According to the 6-K filed by NBG, redemption payment concerning sales of financial instruments or clearing and settlement of transactions on financial instruments could not be made in a foreign bank account after the banking holiday of June 28. Therefore, as dax7003 posted earlier today (within arbitrage opportunity post), common stock and depositary receipts cannot be matched, which means the DR shares cannot be converted to their correct value until the restriction is lifted. Now I wonder why they made that decision??
Shorting should be restricted until Friday, unless the SEC has come out with newer rules.: “If any stock has dropped 10% or more from the previous day’s closing price, it triggers a circuit breaker.to restrict short selling to help curb additional downward price pressure. The Exchange has interpreted the word ‘security’ to include ADRs. Once the circuit breaker has been triggered, the rule would apply to short sale orders in that security for the remainder of the day as well as the following day.”
Greek news "reported" that there would be no restrictions on foreign investors. And dax indicates there are no short sale restrictions - perhaps b/c he HAS shorted. Perhaps the depository banks are making new rules although I thought the company they are servicing did that.
Jo, it's trading out of parity with Athens. There are still 10 million remaining sell orders in Athens that are waiting to be executed that will apply pressure to the price there.
FP, you nailed it - it is a squabble between posters. However, since bottomsup2go is a new poster on this board I guess he didn't review the posts far enough back to know who Red/power and everyone is - nor does he really care. Also, with all the multiple posts created with parts of other names it's very hard to figure out. I hope Maria is okay - haven't seen her post lately. And hope you weren't near the bad weather in Chicago yesterday.
Trump declined to participate, and said there were too many in the race. Several of the presidential candidates talked about their record of cutting taxes, creating a budget surplus and other accomplishments while serving in an elected position or working in the private sector. They were quick and well prepared in answering all the questions, indicating they were probably told in advance what the questions would be. Several put a lot of emphasis on breaking from the status quo in Washington politics, probably due to Trump’s success in leading in the polls while talking about how Washington has failed. Upcoming debate should be very lively, especially if Trump joins in.
According to Panos Mourdoukoutas, Economics Professor at Long Island Uni. there was a 30% down limit in the ASE. He wrote: “That’s the worst performance in the last 28 years, with some orders for bank stocks remaining unfilled, as prices reached the limit down (-30%).” As I posted, there are unexecuted sale orders that evidently were not executed because they reached the 30% down limit.
Referring to stocks in non-banking sector referring not being down as much] he wrote: “Apparently, there must be some bargain hunting among overseas investors, who are better positioned to participate in the market, as they don’t face the capital controls Greek investors face. Global X FTSE Greece 20 ETF (GREK) trades roughly where it was trading when the Athens Exchange closed five weeks ago."
I believe they are allowed to sell but not buy. Bankingnews reported "unenforceable/unexecuted" sell orders. I guess this was because there were not enough buy orders. Therefore, IMO it may drop some more unless enough buyers move in.
It's just power raising havoc with bottomsup2go. I guess you've noticed that the NBG board is full of it. (Maybe he does get paid for each post??) Good luck with AUY.
The SEC writes: "A trading halt—which typically lasts less than an hour but can be longer—is called during the trading day where there is a significant order imbalance between buyers and sellers in a security or to allow a company to announce important news. A trading delay (or "delayed opening") is called if either of these situations occurs at the beginning of the trading day. Before trading resumes, market specialists must determine an appropriate price range in which the security can trade."
Perhaps those rules apply to OTC stocks also - your broker can advise. I still don’t see any bid or ask listed but trades are being made. It was initially in the news that the ASE would suspend trading if the price deflects by 20% up or down - guess the ASE changed its mind as the banks dropped more than 20% today.
Shares are suspended from trading if the price deflects by 20% up or down according to the ASE. Previously the limit was 30%.
Bottomsup2go, unless you are a guru member, information is for the quarter ending in March. The only fund listed is Soros Fund Management LLC with 212 stocks held, those sold and calls. NBG does not appear as being held or sold on that fund. It would be nice to be able to directly log onto the ASE for stock info w/out going through Bloomberg or another provider. If Soros is short NBG at around 2.12 in Quantum Fund as you suggest, I agree he may begin to close out his profitable position but I think he will wait if NBG is moving down. Ha, I guess you are hoping for a short squeeze with the PPS going up. I’m not currently holding any Greek stocks and am not making any recommendations for anyone to go long or short – just watching events that may present new opportunities to take action.
Bottomsup2go, I think this reply is to me - I just found it - but you didn't answer my legitimate question about at what price Soros probably bought NBG. Perhaps you meant his selling had something to do with being fined. Anyway, this thread is too long and it's not that important.
Ha, don't take my word about surgexsays being bottomsup2go - I don't follow every post closely and thought surge had already said he was bottoms. Anyway, I come on the board \to share my thoughts and to get info - occasionally I learn something new. So everyone have a nice evening and GL long and short - I'm neither "yet".
It's nice to have some timing information! Sounds like you will be buying Monday. May be a fun day for day traders too.
surgexsays (aka bottomsup2go), Why do Soros and other hedgers have to cover? It is hard to imagine that they went short at a lower price. And I doubt Soros would get a margin call. Even if the position is going against him he could afford to ride it out if he thought the trend would change in his favor.
I left out some words. It should read: each bank alone can grant 100,000 euros "per customer."