opes fallout and syringes comments

  1. 15,876 Posts.
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    I note that in a post on API in December syringe (Chris Murphy??) commented that "I don't trust CFDs, I own the stock". Interesting in hindsight ..... in that it seems that syringe at times had positions in stock that were 100% on margin!!! Now that's worse than CFDs ..LOL! And in fact syringe (and other Opes clients) did not in fact own the stock at all (as it turns out)!!

    Commiserations on your troubles syringe. I tend to side with the clients on this debacle .. I don't reckon syringe or other clients were silly enough to be major Opes clients if they were in fact aware that ANZ owned the shares and could seize them and pool good and bad positions and sell them off. But if clients were aware that Opes was lending "their " shares to shorters .. then they deserve the outcome that has happened IMHO. The whole lending of shares to shorters setup is fundamentally flawed and not in the interests of proper market operations and transparency. And ANZ IMHO deserves zero sympathy!

    H
 
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