ceejay
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Post by ceejay on Aug 7, 2020 16:22:48 GMT
No, I am pretty sure that you are confusing regular redemptions (what we've been getting over the last few weeks) with a sale to somebody else. Redemptions are prorata to your whole holding in the AAs and involve money leaving the AAs. A sale by you to someone else results in no change to the total AA holding, and is done FIFO - in the hypothetical case of a par sell order ever making it to the front of the queue. X'd with you. Yep I agree, I'm wrong. No worries, there are plenty of other posters puzzled about how all this will work. Which underlines the difficulty of AC offering such a market to retail investors - if people on this forum, who are presumably people who have taken an interest in P2P and how it works, are finding it difficult to figure out what it all means then what hope is there for a fair market to operate?
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ceejay
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Post by ceejay on Aug 7, 2020 16:31:47 GMT
I did have a question in my mind which I think I've answered by re-reading today's emails - I was wondering whether it would be possible to set several sell orders at different rates.
I think the answer must be "yes", since the first email refers to "You’ll also be able to keep track of any Withdrawal Instructions" ... so there is definitely something to be said for getting some early sell orders in at a range of rates with which you might be comfortable.
My guess is that the going rate will fluctuate quite a bit over the first few weeks, and there may be bargains to be had on both sides of the trade.
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rscal
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Post by rscal on Aug 7, 2020 17:45:45 GMT
I did have a question in my mind which I think I've answered by re-reading today's emails - I was wondering whether it would be possible to set several sell orders at different rates.I think the answer must be "yes", since the first email refers to "You’ll also be able to keep track of any Withdrawal Instructions" ... so there is definitely something to be said for getting some early sell orders in at a range of rates with which you might be comfortable. My guess is that the going rate will fluctuate quite a bit over the first few weeks, and there may be bargains to be had on both sides of the trade. You think so? Isn't it more likely you can only offer one chuck at a time just as you can only offer a single chunk in the MLA and not split your sales (but if you have ISA and Standard you have a second channel) ? This is effectively a single loan part (the QAA Market.)
Who would NOT want to be able to match and mix through a single account? But since that's not available with the mature MLA it wouldn't be implementable just in the QAA either.
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puddleduck
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Post by puddleduck on Aug 7, 2020 17:53:17 GMT
Is is my imagination or is there absolutely no benefit to 30 and 90 Day Access accounts holders?
Right now the only repayments we are getting are redemption, so I am assuming that is all we can re-direct into QAA rather than cash.
For example, I have a 'matured' 20k withdrawal from 30DAA access, timed at 6th April. I assume I can't move that 20k into QAA, and would only be able to move in whatever comes in via redemption. But as redemptions are a par, I can't see why anyone would re-direct into QAA to potentially discount rather than withdraw to cash account directly.
I must be missing something....?
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ceejay
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Post by ceejay on Aug 7, 2020 18:07:12 GMT
Is is my imagination or is there absolutely no benefit to 30 and 90 Day Access accounts holders? Right now the only repayments we are getting are redemption, so I am assuming that is all we can re-direct into QAA rather than cash. For example, I have a 'matured' 20k withdrawal from 30DAA access, timed at 6th April. I assume I can't move that 20k into QAA, and would only be able to move in whatever comes in via redemption. But as redemptions are a par, I can't see why anyone would re-direct into QAA to potentially discount rather than withdraw to cash account directly. I must be missing something....? What you are missing, I think , is that once your 30DAA/90DAA money has served its notice you will be able to move it to the QAA. "So, if you have funds that have served their notice period in the 30 Day or 90 Day Access Accounts and you want to take advantage of the discount facility, you'll need to move some or all of your funds into the QAA in order to offer loan holdings for sale at a discount." (from 1st email)
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 7, 2020 18:22:34 GMT
I did have a question in my mind which I think I've answered by re-reading today's emails - I was wondering whether it would be possible to set several sell orders at different rates.I think the answer must be "yes", since the first email refers to "You’ll also be able to keep track of any Withdrawal Instructions" ... so there is definitely something to be said for getting some early sell orders in at a range of rates with which you might be comfortable. My guess is that the going rate will fluctuate quite a bit over the first few weeks, and there may be bargains to be had on both sides of the trade. You think so? Isn't it more likely you can only offer one chuck at a time just as you can only offer a single chunk in the MLA and not split your sales (but if you have ISA and Standard you have a second channel) ? This is effectively a single loan part (the QAA Market.)
Who would NOT want to be able to match and mix through a single account? But since that's not available with the mature MLA it wouldn't be implementable just in the QAA either.
I wouldnt assume that the AA market is exactly the same as the MLA. The QAA market operates on FIFO basis, the MLA doesnt
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dead-money
Rocket to the Moon
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Post by dead-money on Aug 7, 2020 18:41:44 GMT
OK, So the bit which isn't clear for me is what about the 30D and 90D AA withdrawal requests, chris ?
Fine, these need to be transferred to the QAA to be able to apply a discount, but do they keep their place in the 'at par' queue after that transfer?
Say I have an 'at par' 90D withdrawal dated 23rd March, on transfer to QAA will it still be timestamped the same until I choose a discount level?
I'm assuming that after choosing my 20% discount it will be timestamped 12 August, but get out first due to the discount?
Or is it that, if you don't intend to sell at a discount you shouldn't transfer to QAA as you'd lose your place in the 'at par' queue?
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ceejay
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Post by ceejay on Aug 7, 2020 19:45:51 GMT
OK, So the bit which isn't clear for me is what about the 30D and 90D AA withdrawal requests, chris ?
Fine, these need to be transferred to the QAA to be able to apply a discount, but do they keep their place in the 'at par' queue after that transfer?
Say I have an 'at par' 90D withdrawal dated 23rd March, on transfer to QAA will it still be timestamped the same until I choose a discount level?
I'm assuming that after choosing my 20% discount it will be timestamped 12 August, but get out first due to the discount?
Or is it that, if you don't intend to sell at a discount you shouldn't transfer to QAA as you'd lose your place in the 'at par' queue?
Not sure why you'd want to transfer to the QAA, giving up a few slivers of interest, if you weren't going to make a discounted offer. A more pointy question might be about whether you can cancel only part of a current sell order, leaving the rest in its present place in the queue, and move the cancelled part to the QAA to be able to offer a discount on it. My reading of the mails says "no" but that could be wrong.
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Post by angel19 on Aug 7, 2020 20:53:28 GMT
OK, So the bit which isn't clear for me is what about the 30D and 90D AA withdrawal requests, chris ?
Fine, these need to be transferred to the QAA to be able to apply a discount, but do they keep their place in the 'at par' queue after that transfer?
Say I have an 'at par' 90D withdrawal dated 23rd March, on transfer to QAA will it still be timestamped the same until I choose a discount level?
I'm assuming that after choosing my 20% discount it will be timestamped 12 August, but get out first due to the discount?
Or is it that, if you don't intend to sell at a discount you shouldn't transfer to QAA as you'd lose your place in the 'at par' queue?
Not sure why you'd want to transfer to the QAA, giving up a few slivers of interest, if you weren't going to make a discounted offer. A more pointy question might be about whether you can cancel only part of a current sell order, leaving the rest in its present place in the queue, and move the cancelled part to the QAA to be able to offer a discount on it. My reading of the mails says "no" but that could be wrong. My reading, FWIW, is that moving the 30D or 90D withdrawal to QAA is treated as satisfying the original withdrawal request. You now get to either make a discounted request in the new secondary market, or make a new withdrawal request from the QAA on the primary (at par) market, or leave the money in the QAA. Agreed, why move if you plan to do anything but the first option and place a discounted withdrawal. I do not think you can cancel/change part of a current withdrawal order. It is all or nothing.
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dead-money
Rocket to the Moon
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Post by dead-money on Aug 7, 2020 23:11:43 GMT
Not sure why you'd want to transfer to the QAA, giving up a few slivers of interest, if you weren't going to make a discounted offer. A more pointy question might be about whether you can cancel only part of a current sell order, leaving the rest in its present place in the queue, and move the cancelled part to the QAA to be able to offer a discount on it. My reading of the mails says "no" but that could be wrong. My reading, FWIW, is that moving the 30D or 90D withdrawal to QAA is treated as satisfying the original withdrawal request. You now get to either make a discounted request in the new secondary market, or make a new withdrawal request from the QAA on the primary (at par) market, or leave the money in the QAA. Agreed, why move if you plan to do anything but the first option and place a discounted withdrawal. I do not think you can cancel/change part of a current withdrawal order. It is all or nothing. Yep, If you've got a holding in 90AA which has served it's notice period and you'd be willing to discount just some of it, I guess the withdrawal facility allows you to determine how much of the available holding you wish to transfer to QAA? You then offer a discount on that amount and the remainder remains in the at par withdrawal queue in 90AA?
That said, presumably everyone investing new money should buy into QAA at a discount and then transfer to 30D or 90D to gain a sliver of interest, as it would appear depositing directly into 30D or 90D wouldn't yield any discount as you can't offer these holdings for sale on the secondary market below par?
Also would new investors direct to 30D or 90D swap holdings with those looking to exit 30D or 90D at par? Or does it add additional money to the pot and buy up loan parts from MLA?
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cb25
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Post by cb25 on Aug 12, 2020 13:03:35 GMT
Looks as though Withdraw/Invest are now active on the Access Accounts. Marketplace instructions are now showing on my account
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SteveT
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Post by SteveT on Aug 12, 2020 13:09:41 GMT
scottassetz The first time I try to create a discounted Invest order in the live AA marketplace, I get a warning / error message at the top of the "Invest Funds" box saying "Expected amount to be a float" ?? Also getting the same error message when I try to create a discounted withdrawal order (QAA IFISA)
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rscal
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Post by rscal on Aug 12, 2020 13:10:59 GMT
Looks as though Withdraw/Invest are now active on the Access Accounts. Marketplace instructions are now showing on my account Received about £8 per £1 0k invested at 13.30 to kick things off (first payment since 2nd august) Thanks Ace for correction
Using my 'free' AA (30 DAA IFISA) with nothing in I see when I ener an amount it's offering 3% discount
...and 3% also on the QAA (I cancelled my smaller holding to check for any difference)
As usual one discounts to the sum required (or not ass maybe) i.e. to recieve £100 you invest £97 etc
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Post by Ace on Aug 12, 2020 13:13:21 GMT
Looks as though Withdraw/Invest are now active on the Access Accounts. Marketplace instructions are now showing on my account Received about £8 per £10k invested at 13.30 to kick things off (first payment since 2nd august) I presume that you meant £8 per £1k, as that's what I received.
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SteveT
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Post by SteveT on Aug 12, 2020 13:13:32 GMT
Appears best available discount is currently 3%, although 5% appeared briefly earlier ...
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