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Post by bluehorseshoe on Jul 18, 2019 19:12:41 GMT
Is there anywhere I can see the transactions for loans that are getting bought/sold on the SM?
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SteveT
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Post by SteveT on Jul 18, 2019 19:13:18 GMT
No
As ever, Bid - Offer spread gives a crude indicator of liquidity
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nw99
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Post by nw99 on Jul 18, 2019 20:38:06 GMT
Liquidity is superb
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number5
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Post by number5 on Sept 6, 2019 10:53:46 GMT
SM seems to have slowed down over last couple of weeks...or is it just me
New loans causing the slow down?
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blender
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Post by blender on Sept 6, 2019 12:43:05 GMT
Often new loans initially result in sales - new loans for old. It's hard to measure, but I have managed to make some transactions. Good bids and offers are picked up.
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hantsowl
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Post by hantsowl on Jan 22, 2020 23:13:00 GMT
Looks like someone is having a clear out. Bids at 98 and 99 being gobbled up almost immediately on loans which usually sell around 100.
Even gobbled some up at 80!
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Post by ablrate on Jan 23, 2020 8:36:24 GMT
Sorry blender , but you are right we will be switching it off soon.... but as the Hitchhikers Guide to the Galaxy would have you do.. DON'T PANIC! What is replacing it is, and I am not know for ebullient langauge, a.w.e.s.o.m.e
-No need to hit an offer and place a bid - 'Fill and Wait' order takes care of that automatically -Charts will show you previous volume and prices -Should you be so inclined you will be able to automate your buying and selling on the market It will be the same concept only faster, more robust, more liquid, more info, better control for lenders and a gateway to better diversification and risk management. We hope to be able to bring you this new market sometime in Feb/March - depending on how testing goes. We are aiming to launch it alongside our new UI - but we will see... lots of work to do!
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IFISAcava
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Post by IFISAcava on Jan 23, 2020 9:33:27 GMT
Looks like someone is having a clear out. Bids at 98 and 99 being gobbled up almost immediately on loans which usually sell around 100. I matched some at 80% UB case ripples i think
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alanh
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Post by alanh on Jan 23, 2020 9:58:38 GMT
I fail to see any link between ABL and UB....?
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IFISAcava
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Post by IFISAcava on Jan 23, 2020 10:06:05 GMT
I fail to see any link between ABL and UB....? me neither but if you lose confidence in p2p and fear for being liable for more than you invested and just want out ASAP, you might just offload at hefty discounts on the ABL secondary market. I'm buying!
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Post by ablrate on Jan 23, 2020 10:42:29 GMT
I fail to see any link between ABL and UB....? me neither but if you lose confidence in p2p and fear for being liable for more than you invested and just want out ASAP, you might just offload at hefty discounts on the ABL secondary market. I'm buying! There will never a be a scenario where Ablrate lenders would be liable for lending more.... that is 'writing loan docs for dummies' level
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squid
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Post by squid on Jan 23, 2020 12:28:04 GMT
Mark those words.
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IFISAcava
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Post by IFISAcava on Jan 23, 2020 12:44:20 GMT
me neither but if you lose confidence in p2p and fear for being liable for more than you invested and just want out ASAP, you might just offload at hefty discounts on the ABL secondary market. I'm buying! There will never a be a scenario where Ablrate lenders would be liable for lending more.... that is 'writing loan docs for dummies' level Good to know ABL has proper loan docs. But (and I clearly I don't know enough about it so any response welcome here) either UB failed that test, or even well-written loan docs can be at least challenged in Court anyway, which raises the risk however slight that a judge on the day rules in a way that incurs legal costs against lenders. In any event, if lenders have to defend a challenge in Court (as UB judgment suggests - albeit via the agent UB in this case) that may well result in costs awarded against the borrower, but which can't then be recovered because of bankruptcy. So, whilst perhaps small, surely there must still be a risk of unreimbursed legal costs against lenders, no? The UB judgment made it clear that it was unfair if a party to a contract couldn't take action against the other side of the contract (i.e. we lenders). Is this still a developing area of law?
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Post by ablrate on Jan 23, 2020 14:22:32 GMT
There will never a be a scenario where Ablrate lenders would be liable for lending more.... that is 'writing loan docs for dummies' level Good to know ABL has proper loan docs. But (and I clearly I don't know enough about it so any response welcome here) either UB failed that test, or even well-written loan docs can be at least challenged in Court anyway, which raises the risk however slight that a judge on the day rules in a way that incurs legal costs against lenders. In any event, if lenders have to defend a challenge in Court (as UB judgment suggests - albeit via the agent UB in this case) that may well result in costs awarded against the borrower, but which can't then be recovered because of bankruptcy. So, whilst perhaps small, surely there must still be a risk of unreimbursed legal costs against lenders, no? The UB judgment made it clear that it was unfair if a party to a contract couldn't take action against the other side of the contract (i.e. we lenders). Is this still a developing area of law? I don't know how other platforms do it, but we always wear the legal costs of recovery and may charge it back when we recover in the form of penalties and admin fees, but we would never go back to lenders for legal fees. We would generally cap legal fees at whatever comissions we have received (which has proved enough). If there is a chance of recovering penalties and fees, then we don't cap the fees. The circumstances of a borrower being able to take legal action against lenders (or us as the lenders agent) must have merit, so unless there is the explicit implication within the documents that further funds would be loaned, I cannot see merit in a borrower's application for something like this. Things like this seem to be a foolish move by a borrower as it would not be very difficult for a platform to organise those lenders into individual cases and can you imagine the cost to a borrower of defending 200+ cases? 200+ small claims court CCj's? It would be chaos and uber expensive to defend and if they don't have any money for a loan, I doubt they would get legal representation that would take that on without the opportunity to get paid. I am reminded of the documentray on Scientology. Part of the reason that the IRS caved on the 'religion' issue was becuase they were sued by thousands of people and didn't have the monpower (and will) to fight all of them. I am no lawyer, but I would think that is how we would respond.
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Post by GSV3MIaC on Jan 23, 2020 15:23:18 GMT
The issue is not whether the platform promised more lender funds to the borrower, but whether the borrowers can take legal action again any/all of the lenders, rather than the platform. See the LY London loan case for more background. That is where the 'loss more than amount lent' comes from.
There may be no merit in the borrower's case, but that doesn't help the lender(s) who got dragged into a court case miles away, and may never collect their costs.
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