Thursday, Dec 20, 2012
Intrade will be closing out all open predictions held by US-resident customers on the morning of Sunday, December 23. Here’s what will happen...
The daily session close will run as normal on Sunday morning. When the markets re-open following the daily close US customers will no longer be able to enter trades. This means you have until 8:00am GMT (3:00am ET) on Sunday to finish closing out your open predictions before we have to do it for you.
Fair Market Value:
A fair market value will be set by Intrade for all markets. These are the prices that will be used to close out the open predictions held in US accounts. These prices will be set using recent trade prices, close prices, current buy and sell prices and an assessment of the underlying event.
An automated script will then liquidate all open predictions with closing trades at the prices described above. These trades will be made using an Intrade holding account that will assume each prediction that is liquidated. We expect the script to take around ninety minutes to complete.
After the Liquidation:
We will then post a message in everyone’s account and send an email, letting all those who had predictions closed out the process is complete. We’ll also advise where in your account information you can find the prices used to close out predictions and provide a link to a downloadable spreadsheet that contains a list of the prices used.
US customers will then have until 8:00am GMT (3:00am ET) on Monday, December 31, to request a withdrawal for the final balance of their accounts. After this all US accounts will be closed and US customers will no longer be able to log in to their accounts and request a withdrawal or view account information. Funds can still be claimed after this deadline (we won’t be keeping anyone’s money), but it will require contacting us by email to arrange a refund. We therefore strongly urge you to get your withdrawal request into us before December 31.
We want to be clear Intrade is not seeking to profit from this situation in any way. We will be setting one price per market – not separate buy and sell prices to create a spread. We will make all efforts to set liquidation prices that are fair and accurate. We understand that not everyone will agree with our assessment of fair market value in all cases, but the prices Intrade set are final and will not be open for discussion, argument or review, and no correspondence will be entered into regarding those prices.
If you have any questions about this process then please contact the helpdesk before 9:00pm GMT (4:00pm ET) on Friday, December 21.