Several brokerages stop taking Facebook IPO orders - News and Current Events | futures io social day trading
futures io futures trading


Several brokerages stop taking Facebook IPO orders
Updated: Views / Replies:775 / 0
Created: by kbit Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Several brokerages stop taking Facebook IPO orders

  #1 (permalink)
Elite Member
Aurora, Il USA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
 
kbit's Avatar
 
Posts: 5,884 since Nov 2010
Thanks: 3,303 given, 3,334 received

Several brokerages stop taking Facebook IPO orders

(Reuters) - Investors who want Facebook Inc shares when the No. 1 online social network goes public later this week may have lost the opportunity.

TD Ameritrade and Fidelity's brokerage arm both stopped accepting orders of Facebook shares as of Tuesday evening, according to representatives for each of the companies.

Morgan Stanley & Co did the same, according to three advisers at the firm who declined to be named because they are not authorized to speak to the press. E*Trade Financial also stopped accepting orders as of 4 p.m. Eastern Tuesday, according to a client alert sent out that day.

Wells Fargo & Co's brokerage arm, Wells Fargo Advisors, stopped accepting new orders as of 4:00 p.m. EDT Wednesday, according to two advisers at the firm.

A Morgan Stanley spokesman and a Wells Fargo spokeswoman declined to comment.

Facebook is going public with almost a billion users, nearly $4 billion in annual revenue and a popular brand name.

On Monday Morgan Stanley, one of the 33 underwriters of the much anticipated IPO, told its advisers that it would cap the number of Facebook shares for each client at 500, according to four sources familiar with the situation. The goal is to make the shares widely available. But not everyone will get 500 shares, said the sources.

Some Morgan Stanley advisers with smaller accounts were surprised to learn they might have a chance to get shares for their clients, said one of the sources who is an adviser at the firm. Shares of popular IPOs would usually only be available to institutional investors and to top advisers who have sold IPOs in the past.

"It was a mad scramble," the adviser said. The adviser had less than two days to contact clients to see if they were interested in Facebook and go through the "extensive paperwork," the adviser said. The adviser said several clients did not get their paperwork in by the deadline on Tuesday evening.

An account alert sent out to E*Trade Financial Corp clients obtained by Reuters on Tuesday said the firm would no longer accept new conditional offers for the Facebook IPO as of 4 p.m. Eastern that day, though cancellation and modification of existing orders would still be permitted.

E*Trade was a last minute addition to Facebook's list of 33 underwriters. Officials at the online brokerage were not immediately available for comment.

Fidelity Brokerage, part of privately held FMR Corp in Boston, says it closed the offering period to qualified retail clients and registered investment advisers on Tuesday evening.

"The demand from customers is high," said Fidelity spokesman Stephen Austin. Fidelity has an exclusive retail distribution agreement with Deutsche Bank Securities, an underwriter in the Facebook deal.


Several brokerages stop taking Facebook IPO orders | Reuters

Reply With Quote

Reply



futures io > > > > Several brokerages stop taking Facebook IPO orders

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)
 

Wyckoff Hunting for Great Risk/Reward Ratio w/Gary Fullett

Elite only
 

Digging into the Details of iSystems w/Stage 5 & iSystems

Jun 5
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Facebook Co-Founder Saverin Gives Up U.S. Citizenship Before IPO kbit News and Current Events 6 May 17th, 2012 08:47 PM
Facebook IPO to Price Between $28-$35 a Share Quick Summary News and Current Events 0 May 3rd, 2012 06:50 PM
Facebook IPO faces global bear attack kbit News and Current Events 0 May 3rd, 2012 08:27 AM
Why Wait for IPO—You Can Buy Facebook's Friends Now Quick Summary News and Current Events 0 February 1st, 2012 10:40 PM
Facebook Files for an IPO, to Trade Under Symbol 'FB' Quick Summary News and Current Events 1 February 1st, 2012 06:40 PM


All times are GMT -4. The time now is 11:34 PM.

Copyright © 2018 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2018-05-24 in 0.07 seconds with 19 queries on phoenix via your IP 54.196.86.89