I am trying to enter this position on BankNifty Dec 31 options series.
- Buy 250 30000 CE
- Buy 500 32000 CE
- Sell 750 32500 CE
I have entered the buy options first and later tried to sell the sell options leg. It is asking me for full margin. System is not giving margin benefit for the hedged position upfront.
Margin required as per the calculator is 10.7L (screenshot attached). System is asking for 38L margin, which is the full amount. This is a hedged position, where I have bought the hedges upfront.
@Tejas Khoday @Yashas Khoday @Sounder Rajan G S your system is really messing up big time last 2 days. Customer care people do not know what they are talking. And I have also raised a ticket. I sincerely urge one of you guys to respond.
@Sounder Rajan G S can you please respond. Nobody is responding on mails. Nor have I got any ticket number.
Hi Karthik,
Upfront is disabled as of now. Kindly go through the below link for more details on our Risk Management measures for 22.12.2020:
https://fyers.in/notice-board/risk-management-measures-for-22-12-2020/
Thanks. This is just for today right? Or is it permanently disabled. Also intraday leverage is reduced to 2X only for today?
I request you to keep the customer service professionals updated on such measures or at least send mails to clients (instead of only putting up important announcements on notice board).
This I have told already... that any communication should be on email or Trading Terminal Some Notification or something like that...
They just throw responsibility by saying that see notice board...
Shall every Client should keep refreshing Notice Board Page Every Minute to find that weather Fyers have any update...
Do you guys see this is a right way to communicate?
@Tejas Khoday @FYERS
Yup. I see that even today only 2X intraday leverage is available and upfront benefit is not there.
Today also you guys removed order level hedge benifit ? Why?
When hedged positions are considered as little safer then why you are behaving unreliable broker?
You need to think... bcoz it would be cumbersome to shift funds from one broker to another broker.
Giving order-level hedge benefit exposes brokers to peak margin shortfall & ensuing penalties in the event that clients square off the hedge positions. This is especially if, at the time of order entry, the broker does not collect margin separately for positions as per SPAN.
When a trader enters a buy position (Leg 1), full margin is needed. Upon entering the hedge (Leg 2), ideally, the system needs to collect separate margins, and then when both positions are live is when hedge margin benefit should be given. Why? Because if he squares off either leg 1 or leg 2, at least he will have sufficient margins to hold the naked position without peak margin shortfall. Ultimately the broker will have to pay penalties to the exchange. Hence, we have re-evaluated the risk scenario and disabled it temporarily.
Hope this clarifies.
When is it expected to be put back in place?
When you say you’ve evaluated all risk parameters, have you also evaluated the risk of losing customers, hence business? Many large accounts shifted to fyers especially from zerodha just because platform was just as good and this benefit was there (zerodha doesn’t allow to buy the hedge first so the same hassle is there).
Broking industry in India is seriously sub par. it is unfair to the customer if the exchange given privileges are not available because of the broker. I wonder when the industry would mature out of chasing customer acquisition and focus on providing good service. I really won’t mind paying you or zerodha 3 times the brokerage you charge now, if only there’s a good platform that does not keep changing like this.
Apologies for the rant. I really thought my search for a solid broker ended with fyers. It continues.
Thanks for clarifying Tejasji.... but then it would not have any benefit... to us then to take benefit of hedged less margin.
How come other brokers are able to accommodate this and you are not? May be you can introduce a system, where the client has to first square-off the short side and then the long. Having the full margin in advance is absolutely meaning less for option spread traders.
You just dont let traders to stick with one broker
Still not yet enabled. Waiting for an update from fyers.