Touchstone Exploration Share Discussion Threads

[evilblues] 22/2/2021 13:59

Same. I asked them why some were warned last week and the answer was wishy washy at best but 'professional' clients got the nod first. Not v classy. If you want to continue your position elsewhere they'll transfer it to avoid sale/rebuy but not sure which other platform offers TXP

[captainfatcat] 22/2/2021 13:56

Notification from IG on the changes hit my in box at 12.30pm today.

[davidblack] 22/2/2021 13:45

Canadians do trade on margin offset by their whole portfolio position but certainly not spread betting. Should have no impact there other than wondering why the U.K. is weak.

[thebull8] 22/2/2021 13:36

A few of them sells are uncrossing trades strangelyI don't think they do. IG list TXP on the TSX but I've never been able to open a position in it (for the last 8 months)

[zeusfurla] 22/2/2021 12:10

I make that about 90k net sells today although there may be unreported trades. MM's dropping the share price a bit more than justified due to IG debacle. Expecting a reversal over the next few days. Do Canadian traders use IG or equivalent?

[dhb368] 22/2/2021 11:47

As an alternative, and probably unpopular, pro SB position I think that many miss the tax advantages.

I have used IG SB's to make a significant profit on TXP this year. Most of the time I have had negligible leverage but if had done that through share purchases (outside of inflexible tax wrappers) I would have a CGT liability more than 10x that of my financing costs via IG.

For a lot of stocks it doesn't make much sense to SB as the trading costs are high but for a winner like TXP it is very tax efficient.

Hopefully next years tax bill will be a whopper.

[11_percent] 22/2/2021 11:26

APAD, Cheers.

[apad] 22/2/2021 11:15

Swapped a few IG for some TXP.
It has a pretty symmetry 😊
apad

[apad] 22/2/2021 10:55

Davidblack, I don't spreadbet, never have, but I think they are on my side.
To me they are just another part of the market. We are all making judgements and taking risks.
Spread betters tell me when to look more closely at a company and the shorters, when they get it wrong in a company I have researched,....well it's Xmas.
So, more power to their elbows, I just don't want to join their gang. 😊

apad

[apad] 22/2/2021 10:49

As far as I understand it I am not too worried about IG asking for 100% margins as I think they are just caught up in the GameStop story. SBs have until Friday with a possible 30 day extension to regularise their positions.
My guess is that they will act soonest, so any price hiccup for TXP should be well over by the end of the week.
But it's just a guess.
apad

[davidblack] 22/2/2021 10:42

Sorry but frankly whilst I feel sorry for the individuals who are getting squeezed having organised gambling on something I am using as part of my pension is something I would rather they don’t permit.

Frankly it is astounding that the regulations have permitted this disruptive and destructive behaviour to go on.

Anyway as Pro has highlight there is a wall of shorts also to be unwound so the net effect is probably not that great.

But that hasn’t stopped the Market Makers cleaning up this morning in the chaos.

Nothing against IG who are also one of my brokers but the “Betting”; bit should have pointed out that this was not about investment and savings.

[apad] 22/2/2021 10:36

Hi, 11_percent,
Selling down IG steadily because of the Tasty acquisition confirming my jaundiced view of Felix, the new CEO. Checked out her background and wouldn't pay her in bent washers.
I don't know enough about spread betting to judge IG's latest move.
apad

[dunderheed] 22/2/2021 10:16

So is this the spread betting debacle causing this "weakness" or news leaking about "well tests" not being as positive as pure, fried gold or, is that heresy to mention such a thing?!

Still long and strong TXP by the way!

[thebull8] 22/2/2021 10:16

I have given up trying to understand the current market prices for all shares

[11_percent] 22/2/2021 10:16

Hi APAD,

My guess is that we should see some of the traders arrive this week in preparation for the flow test results.

I bought some this morning and will buy more....just waititng to see if the share price goes any lower.

I note from your "home bill board" that you have sold out of IG (or sold a proportion, not sure which) because you are not happy with IG management. Can you tell why please.

It seems like a good idea given this recent IG move.

[apad] 22/2/2021 09:44

Looks like some higher selling activity due to IG I presume.

Anybody more informed than I care to take a guess about the trend towards the end of the week assuming there is no company news?

apad

[buffythebuffoon] 21/2/2021 20:31

Whoosh. :^}

I just spoke to someone, who tells me they have hedged their TXP exposure, so since they aren’t exposed to market movements and they have a thick wallet, courtesy of their loyal clients, they could have given us all until the next SB contract expiry in March. Furthermore, if we supply 100% margin it’s a cash bet. Why the need for the 30 day close out?

Buffy

[dunderheed] 21/2/2021 20:20

Buffy I was only joking.
I agree with your points.
David not sure I agree with the "nice" suits point, though, they are probably cheap and nasty.

[davidblack] 21/2/2021 20:14

In truth what they are doing is market manipulation especially if they gave a heads up to some clients last week as seems now to be being suggested?

No doubt the Authorities will ignore the issue?

But I wonder how comfortable IG’s compliance officer might feel? Maybe some time flexibility might be added to smooth the issue?

[buffythebuffoon] 21/2/2021 20:09

Thanks hbr.

Hi Dunderheed,

“...without wishing to start a "heated discussion" with buffy (as to be clear, I have no strong opinion on the subject!) - if people have to sell as they can't stump up the margin it may well affect you (in the short term) - maybe in a positive way as I know you keep on "topping up" anyway?
Perhaps "maybe" a reason for recent weakness as people got wind of this requirement and sold quickly and before "official"?”

I’ve only once disagreed enough with you to raise a point. The problem I have with IG, is that to suddenly effectively abolish spreadbetting in a stock and forcing us to close out this quickly, is that they had options. Why do that rather than just not accepting new positions, and not rolling over existing ones? This is shabby, and they are behaving like one or two other SB companies did, but at least they could say they acted during exceptional market conditions. That’s absolutely not the case this time. Still, they’ll achieve their objective. They’ll have the indices running where they can collect money from mug punters. I’ll move my positions elsewhere.

Buffy

[homebrewruss] 21/2/2021 19:52

This is a good summary of the IG situation

[captainfatcat] 21/2/2021 19:17

Thebull I've also heard diddily squat from IG only finding out from the poster on here today.

[davidblack] 21/2/2021 19:16

Colin as do I every last one paid for as I find spreadbetting just confuses investing.

I am sure smarter folk than I are good at it but for those with lesser abilities it just feels like being “mugged by a guy in a nice suit!”

As for IG for normal trading they are quite good. It’s the spreadbetting bit I dislike not IG. But if I was good at it well maybe I would hold a different opinion?

[captainfatcat] 21/2/2021 19:12

FB yes done ok but have still been caught out a few times. The phantom 10-15% intraday drops that last for just a few seconds taking out stops only to see the share price ending the day same price as it started.

Countless occasions ie when ever the Market gets volatile the IG platform crashes or reverts to phone only if your lucky enough to get through that is.

Those sort of losses don't sit easy.

To be honest I don't use it that often last time I opened a SB position was over 18 months ago and much prefer to hold real shares it's so less stressful.

Chinook and Casdeep flow testing update is rapidly approaching the RNS could potentially land any day now.

Exciting time for holders here.