While clients of Roboadvisors may have had a bad day today, when instead of being allowed to log into their online trading accounts they got 404 errors, the pain for clients of Trade Station is just starting, because according to an email blasted to the company’s “valued clients”, due to the “extreme volatility in the markets, day trading of ALL futures products has been suspended for the overnight session.”
The bad news did not stop there, however, and the notice told TS traders that those trading without initial margin in the most widely held futures contracts, “are subject to immediate liquidation.”
In other words, full margin will be required for contracts to be traded overnight.
Here is the full notice for what is setting up to be an extremely chaotic overnight session, one in which we expect one or more major trading firms to be wiped out, with the possibility of central bank intervention spiking.
via RSS http://ift.tt/2saPugP Tyler Durden