So maybe this is me not understanding the SSR rule correctly, but it seemed like Andrew (with a different broker) was not having the same issue today as we traded the same stock.
I am with CMEG.
I had a long position with $AMAT, it started selling off and the SSR came into effect while I was in the trade. I tried to sell my position but kept getting error messages "Short marketable limit order disabled due to SSR!"
My understanding with the SSR rule is that you can't short a stock until there is an uptick. But I should still be able to sell my long position even during a down tick right? I seemed to be the only one in the chat room today unable to cover my position as it was trending down.
The big issue I see is that this continued for 3 full minutes! until one of my sell orders was finally accepted (I sent many and many). So needless to say I lost a bucket full of cash.
I emailed CMEG explaining the issue
Snippet from their response:
"AMAT dropped more than 10% and became SSR. When this SSR took effect, our system does a reconciliation on our books checking positions based on the restriction for the clients we had and what type of positions they were in.
This reconciliation occurs system-wide when it picks up shorts and sells occurring on an SSR stock. This means the system reconciliation is not immediate but triggers when the system recognizes sells and shorts on said stock. This is why the orders were not executed immediately. "
I asked for them to refund my loss but they said they won't and reminded me of the risks of trading........
Anyone else using CMEG having similar problems?
Any advice from our more experienced traders?
Am I understanding the SSR rule correctly?
Is my sell order not being filled during a SSR just part of the risks of trading (seems like a massive risk)?
Is this a reasonable response from CMEG?
Something like this makes me never want to trade anything with a SSR or with SSR potential again because the risk of getting locked into my position is just way to scary.
