jo
Member of DD Central
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Post by jo on Sept 9, 2016 7:34:09 GMT
How long does RS have after 'matching' funds in the 1m before deciding if they'll honour the trade or release the funds back to holding account?
This has happened to me in the past and normally results in a wait of several days and an adverse drop in rates of c1/2% before release.
I can't speak for counterparties but when I offer funds for lending and get lifted, my word is my bond - but then, I'm old fashioned that way.
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Post by westonkevRS on Sept 9, 2016 8:27:22 GMT
How long does RS have after 'matching' funds in the 1m before deciding if they'll honour the trade or release the funds back to holding account? This has happened to me in the past and normally results in a wait of several days and an adverse drop in rates of c1/2% before release. I can't speak for counterparties but when I offer funds for lending and get lifted, my word is my bond - but then, I'm old fashioned that way. , If your funds are in the matching process (i.e. matched to a loan, and being formed) the time is only due to the technical creation of the loan. It is a IT delay, not one where RateSetter is deciding " if they'll honour the trade". Sometimes this fails for a variety of IT reasons, often when the loan is a large commercial or real estate loan and the 30 minute timeout kicks-in. And then it's just a cash of rebooting the system to give you back your cash into holding. But this is rare and has recently had tech improvements to stop occurring. We are also quite an old fashioned honourable bunch of people. Why would you lend your money with us if you thought otherwise? If you direct message me an specific contract ID, I'd be happy to investigate on your behalf and specific matching fails you have. Kevin.
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jo
Member of DD Central
Posts: 727
Likes: 492
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Post by jo on Sept 9, 2016 8:52:01 GMT
How long does RS have after 'matching' funds in the 1m before deciding if they'll honour the trade or release the funds back to holding account? This has happened to me in the past and normally results in a wait of several days and an adverse drop in rates of c1/2% before release. I can't speak for counterparties but when I offer funds for lending and get lifted, my word is my bond - but then, I'm old fashioned that way. , If your funds are in the matching process (i.e. matched to a loan, and being formed) the time is only due to the technical creation of the loan. It is a IT delay, not one where RateSetter is deciding " if they'll honour the trade". Sometimes this fails for a variety of IT reasons, often when the loan is a large commercial or real estate loan and the 30 minute timeout kicks-in. And then it's just a cash of rebooting the system to give you back your cash into holding. But this is rare and has recently had tech improvements to stop occurring. We are also quite an old fashioned honourable bunch of people. Why would you lend your money with us if you thought otherwise? If you direct message me an specific contract ID, I'd be happy to investigate on your behalf and specific matching fails you have. Kevin. I don't doubt that RS are as you state above but if the funds are returned over the weekend with the rate at 2.2% or similar, I will consider it something other than just random bad luck on my part (being the third time has happened). No need to escalate at this point and I will update as and when.
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jo
Member of DD Central
Posts: 727
Likes: 492
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Post by jo on Sept 9, 2016 13:43:08 GMT
Update: received email confirmations @14:25.
Cool - however, a system in which one party can effectively sequester funds until they decide if (and it is if, not when) a trade will complete is several hundred miles away from ideal.
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