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Anonymous
On DBS Vickers, what happens if I sell but forget to untick "contra"?
Today I logged in to DBS Vickers, as usual, to sell 1900 out of 5000 shares of stock I owned for about 1 year in CDP already. Got an SMS filled price: 0.8 Filled Qty: 1900 Qty left: 0. Sett: Cash.
Then, later got an SMS Fr SGX CDP: 1,900 XXX shares will be debited from your account on 03 Feb 2020.
Questions:
1) I think I selected cash but forgotten to untick "contra"?
2) what happens if the price went up or down on 03 Feb 2020?
3) Will this be illegal? naked short?
thanks
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Gabriel Tham
31 Jan 2020
Tag Team Member at Kenichi Tag Team
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If the sms said 1900 will be debited from your account, and you owned 5000, means you are not naked shorting. You are selling from your pool of 5000.
The date 3 Feb is when the shares are officially removed from your account and you get the cash from the sale. Whether price up or down on 3 Feb makes no difference. You sold today at a price and it is locked it.
Naked short only happen when you do not own the shares but sold it. This is illegal if you did not buy back at the end of day and will face a penalty.