star dust
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Post by star dust on Aug 7, 2020 9:49:38 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? Presumably if you set a discount and no-one bites you can they cancel and withdraw? Sounded like you could set several offers at different discounts, but I may have misunderstood, perhaps the Beta testers know?
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Post by arallu on Aug 7, 2020 9:54:00 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. From the email: "However, it’s important to remember that your funds will not become invested and interest bearing until a matching Withdrawal Instruction is found. You can cancel this Instruction at any time, providing it has not already been matched."
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Post by angel19 on Aug 7, 2020 9:55:59 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 no amount of loan redemptions will allow me to get any money withdrawn.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? Current pro rata distributions will continue as normal for those who don’t want to sell at a discount. Email fairly clear on this.
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SteveT
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Post by SteveT on Aug 7, 2020 9:59:55 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. I don't believe that's correct. If you Bid to invest £100 at 5% discount, say, from your Cash Account, your Cash balance will reduce by £100 immediately but your QAA balance will not increase until / unless your Bid is matched with a corresponding offer (until then it is classed as "Awaiting Investment" in your QAA). If you then choose to cancel your Bid before it is matched, the funds are returned to the Cash account immediately.
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Post by angel19 on Aug 7, 2020 10:00:14 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. The email from AC says the funds have to be in the Cash Account to bid for discounted parts. If not matched and you cancel the instruction the money is still in cash and can be instantly withdrawn if you want.
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mrsb
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Post by mrsb on Aug 7, 2020 10:04:22 GMT
Nothing in the email about the chunks of redemption's currently not distributed ......? Nothing about the price of fish either. Or indeed every other irrelevance you could dream up.
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nick
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Post by nick on Aug 7, 2020 10:06:59 GMT
Lots of things regarding the new withdrawal process are unclear. I haven't been keeping up with the discussions, but the immediate question marks I have are:
1. If you cancel an existing withdrawal request from 30AA or 90AA to enable to make a request of a transfer to QAA, do you have to wait out the notice period again before the withdrawal to QAA completes. My guess is yes. I've raised the question on web chat, but the person I was chatting didn't know and said she would revert to me by email.
2. It seems to be the balancing of supply and demand via discounts is only being action via the QAA and therefore the sell down of 30AA and 90AA at par will be determined by the demand for new investors looking to invest in these accounts and won't be directly affected, ie they continue to operate as separate markets. Obviously demand will be indirectly affected if new investors have the alternative of investing in QAA at a discount which is likely to be a more attractive proposition.
I'm shooting these queries off by email, but expect they have been inundated with queries so could be waiting a while for a response. If I have missed any obvious guidance/answers, comments would be welcome......
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SteveT
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Post by SteveT on Aug 7, 2020 10:14:53 GMT
Lots of things regarding the new withdrawal process are unclear. I haven't been keeping up with the discussions, but the immediate question marks I have are: 1. If you cancel an existing withdrawal request from 30AA or 90AA to enable to make a request of a transfer to QAA, do you have to wait out the notice period again before the withdrawal to QAA completes. My guess is yes. I've raised the question on web chat, but the person I was chatting didn't know and said she would revert to me by email. 2. It seems to be the balancing of supply and demand via discounts is only being action via the QAA and therefore the sell down of 30AA and 90AA at par will be determined by the demand for new investors looking to invest in these accounts and won't be directly affected, ie they continue to operate as separate markets. Obviously demand will be indirectly affected if new investors have the alternative of investing in QAA at a discount which is likely to be a more attractive proposition. I'm shooting these queries off by email, but expect they have been inundated with queries so could be waiting a while for a response. If I have missed any obvious guidance/answers, comments would be welcome...... My understanding: 1) Lenders will be able to transfer notice-expired 30DAA / 90DAA holdings to the QAA immediately (without waiting again) if they wish to try selling them there at a discount 2) Discounted trading will only be via the QAA, which means it's likely the flow of 30DAA / 90DAA funds will be one way only (out, either quickly to the QAA or slowly to Cash as loans repay!)
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ashtondav
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Post by ashtondav on Aug 7, 2020 10:19:54 GMT
Just to let the lenders know. At 5% discount, I’m nibbling...
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SteveT
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Post by SteveT on Aug 7, 2020 10:26:17 GMT
Just to let the lenders know. At 5% discount, I’m nibbling... Funny, your figure said 10% a minute ago!  Could it be that you're actually hoping to sell out at 5%? 
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tonyr
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Post by tonyr on Aug 7, 2020 11:15:10 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? But this can't be right as elsewhere they are saying that the pro-rata system is stil in place. There have been a lot of loans redeemed whilst the pro-rata system has been frozen, I'm expecting those to pay out when the unfreezing happens.
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tonyr
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Post by tonyr on Aug 7, 2020 11:16:27 GMT
Just to let the lenders know. At 5% discount, I’m nibbling... Thanks - I may well sell out at 5%.
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agent69
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Post by agent69 on Aug 7, 2020 12:05:49 GMT
Just so I know where I'm going, can somebody cofirm that I have this right:
- Money from repayment of loans (like the several million that has been repaid this week, but not credited to lenders accounts) will still be distributed pro rata as at present, regardless of what is happening on the SMS.
- Discounts on the SM are only relevant when it comes to deciding who gets any new money invested onto the platform
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Post by angel19 on Aug 7, 2020 12:35:43 GMT
Just so I know where I'm going, can somebody cofirm that I have this right:
- Money from repayment of loans (like the several million that has been repaid this week, but not credited to lenders accounts) will still be distributed pro rata as at present, regardless of what is happening on the SMS.
- Discounts on the SM are only relevant when it comes to deciding who gets any new money invested onto the platform
Agree with first point, but not with the second. On the secondary market there is no net new money into the AA, just an exchange from one investor to another.
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star dust
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Post by star dust on Aug 7, 2020 12:48:54 GMT
I would've asked AC this, but their on-line chat doesn't work on the browser I use and I couldn't be bothered going through all the 2FA rubbish on a different one, so does anyone know if the standard and IFISA markets will work as separate ones for the purpose of the Access SM? That is, can you 'invest' in one whilst withdrawing in the other, or do they both have to be 'set' the same way?
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