Reddit revolution has risen to Russian investors. The story of how lovers' traders from the WallStreetBets forum in the Reddit social networks united against the shark with Wall Street, who played a decrease in the shares of Gamestop stores, dispersed its quotes and put these sharks to $ 5 billion, frightened Russian brokers. The largest of them, Tinkoff Investments (more than 3.5 million clients) restricts operations with the papers of companies that have become the object of attention of the participants of the forum.
Neither take off nor payRussian investors can buy Russian investors in Moscow and St. Petersburg stock exchanges. Only 50 blue chips are traded on Moscow, and in St. Petersburg - more than 1,500 foreign papers. There is no Gamestop among them, but there are Bed Bath & Beyond (BBBY) and American Airlines (AAL). They became the goal of the forum traders.
Tinkoff Investments on Friday reported that they limit short positions on the shares of these two companies. Clients "Tinkoff" will no longer be able to open or increase their short positions, and those who have already done it should close them until 17.00 on February 2. After that, the broker will force all open "shorts" for these securities.
That bannedThe essence of trade is essential in that the investor in the calculation of the fall of the price of any paper takes her at the broker and sells. After a while the investor buys her back and returns a broker. If the price has fallen by this time - he will win. Such trading is often engaged in professional managers, and it is based on these shares on which there are many short positions, newcomers began to buy investors.
They negotiate on Reddit and together buy a certain paper, the pushing price up. This forces the holders of short positions to cut them to reduce the loss, or close. To do this, you need to buy stocks, and quotes grow even stronger. The target traders have already become the shares of Gamestop, AMC Entertainment, Nokia, BlackBerry and a number of others, in particular - BBBY and AAL. As well as silver.
Waging volatility and some Russian investors who opened short positions on them, but otherwise. Clients "Tinkoff" will now have to close "shorts" until the broker did for them.
Did not calculateAndrei Trubin took a short position on AAL shares shortly before the ban. With Reddit, this is connected indirectly: "I opened the position before the report of the airline, which was on Thursday, based on a bad report and that stocks after such a report go down," he explains. The investor must 500 shares, which he took $ 16.3. At 20.00 MSK Monday, Aal shares were traded at the St. Petersburg Exchange by about $ 16.8.
"The possibility of a short-range deficiency (forced redemption of short positions with an increase in the price of the asset. - Vtimes) I did not calculate, it is my wines. But I think the shares must fall back to $ 16,3 or lower. The question is only - it will occur before the compulsory closure of the position or after, "the pipeline complains.
Risks for him and other players rated a broker without asking, they want it or not. "In connection with the high volatility and the limited possibility of transferring positions, we decided that we consider the most optimal option from possible and most of our customers in the interests of our customers," says the representative of Tinkoff.
And what, so it was possible?Any broker at any time may require the closure to close the uncovered position - this is a standard common practice in such situations aimed at protecting the interests of customers to maximize the interests of customers, the representative of Tinkoff is responsible. If this is not done, then with the negative scenario, investors will not have time for independent actions and the stock exchange will force the broker to quickly close all positions on the issuer, explains the representative of Tinkoff.
It is for this reason that a broker decided to limit short positions on BBBY and AAL: "We rated the risks that the St. Petersburg Exchange in the coming days will ban the presence of short positions on AAL and BBBY as very high. In this case, the time to close these positions would be only a few hours. "
The restrictions will affect up to 1000 customers, clarified the representative of Tinkoff.
Restrictions on the part of the St. Petersburg Exchange, which are in question, are more economic. In the event of a significant increase in volatility for any paper, the size of the warranty support is usually increasing, the representative of the exchange says. In addition, the Clearing Center of the IFAC Exchange can enhance the penalty area for the non-delivery of papers (they pay those who did not return borrowed paper in time). It is necessary to stimulate the trading participants to close risky short positions and do not open new ones.
This is what happened with BBBY shares. From February 1, the penalty for their non-delivery rises from 10 to 400%, the representative of the Exchange was told. At the same time, BBBY and American Airlines shares are already treated with 100% warranty and restrict trade in them, it does not plan, he stressed.
The regulation really allows the broker in some cases to require closer to close uncovered positions. For example, under Martin-Coll (when the value of the portfolio is falling below the limit level) or if the securities are suspended. But the broker can and himself decide to prohibit the presence of uncovered positions on some asset, the regulations say.
Such items can be found in other large brokers. For example, the "opening broker" says that he has the right at any time to demand from the client to close the uncovered position or its part in a certain property. VTB in the Risk Declaration, which attached to its regulations, warns that when the client is unfavorable for the client, its position can be forcibly liquidated. BCS can determine itself, including for a separate client, a list of papers by which you can keep a uncoated position, it is stated in its regulation.
"It seems to me that the most important thing in this story is not what has been spelled out in the regulations, but what kind of situation has occurred at all. In my opinion, the reason for the incorrect risk assessment by a broker, "said Troin. If the broker had closed the opportunity to strip these papers on time, then they would not have to close the position, he argues. Indirectly, this confirms the fact that only Tinkoff from Russian brokers accepted such a decision, says Trubin. It is important and how the broker led himself in this situation, he adds: "They did not apologize, they did not explain the reason and the mechanism of what happened, did not suggest bonuses and compensation for victims."
How others will arriveInterviewed VTimes brokers really noticed increased demand for a series of "shots" due to private papers traders, but so far they do not plan restrictions. "BCS World of Investments" marks the growth of positions by about 10%, but forcibly close positions does not plan, except Martin-Collov, the head of the Internet broker department, Igor Pimonov, said.
The demand from the Customers "Finama" increased, the head of the Department of Development of the Client Service Dmitry Lesnov is recognized: on various papers, the position rose from 5 to 30 times. But for the majority of the listed papers, the risk rate is 100%, that is, customers can only buy them on their own funds and, of course, cannot open short positions under such conditions, he explains.
The broker may, if necessary, set certain restrictions, confirms Lesnov: Legislation allows it to set risk rates higher than in a clearing organization (this determines the size of a possible "shoulder"). This means that the broker can "worsen" the acquisition conditions for the purchase of papers - for example, with high volatility to bring the risk rate over paper up to 100%, says Lesnov: "In this case, the clients who are already standing in the short position on paper will have to close it. Usually they give one or two days. " According to Gamestop shares, the risk rate is still 60%, but now the Risk managers of Finama are discussing the issue of its increase to 100% and on this paper.
The interest on the clients is high, the director of the Internet trading department "Opening a broker" Alexander Dubrov is agreed, but as long as the company does not consider additional restrictions, since access to the most "Haipov" papers is already provided to customers with the status of a qualified investor.
ITI Capital has not noticed in high interest in these securities, but they are not available for transactions with the "shoulder" and short positions, the representative told her representative. However, some clients with short positions in silver futures faced Martin-Collomes and their positions were forcibly reduced by the risk manager, he noted. Specially restrict the trading of customers with these tools, the broker does not plan, but "controls the risks on the portfolio."