Re: only the margin loan component being called in - you would...

Re: only the margin loan component being called in - you would think so, Rupe....but unfortunately, has not been the case. Read this post
http://www.hotcopper.com.au/post_single.asp?fid=2&tid=644514&msgno=214878#214878

re: opes:circular irony (cotik)
Post: 214878 Reply to: #214876 from badjelly Views: 136
Posted: 29/03/08 07:40 Disclosure: No Stock Held From: 121.208.xxx.xxx

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I had a margin account with Opes Prime (I never buy on margin), but I set it up 'just in case' I needed it sometime. The same reason I have option and cfd accounts etc (Don't use them....but you just never know). My account was through Trader Dealer.

Since I had a relatively small amount of cash just sitting there and I had no intention of using the margin facility I bought a small number of shares in a spec company (no margin obviously) from this account (some time ago).

The shares where sold yesterday (about 12.30 pm) not by me but by ANZ or whoever. There are very few trades in this stock and the parcel was for 53K shares which is not that common. They didn't contact me, they just sold them. I would have bought the share if necessary, but I was not given the opportunity. Fortunately for me this account was not a large part of my portfolio and will have little impact on me, but I am afraid for others with much larger positions with Opes Prime. I don't have any other margin facilities and will never open another margin account.

If you have a margin loan with ANZ/Etrade etc be careful, you think it couldn't happen to you but do you really trust them.........I don't.

Had it confirmed that the main sellers yesterday for RRS were ANZ/Merrill Lynch (Opes' bankers).

As for an orderly selldown of affected stocks as advised publicly by ANZ...stocks were adversely affected across the board yesterday. General thread has many posts on this.

cheers
Marny