Orbex Outlines Adjustment to Open NVIDIA Positions for 10-for-1 Split
Orbex said NVIDIA Corp.’s 10-for-1 stock split will be reflected in trading on June 10, 2024, and that it will close affected open positions at their original opening prices before reopening split-adjusted orders. In its example, a 10-lot position at $1,100 becomes 100 lots at $110, preserving the illustrated profit or loss.
View original sourcePosition Adjustment
Orbex’s notice states that NVIDIA Corp. announced a 10-for-1 stock split and that the new price will be available on June 10, 2024. For affected open positions, Orbex says it will close the existing order at the position’s original opening price, making the profit or loss on that close zero, and then open a new order with split-adjusted parameters. The notice says trading on split-adjusted shares will begin at market open on Monday, June 10, 2024; it does not specify a time or time zone.
Long Position Example
In Orbex’s example, a long position of 10 lots bought at $1,100 on June 3 showed a $1,000 moving profit when the assumed June 7 closing price was $1,200. Orbex closes that order at $1,100, so the closing profit or loss is zero, and opens a new buy position of 100 lots at $110. With the June 10 opening price at $120, the new 100-lot position shows a $1,000 total profit, matching the pre-split result, according to the example.
Short Position Example
For a short position of 10 lots sold at $1,100 on June 3, the same assumed $1,200 closing price on June 7 produced a $1,000 moving loss. Orbex closes the position at $1,100 for zero closing profit or loss and opens a new sell position of 100 lots at $110. At a June 10 opening price of $120, the example shows a $1,000 total loss, unchanged from before the split.
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