how the hell do you buy an IPO like FARE if the previous day's volumes were 0 from this stupid 10% liquidity rule bs???
ILLIQUID STOCKS
All clients of our firm in aggregate cannot trade in excess of 10% of the previous 20 business day average trading volume of any stock on any day regardless of the stock's price. In addition, for stocks trading below $1 per share, clients cannot ever trade more than 25% of the current day's trading volume. There also cannot at anytime ever be more than 5,000,000 shares of any one stock settling during any 3 business day settlement period for our entire firm. If a client trades in excess of these restrictions, then their accounts will be subject to fees and interest charges and possible buy in or sell out of the violating position during the 3-day settlement period of those trades. There will be a $250 fee for any trade that is in violation of this policy. The interest charges will then be assessed on an illiquidity requirement imposed on the clearing firm, which could be many times the value of the trade. The interest rates charged to clients who violate these restrictions will be a minimum overnight rate of 15% of the illiquidity requirement. These are only guideline amounts and lower trading volumes can also trigger illiquid charges, which will be passed through as well. Repeated violations of this policy will result in the account being closed.
Drink my Kool-Aid...
ATMs when they end:
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