iann
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Post by iann on Aug 7, 2020 9:05:17 GMT
I don't think the Pointer sisters properly understood that they might have to offer a discount. I've just received (9.51) AC email "Access Account Marketplace - Making a withdrawal (1/2)"
Wasn't expecting "Only funds invested in the Quick Access Account (QAA) can be traded on the marketplace and at discount", though perhaps I failed to read earlier statements properly which lead me to think it would be all Access Accounts.
I assumed that too, but it does seem to make sense and is probably the most straightforward way of implementing a secondary market.
Okay, it is an extra step for lenders but probably simplifies the UI.
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iRobot
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Post by iRobot on Aug 7, 2020 9:06:34 GMT
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cb25
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Post by cb25 on Aug 7, 2020 9:10:15 GMT
I've just received (9.51) AC email "Access Account Marketplace - Making a withdrawal (1/2)"
Wasn't expecting "Only funds invested in the Quick Access Account (QAA) can be traded on the marketplace and at discount", though perhaps I failed to read earlier statements properly which lead me to think it would be all Access Accounts.
I assumed that too, but it does seem to make sense and is probably the most straightforward way of implementing a secondary market.
Okay, it is an extra step for lenders but probably simplifies the UI.
If, for example, a 30DAA withdrawal request QAA (rather than cash) as its destination, does it necessarily get actioned after 30 days or 'forever' as is the case with 30DAA->Cash? Apologies if it's a dumb question but all my AA withdrawals go to Cash not other AA accounts.
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warn
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Post by warn on Aug 7, 2020 9:13:37 GMT
Nothing in the email about the chunks of redemption's currently not distributed ......? Nothing about the price of fish either.
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SteveT
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Post by SteveT on Aug 7, 2020 9:22:38 GMT
I assumed that too, but it does seem to make sense and is probably the most straightforward way of implementing a secondary market.
Okay, it is an extra step for lenders but probably simplifies the UI.
If, for example, a 30DAA withdrawal request QAA (rather than cash) as its destination, does it necessarily get actioned after 30 days or 'forever' as is the case with 30DAA->Cash? Apologies if it's a dumb question but all my AA withdrawals go to Cash not other AA accounts. Yes, it goes straight into the QAA at the end of the relevant notice period. I believe lenders will also be able to request immediate transfers to the QAA of notice-expired 30DAA / 90DAA holdings. Disappointing that this morning's emails give no indication lenders will be able to "see" the whole of the AA market (ie. total current Offers / Bids at the various discount levels) before deciding what discount to choose. This was the unanimous feedback given by those of us who saw the Beta test version. I'm sure others will feel the need too, so I hope this will be added ASAP. Only being able to Offer OR Bid (not both simultaneously) is also quite a limitation, as is the need (if I'm reading it right) to cancel any existing Par withdrawal request (and so lose queue position) to sell even a small portion of one's holding at a discount.
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iann
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Post by iann on Aug 7, 2020 9:22:48 GMT
I assumed that too, but it does seem to make sense and is probably the most straightforward way of implementing a secondary market.
Okay, it is an extra step for lenders but probably simplifies the UI.
If, for example, a 30DAA withdrawal request QAA (rather than cash) as its destination, does it necessarily get actioned after 30 days or 'forever' as is the case with 30DAA->Cash? Apologies if it's a dumb question but all my AA withdrawals go to Cash not other AA accounts. Unfortunately, it seems that a notice AA to QAA transaction is still queued after the notice period which I think is a mistake (and never understood).
EDIT: this seems to be for existing requests, for new requests it might be different. I don't think the Q&A is entirely clear.
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baldpate
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Post by baldpate on Aug 7, 2020 9:23:57 GMT
Presumably AC are in the process of putting this live right now, because all my access account buttons 'Withdraw' are 'greyed-out', including that on my Standard account QAA, where I currently has no outstanding withdrawal requests so should theoretically be able to setup a discounted sale.
Have I missed something, or am I just too quick off the mark?
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SteveT
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Post by SteveT on Aug 7, 2020 9:27:12 GMT
Presumably AC are in the process of putting this live right now, because all my access account buttons 'Withdraw' are 'greyed-out', including that on my Standard account QAA, where I currently has no outstanding withdrawal requests so should theoretically be able to setup a discounted sale.
Have I missed something, or am I just too quick off the mark? I think they were greyed out from 9am on Monday, when the Access Accounts were paused
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Post by angel19 on Aug 7, 2020 9:28:44 GMT
Deep breath. All AA trading was paused on Monday 3rd August while preparing for new market place. No need to panic since buttons have been inactive since then.
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baldpate
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Post by baldpate on Aug 7, 2020 9:36:38 GMT
Thanks, guys - I hadn't been paying much attention to the 'jam tomorrow' emails (waiting for the jam sandwich to actually appear on my plate before reading) so I missed that they disabled them in anticipation.
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ashtondav
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Post by ashtondav on Aug 7, 2020 9:44:05 GMT
I’m assuming that it goes live Monday?
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r00lish67
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Post by r00lish67 on Aug 7, 2020 9:45:10 GMT
I'm sensing a pool of intrigued technocrats here (myself included) rather than fevered hordes looking to sell out at any cost given half a chance.
Am I wrong? Should I be be bothering to transfer over a few bob to snap up a bargain, or are we going to be looking at the occasional tenner appearing at 1% discount?
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star dust
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Post by star dust on Aug 7, 2020 9:47:08 GMT
Just asked via Livechat when the AA buttons (e.g. Withdraw) would be re-enabled and was told it would be over the next few days. The 'Investor' email states "We will notify you by email as soon as the Access Account Marketplace is live and ready to use." right at the bottom.
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Mikeme
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Post by Mikeme on Aug 7, 2020 9:47:35 GMT
It seems that money has to be deposited to the QA to bid for discounted parts. If not matched then the money deposited joins the normal queue if you want to take it out again.
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lpa
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Post by lpa on Aug 7, 2020 9:48:28 GMT
So from my reading of the first email regarding withdrawals my already queued withdrawal requests from the QAA will ONLY be satisfied if another investor buys them at par, ie. no amount of loan redemptions will allow me to get any money withdrawn. Or am I missing something?
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