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Post by essexboy on Aug 6, 2020 11:37:33 GMT
This is pathetic. 3 times I have been given a time frame for the SM. Including being told ‘a couple of weeks’ when I asked at the end of Apr. Last week, we were finally told this week. This morning we’re told tomorrow (Friday) and now THAT’S not even certain?
I have no words for the unprofessionalism.
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savernake
Member of DD Central
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Post by savernake on Aug 6, 2020 11:52:15 GMT
Even if the secondary market is delayed until next week, I still hope AC send out the instructions and 'how to' guides this week. At least then it'll look like some progress is being made, and it'll give us a better idea of how its all going to work.
I think its a bit odd they froze the AA on Monday morning and now four days later we still don't have any secondary market. It shouldn't take 4 days to make a simple software switch. Makes me wonder if they've discovered a glitch and are trying to fix it before they launch.
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bg
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Post by bg on Aug 6, 2020 11:52:49 GMT
I have no words for the unprofessionalism. I would say that unprofessionalism would be releasing this market before it was ready.
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Post by essexboy on Aug 6, 2020 11:58:11 GMT
How long do they neeeeed for it to be ready?
And, as above, it doesn’t take 4-5 days of backed up chunky repayments to switch to live.
I’m really struggling to suppress my natural cynicism. I mean, I’m trying, but....
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Mikeme
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Post by Mikeme on Aug 6, 2020 12:25:10 GMT
How long do they neeeeed for it to be ready? And, as above, it doesn’t take 4-5 days of backed up chunky repayments to switch to live. I’m really struggling to suppress my natural cynicism. I mean, I’m trying, but.... the length of time that is needed. There will be a good reason and the only real affect is being unable to withdraw interest for a few days.
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blender
Member of DD Central
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Post by blender on Aug 6, 2020 13:17:55 GMT
Meanwhile I am passing the time by practising trading with myself at a discount - offline on paper. If I get the 'further information' I can adjust and improve my practices ready for the 'big day'. Just now I am not sure if I prefer selling to myself at a large discount and being a happy buyer, or selling near par and being a happy seller. I am looking for that sweet spot where I will be equally happy buying and selling. Or is that equally unhappy? I'll be well prepared. Any advice - other than 'get a life'?
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Balder
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Post by Balder on Aug 6, 2020 13:47:54 GMT
I was told on their webchat today (6/8/20) that an email will be sent out later today.
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 1,056
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Post by dave4 on Aug 6, 2020 14:27:21 GMT
Meanwhile I am passing the time by practising trading with myself at a discount - offline on paper. If I get the 'further information' I can adjust and improve my practices ready for the 'big day'. Just now I am not sure if I prefer selling to myself at a large discount and being a happy buyer, or selling near par and being a happy seller. I am looking for that sweet spot where I will be equally happy buying and selling. Or is that equally unhappy? I'll be well prepared. Any advice - other than 'get a life'? Have a good recipe for a blackberry slow. Very warming / potent served warm in winter. Written whilst stuck in brambles on my mobile. (waiting for a e mail......)
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ceejay
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Post by ceejay on Aug 6, 2020 15:07:00 GMT
So most realistic timeframe is Tuesday/Wednesday next week? Then what....massive volume of people selling. Discounts will get bigger and bigger ? Then when normal liquidity returns they will kill off the secondary market? (Why sell at a discount when you will be able to withdraw for free?) If the AAs are to continue in the long run, I think that the SM has to stay - it gives reassurance that in the event of a future event, you will still be able to exit (at a price). Without an SM, I can't imagine anyone entrusting their funds to the AAs in the future. Sure, in normal times, the going rate might be par or very close to it but that doesn't mean the SM won't be playing an important role.
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blender
Member of DD Central
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Post by blender on Aug 6, 2020 15:38:45 GMT
So most realistic timeframe is Tuesday/Wednesday next week? Then what....massive volume of people selling. Discounts will get bigger and bigger ? Then when normal liquidity returns they will kill off the secondary market? (Why sell at a discount when you will be able to withdraw for free?) If the AAs are to continue in the long run, I think that the SM has to stay - it gives reassurance that in the event of a future event, you will still be able to exit (at a price). Without an SM, I can't imagine anyone entrusting their funds to the AAs in the future. Sure, in normal times, the going rate might be par or very close to it but that doesn't mean the SM won't be playing an important role. A 'like' is not enough. These descriptions are of a market doing what it should do. I'm going to need some reassurance that AC will not switch off the SM 'in normal market conditions'.
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sapphire
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Post by sapphire on Aug 6, 2020 18:23:12 GMT
Why does the introduction of the AA secondary market necessitate any AA repayments for loan redemptions to be put on hold?
What are the reason(s) behind withholding AA repayments on loan redemptions?
Is there a technical (IT?) constraint which forces AC to do so? If so, why does it have to be put on hold for so long (suspended since 3 Aug)?
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Post by davee39 on Aug 6, 2020 18:38:07 GMT
Yes, there are technical constraints.
The new market represents a very big change and there will be numerous operational changes and data store changes.
I assume the implementation is in a live testing phase and will be released when proved.
If intractable problems occur there will be a plan to back out the new market and restore the original system. This will not be easy
if data is allowed to change during the process.
There will also be other technical reasons based on the design of the system.
Finally, there may be a desire for cash to build up in the accounts, again as part of the trading design or (optimistic guesswork) as part of
plans to return to normal.
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Balder
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Post by Balder on Aug 7, 2020 6:34:30 GMT
I was told on their webchat today (6/8/20) that an email will be sent out later today. Well that didn't arrive did it! Appears AC is having problems with implementation or doesn't know its arse from its elbow, or both.
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johni
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Post by johni on Aug 7, 2020 9:36:05 GMT
2 emails received
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cb25
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Post by cb25 on Aug 7, 2020 9:40:11 GMT
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