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Post by longjohn on Sept 22, 2014 13:29:18 GMT
Thought this was a tad amusing. With 60 seconds to go our friend pumps in at least 7 and possibly 10 bids of £960 all at the top rate instead of his usual .3% below. So the only bidder he knocked out was himself.   John |
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wysiati
Member of DD Central
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Likes: 86
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Post by wysiati on Sept 23, 2014 7:22:33 GMT
For all the commentary regarding large investors on FC the issue is potentially more significant (albeit less obvious) in the auctions on some other platforms.
Funding Knight's 20% shareholder GLI Finance has announced that it had a loan book through FK of £3.080m as of end June 2014 (vs. £1.3m at the end of 2013). FKs total loan book is now c.£5.1m so the dominant share of all FK lending is originating from a single connected party (at least c.£1.8m of the £4.2m orginated by FK in 2014 YTD).
Edit: Of course you have the 'Whole Loans' market participant(s) on FC but those are price taking markets and the influence will be exerted by FC in terms of the total flow of loans to get an airing in the auctions market either directly or as whole loan rejects. Having seen the recent throttling back of business loans at times of peak property loan listings many would be sceptical that the allocation is completely randomised as FC originally stated it would be.
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Post by goldservice on Sept 23, 2014 8:41:25 GMT
For all the commentary regarding large investors ... First he gets called 'the tall one', and now he's 'large' - I begin to feel for him ...
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Post by GSV3MIaC on Sept 23, 2014 13:06:53 GMT
For all the commentary regarding large investors ... First he gets called 'the tall one', and now he's 'large' - I begin to feel for him ... Yep, there some one investor over on ReBS who seems to own vast swathes of each loan, however he/she (He, iirc) plays rather more nicely and doesn't usually cause any issues. The Tall one games the autobid system (which I would say was mostly FCs fault for re-designing it to ignore filled auctions), and (less often, as far as I can tell) shows up at the last minute with some huge bids which choke the money return systems (again, FC could be a bit smarter in that area .. oh b&gger, the understatement controller has jammed again).
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wysiati
Member of DD Central
Posts: 397
Likes: 86
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Post by wysiati on Sept 23, 2014 17:15:36 GMT
First he gets called 'the tall one', and now he's 'large' - I begin to feel for him ... Yep, there some one investor over on ReBS who seems to own vast swathes of each loan, however he/she (He, iirc) plays rather more nicely and doesn't usually cause any issues. The Tall one games the autobid system (which I would say was mostly FCs fault for re-designing it to ignore filled auctions), and (less often, as far as I can tell) shows up at the last minute with some huge bids which choke the money return systems (again, FC could be a bit smarter in that area .. oh b&gger, the understatement controller has jammed again). Well, we both participate in instances where, as you put it, the Autobid system may be being 'gamed' and potentially benefit from higher rates as a result by positioning just below this block of money if your assertion is correct. As for the end of auctions these will rarely be the best rates available and so I do not mind lots of other people's capital being allocated there. Frankly do you really want all that capital to be used in a more effective manner?
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Post by GSV3MIaC on Sept 23, 2014 17:54:52 GMT
The tall one doesn't bother me at all, but then my AI is better than his by several orders of magnitude .. He just has a bigger wallet 8>. I can see how he's a serious problem for ordinary punters.
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