Inaccurate trading price

TyFuMoAl

Hi all, I've got a question for you guys. 

Earlier today, I saw that Ryanair's stock price had plummeted to €0.095. I purchased 1000 shares at the price. However, Trading212 have closed all my positions as there was an 'error' on their part. 
Do I have a leg to stand on here? My position was validly opened, and registered as an open position too. 

Thanks in advance for any advice. 

TyFuMoAl

TyFuMoAl said:

Hi all, I've got a question for you guys. 

Earlier today, I saw that Ryanair's stock price had plummeted to €0.095. I purchased 1000 shares at the price. However, Trading212 have closed all my positions as there was an 'error' on their part. 
Do I have a leg to stand on here? My position was validly opened, and registered as an open position too. 

Thanks in advance for any advice. 

I should clarify, the positions closed were the ones relating to Ryanair. 

Im just curious as to whether there's a legal argument in my favour. The return on an investment at €0.095 would be well above £8000. 

Thrugelmir

No market maker would have entered into a bargain with you at that stock price. 

dunstonh

An error does not give you entitlement.    

bowlhead99

TyFuMoAl said:

TyFuMoAl said:

Hi all, I've got a question for you guys. 

Earlier today, I saw that Ryanair's stock price had plummeted to €0.095. I purchased 1000 shares at the price. However, Trading212 have closed all my positions as there was an 'error' on their part. 
Do I have a leg to stand on here? My position was validly opened, and registered as an open position too. 

Thanks in advance for any advice. 

I should clarify, the positions closed were the ones relating to Ryanair. 

Im just curious as to whether there's a legal argument in my favour. The return on an investment at €0.095 would be well above £8000. 

Unfortunately you won't get anywhere with a 'legal argument in my favour'.

They may have accidentally let you place an order to buy €100-worth of a stock which was priced in the market at €9.5 but showing on their system as €0.095, but it was a clear error and you can see on https://www.londonstockexchange.com/exchange/prices-and-markets/stocks/exchange-insight/trade-data.html?page=1&pageOffBook=0&fourWayKey=IE00BYTBXV33IEEURSSMU&formName=frmRow&upToRow=-1 that the opening auction price was €9.50 on the exchange and it never fell more than a percent or so below that, over the course of the day so far.  So, they won't have been able to secure the stock at your order price because it was 99% below the real price.

They may have shown it 'registered as an open position' on their system but their T&Cs will allow them to correct such errors.

It's in your interests for them to be able to do that (un-book your trade as if it never happened, without making you cash settle it positive or negative) because if they *had* accidentally bought 1000 shares in the market for you at the full price of 9.5 (it would not have been possible for them to buy at only 0.095), and then the share price fell to 9.45 an hour later, you would be out of the money by 5 cents on each of the 1000 shares and so would lose a fiver when you closed the trade to correct the massive position that you didn't really want. 

So, if they said you could get them for 0.095 and confirmed to you that they were doing that, but then couldn't do that, you don't magically get £8000 from nowhere. The broker is only your agent in placing trades in the market, so if he has unfortunately confirmed to you that he can get you a price that he can't, it is better than the order is cancelled than you actually having to go through with the trade at the real price.

You can tell them it caused you real emotional distress and that you missed out on all sorts of gains due to the opportunity cost of having your €100 notionally tied up for a couple of hours in a trade that didn't actually execute, and go through their complaints process - but if they are smart they would tell you to pull the other one.