This is my first post on the forum. Hi all!
I just wanted to know... does it ever happen that you enter into a transaction on the ASX (e.g. with a comsec account) and the other party doesn't come up with the goods? (e.g. they fail to have their shares, or fail to have the money in T + 3)? (I think this is called counterparty risk, but I could be wrong).
So I have not experienced that but wondered if it is possible and what happens exactly. Do you just get your money returned and some sort of message (if you entered into a "buy"), or do you get your shares returned to your account (if you entered into a "sell")? Is there some sort of message? Any compensation (I doubt there would be any)?
I've looked all over comsec and the asx site and can't figure out what would happen in the cases I mentioned.
And if you are the party that can't come up with the money (or shares), any idea what the fines are like? I was reading that the naked shorts were paying up to $2000 a day in fines, which seems like it would be just a slap on the wrist.
Thanks, hopefully someone knows the answer.