Tuesday, January 26, 2010 1:13:40 AM
Posted by: kauaikid Member Level Date: Thursday, January 21, 2010 6:53:30 PM
In reply to: None Post # of 60570
I just received an email from TDAmeritrade explaining why EXPH buy orders can't be placed.
Thank you for allowing me the opportunity to explain why you are unable to open a new position for EXPH Online. At this time, you will not be able to place a buy order for EXPH. You may only sell this stock if you hold it in your account. This stock is restricted to closing transactions only.
TD AMERITRADE wishes to make as many stocks available as possible for on-line trading. It is also prudent, at times, to restrict certain securities from on-line trading, including the one you have asked about. TD AMERITRADE has made a business decision to accept no opening orders for this security. Our business decision is based on a ruling by industry regulators that makes settlement for the security difficult.
In the ordinary course of the many systems and processes implemented to protect client assets, TD AMERITRADE regularly monitors trading patterns for possible questionable trading activity. It has been recognized by the financial industry that certain securities, particularly Pink Sheet or Bulletin Board stocks, are more vulnerable to manipulative trading activity. The specific reasons for a decision of this type are confidential. Please consider that such decisions are made after careful consideration of what is in the best interest of our clients and TD AMERITRADE.
TD AMERITRADE constantly monitors the stocks that are restricted from on-line trading and will remove securities from the list when appropriate.
Thank you for your understanding and for choosing TD AMERITRADE.
Coin Williams
Apex Client Services, TD AMERITRADE
Division of TD AMERITRADE, Inc.
Interesting to see they mention manipulative trading activity, huh!
kk
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