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Please can someone explain.

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asylum
Super Contributor
after the close of day your futures balance reflects the latest bid and therefore your Profit/loss for the day might not be right, usually at around 8pm the MTM price is worked out and then your Profit/loss is corrected, my question is, it is now almost 10 pm and still no MTM price my P/L for the day stands at - R 5500.00 now this balance is taken off my moeny market account, so if the price is not right at 12pm tonight and we go into the next day i actually lose the interest on my money market account as the - R5500.00 is taken off my money market account, or am i mis-informed.
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13 REPLIES 13
Not applicable
From my calculations, the MTM only happens at +-7:00 -7:30. hence we have lost the interest on the over night cash balance. This obviously goes the other way as well. However right now my margin is closing so getting short changed!
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asylum
Super Contributor
No schumi it should happen at around 19.30 at night and so you should get the difference.
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asylum
Super Contributor
SSF bids & offers, as made by Standard Bank, are always based on the live price of the underlying share. Long positions use the current bid price and short positions use the current offer price. The current day's MTM will be used once received from the JSE at approx 19:20 in the evening.
This was taken from the footnotes on the website.
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Not applicable
The explanation is very simple.The JSE is the stock exchange of a third world country and its systems and employees are likewise. This happens frequently. I receive my downloads from Investor Data and at 7.40 they advised that the data would be late. This is a regular occurrence and is very frustrating. The difference in my cash balance is more than R 100 000 and I cannot place orders as this money is not available. I also have an account overseas and never did I have troubles like here in JHB. The account there has been updated within 30 minutes after close.
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And Standard OST has not got the guts to put their foot down and complain!!!
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Asylum. I have just checked again, and unless the Chardonay has gone to my head, I am showing Last bids and not MTM. Hence I have lost the approx. 50% between buyers and sellers on the valuation.
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asylum
Super Contributor
Schumi thats my point exactly, Patrik i feel for you man, as you say it takes 30 minutes for overseas markets to sort out their MTM but here it can be 3 hours to 1 day. Pathetic, why does it take so long to sort out???
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Champ_golfer
Frequent Contributor
Yes guys I feel for you, I actually had too much money last night to my Deposits somehow being credited twice and a cock up on the IM changes. I spoke to SBOST many times before and they said I am 1 of 2500 clients who always complain,hmmm now now looks like all of us is getting the same old story.... Even got told Auto close didn't work 915 am yesterday, when there were valid bid/sellers in the market and according to them the market were falling away, well exactly that is what's happening if the spike down occurs and bargain hunters pick up the futures loose odds and ends lying around for the taking... I think ill deposit R100k tomorrow and go bargain hunting,that's the only way anyone other than SBK will make money on this site!!
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Not applicable
It is even worse this morning! It is a total mess and no portfolio total is given! I cannot even check the accuracy of the figures and I remember that a few months ago that OST made big errors in the input of the new margins resulting in total confusion. Everybody with SSF please beware!!!!!
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Champ_golfer
Frequent Contributor
Yes, and I got told that I AM the only one customer complaining, and the previous 6 SSF IM changes happened with NOO problems..funny very funny- liars!! When is RSA gonna learn to tell the truth and improve services, instead they just carry on denying it!! blaming the so called ignorant clients.
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ANDY26
Contributor
Hi This is a regular occurance ,id say it happens 4-5 times a month .I have queeried this before and i am told its the JSE whom is late updating the MTM price .Id like to know what is there action plan to resolve this as it seems nothing is being done about it as it works in there favour.Or will they throw up there arms and conitue to blame someone else instead of looking after there customers interests.Imagine the potential interest lost to all there SSF clients over the year ,im sure it could be in the millions and im also sure this is not a legal practice when they let it continue. To all SSF customers should we put up with this any longer?
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asylum
Super Contributor
no andy we should not have to take this if nothing is done i will take this up further, make no mistake if you owed them money they would soon phone you, wether the balance is adjusted the following day with the correct amount of interest added to our account is debatable and i will take it that it is not until they can prove otherwise. No appologies made or for them to tell you that they are sorting the problem, what a lot of Bull. What i dont understand if this has been happening for a long time how come no one seems to complain or taken the matter futher????????
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Not applicable
You're right - because of the service levels we have become used to in S.A. everyone seems to accept that this is the way things are done!
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