james
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Post by james on Jan 14, 2017 18:16:14 GMT
The cheapest offer on the S**B waste to energy loan 21 appears to be for more than the seller holds after the last payment, it's generating "The value of Amount must be 0 or more" errors when I try to buy 120 of the claimed remaining 196.76.
Please remove and recreate this offer if it's yours. I've emailed one of the Ablrate folk but if it is yours you might beat them to changing it to only what you still own.
Until this is fixed the offer part of the secondary market for this loan will be frozen when what's really left of this offer at 100.00% is bought.
This can happen if an offer for an amortising loan ends up being for more than the seller owns once the repayment is made. Some offers get removed automatically but there's a time window between then and the payment happening when such offers can be created.
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james
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Post by james on Jan 14, 2017 19:10:30 GMT
Fixed now, fast work from the Ablrate folks.
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Post by ablrate on Jan 17, 2017 12:34:31 GMT
This has been fixed permenantly now. On an amortising loan the SM will resyrcit offers from being extended beyond the next paymnet date. Some have received the warning when trying to buy, that is caused by legacy offers that were up before this fix was implemented, so if you see it (as per above) let us know and we will sort... but going forward it should not happen again.
Regards
Ablrate
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james
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Post by james on Jan 17, 2017 19:28:57 GMT
It wasn't an old offer in this case. The offending offer was created after the offers restricted by the annoying time limit had been removed. Then the repayment happened and reduced the amount owned. If you've done more work to eliminate the time gap since last weekend it might now be fixed, though since the approach being used then was inherently fragile, I doubt it.
The inherent fragility comes from the offers being compelled to end on one particular date but the payment not happening at the start of that date. So either creation of new offers on the payment date has to be blocked, those have to be removed when the payment is made or the approach in the next paragraph has to be used as well. Having the payment made at the start of the date would also work, if offer creation is suspended between start of payment date and payment being made.
To illustrate, this loan currently says "Unfortunately we cannot place this offer. This is an amortising loan and as such we only allow the offer to be valid until the next payment date. If you change the date valid to 12/02/2017 we can list your offer." But the next payment date is the thirteenth. So offers can be created on the thirteenth to end on 12/03/2017 that will be for too much once the payment at or after the end of the day on the thirteenth happens. Which is what happened over the weekend.
As well as being fragile, the approach taken to deal with this is annoying makework for sellers. Just freeze the market, make the payment, total up the value offered by each seller and reduce offers from highest yield to lowest until the total offered is no more than the amount held then unfreeze the market. That's a neat and robust solution that doesn't make sellers continually relist. Highest yield offer first because that was the one most priced to sell and the borrower took care of getting rid of some of that holding with their repayment.
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james
Posts: 2,205
Likes: 955
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Post by james on Feb 7, 2017 4:30:15 GMT
Loan 1000041 to pubs/entertainment and leisure business is now showing this after most offers have been removed due to the requirement to have them end about 24 hours before payment is made:
"This is an amortising loan and a repayment is due. New offers/bids can't be placed until the repayment has been processed."
For a while at least it seems that there will be one day a month where trading in amortising loans is barred by the inability to create the new bids or offers on them.
This does "fix" the issue that affected waste to energy, but apparently by introducing a routine market suspension longer than the time it took to fix an occasional offer to sell more than the seller holds after repayment.
Swapping an occasional outage for routine longer ones doesn't really seem like an improvement.
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