shite, and leveraging it.

You can lose a fortune doing that...

A L I E N's picture

They will absolutely deliver a ponzi extention..long euro

Harlequin001's picture

hence the polling blackout we've seen in Greece so as to make whatever result we are presented with believable...

ebworthen's picture

Perhaps Greece defaulting and leaving the Euro?

Harlequin001's picture

I think a EU friendly alliance...

and then Germany leaving the euro at a later date....

lakecity55's picture

Watch Greeks suddenly join the Russo-China gold-stacking club.

Russkies and Chinamen replace unwanted saurkrauts in Greece as Tourists.

"NATO Fleeced!"

"Greek Govt proud to announce new port facilities for Russo-China fleet, giant new runways for MiGs. To be paid in GLD."

Piling up cash now for buy on the possible PM dip.

My miners will be OK over the longer haul.

Zeroexperience2010's picture

I have an account with OANDA but have not received this anouncement, I can't find it on their website either. Where is the source of this?

French Frog's picture

Tyler, this is simply Oanda re-aligning itself with the 99.9% of other brokers-for-the-common-man out there.

As far as I know Oanda was the only platform were you could actually open/close positions during the weekend (albeit with an increased spread). The Forex market is not closed as such over the weekend, it is just that there are very few banks open to trade because of the obvious lack of liquidity but if you are within a bank and you want to make a transaction, you can if there is another counterparty willing (open) to do so at that time (that's why the euro/usd price will actually fluctuate on occasions over the weekend before the official re-open (and possible gap up/down on other platforms) on Sunday evening

You make it sound like they are introducing some severe measures because they are expecting higher volatility over the coming weekend(s), when in fact they are just falling in line with all the other brokers in removing the ability to trade on Saturday/Sunday.

Global Hunter's picture

Why did they say what they said (June 17th) rather than what you said then?  Lost in translation?

Itch's picture

"You make it sound like they are introducing some severe measures because they are expecting higher volatility over the coming weekend"

Considering they have never done it before in the years i have been with them, including 2007-8, well then yes, it is pretty drastic. Weekend trading was always one of their selling points, they market themselves on this, that's the difference, i.e. other brokers dont advertise themselves as accepting weekend trades. Now, considering that they have taken hits on quite a few weekends recently, last weekend being a standout example, i am not shocked that they are becomming sheepish; it was practically free money for anyone who bought euro on saturday after the spainish bailout and sold at the open on sunday. What is about to potentially kick off in Europe could wipe them out, remember they are a market maker and not a bank....imagine being the only broker that is buying Euros on sunday when the SHTF ???

0z's picture

My futures broker just called to make sure I offset my June Euro position. I understand that first notiice is on monday, but they have never before callled me to remind me of such things.  Coincidence?

Iam_Silverman's picture

"When all's said and done, you're trading shite for shite, and leveraging it.

You can lose a fortune doing that..."

A fortune, denominated in.....shite.

sunaJ's picture

Greece plays Russia on June 16th, Euro 2012.  Don't underestimate the importance of their footie ball.  If they win, the Greeks may grow some ouzo-fueled balls and give their "creditors" the finger.

LowProfile's picture


You'd be smart to be loooooong the USD. Flight to safety and all.....

...In rolls of nickles.

And to whoever junked me up there, if you have a better idea, I'm all ears. (crickets...)

sablya's picture

Does anyone want to have a discussion of the relative risks, probabilities and rewards of being long various vehicles over the weekend?  I'm considering being long UVXY and would like to discuss whether it is too risky or not.  I don't think anyone uses the forum here, but maybe we can dust off the cobwebs for a day...

Harlequin001's picture

Ok, going into the weekend, if you buy an ounce of gold you will own an ounce of gold.

Coming out of the weekend, regardless of what happens over the weekend you will still own an ounce of gold.

Does that clarify?

laomei's picture

True... however if instead going into the weekend I buy 10 kilo of cabbage and some salt.  A month later I will own a whole lotta sauerkraut.

Harlequin001's picture

That's good, and if I need some sauerkraut next month I'll have an ounce of gold with which to buy it, and if I don't I'll still have an ounce of gold for when I do.

You may have to make some more sauerkraut though, it doesn't last forever...

tenpanhandle's picture

It does at my house.  Still have a jar in the fridge from 40 years ago.


By the way, what do you call Merkle when the Greeks refuse austerity?  A sour Kraut.

Harlequin001's picture

but you're not seriously going to eat that, are you?

Seer's picture

Yes, but you can't eat... sauerkraut!?

AvoidingTaxation's picture

I prefer iPad's to sauerkraut!

monkeys.pick.bottoms's picture

In know for a fact gold vs food had a terrible rate of exchange in the getto during the war. Why not own both and a lot, I mean a lot of silver as well:)

Ivanhoe's picture

I use UVXY as part of a trading pair and currently hold a long position.  I am inclined to cash out most of the position on Friday, holding on to a small bet things will go south over the weekend mostly because that's the way things SHOULD work out.  However the globalist PTB's have a way of creating contrarians market conditions that screw up what should happen more times than not.  My advise would be to take profits if you have them and get back in first thing next week on whichever side of the trade is moving!  In the meantime UVXY should continue to rise over the next couple of days as folks race to sell risk and help the VIX sky rocket!

Harlequin001's picture

so you don't think that everyoen else will cash out on Friday as well then, and scupper your plans?

Ivanhoe's picture

I'm thinking everyone (with a brain) will cash out hence helping the VIX spike along.  That's why I'm in mostly cash on Fri afternoon and only making a small wager as to market direction.  Gives me something to think about over the weekend!

CommunityStandard's picture

Strong advice.  I even believe the VIX futures went into backwardation today (albeit momentarily), so who knows what can happen.  I'm always surprised by the recent unexplained market rallies, especially after what should be bad news.  Maybe decrease risk and go long the short-term instead of the ultra short-term so you aren't on a leveraged ETF?

Ivanhoe's picture

It's a contrarian world engineered by the elites transfering our wealth.  I'm banking on the recent bearish cross of the 100 SMA by the 50 will elicit the desired market react.  Down >100 in the S&P and spike of the VIX over 30 within a week or 2. 

Harbanger's picture

Flight to Dollars is not Gold bullish, not in the short term.

laomei's picture

The only way it's not bullish is when it's manipulated.  Gold gets jacked up during flights as t-bill rates crash.  The only thing that prevents it from happening is when there is a hammer put down on it to make it look like t-bills are the only option on the table that appears stable for the short term.

azusgm's picture





In that order.

But yeah, the yen has a bullseye on it.

Seer's picture

How does the CAD stay aloft if the USD crashes?  And, how does it hold up when China starts to really stumble?

Flesh Wound's picture

Aussie still strong but only while China buys our shit.

knukles's picture

Reading between ALL the fucking lines:

1.)  No open Euro positions (as per above)  and while you're at it,

2.)  Maybe, just maybe if you have a modicum of common sense, be long only your resident currency in which you buy your eggs, pork chops and condoms

3.)  Maybe, just maybe have fuck all noting sitting in said account(s) so as to not get your nuts clamped in another MFG

4.)  Fondle your your maples and morgans whilst watching the US Open, eating spaghetti bolognase and fried chicken on father's day.

5.)  Enjoy life.  Do good things.  Help others.  Be grateful. 

Cash, bonds and bullion, babes

Bunker Boy's picture

Knucles:  well said. Prescient analysis that cuts through the fog of confusion swirling around the bullshit circus currently called financial reporting. I have one issue with your reporting: you should have mentioned fondling your wife/ girl friend while drinking margaritas. Best, Bunker

spankfish's picture

You forgot beer... just sayin'.

LowProfile's picture


Stay out of everything mates. You would be guessing one way or another.

Cash $ position ready for action appears to be the safest bet IMHO

...You do realize you just said go long the USD, right?