Worldspreads *Bust*

Sun 22:03
Re: To be wound up

doctorh


I think the phrase rhymes with 'clucking bell'.....

Would you all excuse me for a moment whilst I let out a short, sharp,

AAAAAAARRRRRRRGGGGGHHHHHHH!!!!!!

After all, it's not every day I drop a six figure sum... hang on..

AAAAAAARRRRRRRGGGGGHHHHHHH!!!!!!

Thanks, that's better!

Now before anyone lectures me on the folly of trading GKP, can I just point out that I had simply adopted a strategy to swerve a bit of CGT by supplementing my main holding of physical stock with a spread bet position, fully backed with cash deposits to avoid getting stopped out.

That has been closed this evening at 260.35p. Quite apart from loss of potential GKP paper profit, and a position from 140p that is impossible to rebuild, I am facing a loss of most of the cash I deposited - now only looking at an eventual £50k FSA compensation which will no doubt take a lot longer than the GKP timeframe of events are likely to unfold.

I am also wondering how much Worldspreads are themselves exposed to GKP. I understand they cover their net position in the market, and I am also assuming the majority of clients are long. All my positions have been closed out today which I presume means when the market opens tomorrow there may be some big sales going through on Monday.

Just for once I am actually hoping that we DON'T wake up to a big GKP RNS tomorrow...

a very p155ed off doctorh