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Lightspeed (a division of Lime Brokerage) - Ask Me Anything


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Lightspeed (a division of Lime Brokerage) - Ask Me Anything

  #11 (permalink)
New York, NY
 
Experience: None
 
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Posts: 2 since Feb 2020
Thanks: 7 given, 1 received


jeffalan View Post
@Lightspeed I just caught the CNBC interview with Terry Duffy from CME regarding Negative futures prices and it surpised me. Wilbur Frost asked him was it fair to say that Retail traders should have know that WTI futures could fall into negative territory and leave these traders with negative balances in their trading accounts. Mr. Duffy's reply was "Of course they should have known. It's common knowledge and it has happened before!"
Lightspeed when someone opens up a futures account with you is this fact brought to the forefront with new clients or is it buried in the fine print. I only say this because before last Tuesday I as well thought that a deliverable futures contract could not fall below Zero for the simple reason that anything under zero has no value and therefore no 2 way transaction (BUYER and SELER). I mean how does one buy something at a negative number. Just curious of how you at Lightspeed (LIME) disclose this to new traders. Thank you!!

Hi @jeffalan,

It is extremely rare that futures contracts have a negative price. As such, most if not all Futures Commission Merchants likely do not mention that futures contract prices could have a negative price. However, we disclose that under certain market conditions, you may find it difficult or impossible to liquidate a position. We also disclose the risk of loss in trading commodity futures contracts can be substantial and that one could lose more money than what is in your account, and that you should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. Our client accounts are self-directed and it is the responsibility of the client to monitor their accounts at all times.

Thanks,
Lightspeed

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