iRobot
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Post by iRobot on Aug 12, 2020 17:44:37 GMT
So it looks like we can see the discounts, but not the volumes. Would be certainly handy to know whether there's £1 available at a certain level, or £10k .. Best discount still at 7% at the moment btw. Just a pointer I've just had this on my screen at 18.19pm
So presumably you are holding something in excess of £1645 in the cash account? The problem is that as a buyer there's no way to see the whole market, only the bit of the market you can buy with your balance. (Actually, tagging dead-money - going back to this post, have you spotted anything?) As a seller, there's no way to see whether there's £10 in front of you at 5% discount or £100,000. All you know is that you need to increase your discount in order to sell immediately. If you place a sell instruction at 5% could you reasonably expect to sell in 1hr, 1 day or 1 month? You just don't know. As SteveT mentioned here, the requirement for a 'whole-of-market' overview has been highlighted to AC by the beta testers. I'm assuming AC will give some kind of update a some suitable point in the near future to report back in the Marketplace's adoption / utilisation. (Did we get a July Bulletin?) Maybe some comments in additional functionality and other tweaks / changes will be included. Or they may take the view that they've spent enough time / money on it already, and pretty much leave it 'as is'.
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iRobot
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Post by iRobot on Aug 12, 2020 17:51:31 GMT
Wouldn't it be fairer to sellers if it automatically showed the current best sell out rate as it automatically shows the current best buy rate for those investing? Poor show I think AC. Not really. If it immediately shows the discount option, and people perceive it as a nudge to take a capital loss, and then prices recover, people would complain that they were robbed. Whereas on the buying side, of course it will immediately display offers already available at a discount (which is better than the default option of investing at par) Agreed. IMV, what sellers need is a view on the market which shows how much would be ahead of them at each discount level. Sellers could then make a more informed decision as to whether sell now (at a larger discount) or join a queue and wait for a bit. They'd need to then see where they are in the queue as it, hopefully, progressed, but that shouldn't be a problem. In a nut-shell, AC need to increase functionality to match ABL's secondary market, imo.
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Post by Ton ⓉⓞⓃ on Aug 12, 2020 18:03:23 GMT
Yes, iRobot but it's my total in cash, the system offered that info first before I entered any figure at all, but I'm more of a seller overall until things are clearer with the covid-recession. But for a very good offer I might be a buyer. I was stuck for a while trying to cancel a £10 buy order, but it seemed to disappear when I pushed thru' an order in the opposite direction - after a refresh (F5), is this how others have cancelled a Buy order?
Edit - It disappeared as it was fulfilled quickly (Buy £10 at 8%!) it didn't seem to appear in the list of orders.
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dead-money
Rocket to the Moon
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Post by dead-money on Aug 12, 2020 18:24:13 GMT
Just a pointer I've just had this on my screen at 18.19pm
So presumably you are holding something in excess of £1645 in the cash account? The problem is that as a buyer there's no way to see the whole market, only the bit of the market you can buy with your balance. (Actually, tagging dead-money - going back to this post, have you spotted anything?) As a seller, there's no way to see whether there's £10 in front of you at 5% discount or £100,000. All you know is that you need to increase your discount in order to sell immediately. If you place a sell instruction at 5% could you reasonably expect to sell in 1hr, 1 day or 1 month? You just don't know. As SteveT mentioned here, the requirement for a 'whole-of-market' overview has been highlighted to AC by the beta testers. I'm assuming AC will give some kind of update a some suitable point in the near future to report back in the Marketplace's adoption / utilisation. (Did we get a July Bulletin?) Maybe some comments in additional functionality and other tweaks / changes will be included. Or they may take the view that they've spent enough time / money on it already, and pretty much leave it 'as is'.
Well as at 20:00 I've had no sellers at 15%, 14%, 13%, 12%, 11%, 10% or 9%. Have bought in at @ 8% & 7.5%
AC says you can sell out £4,000 at 7.9%, £10,000 at 8.3% or £15,000 @ 9.22%, so why hasn't my buy at 9% been matched?
Is there a bid / offer spread?
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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 12, 2020 18:29:08 GMT
Yes, iRobot but it's my total in cash, the system offered that info first before I enter any figure at all think, but I'm more of a seller overall until things are clearer with the covid-recession. But for a very good offer I might be a buyer. I was stuck for a while trying to cancel a £10 buy order, but it seemed to disappear when I pushed thru' an order in the opposite direction - after a refresh (F5), is this how others have cancelled a Buy order?
You can cancel unactioned instructions by clicking on the instruction in the list on your dashboard and then clicking cancel.
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Post by Ton ⓉⓞⓃ on Aug 12, 2020 18:29:49 GMT
Playing with Withdrawal, I've entered one for just £10 and I get the message saying, Which comes over as a bit of a push to sell at a discount as it seems like that's the only way, but I also know that I can wait for interest, repayments and refi's etc from Borrowers but the above message gives no indication of this to the average User. Some might complain when they realise.
Anyway, if I push on at 0.00% discount anyway I get,
Which doesn't really make sense as I'm withdrawing at 0.00%
I've refreshed and had this happen a couple of times now.
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Post by Ton ⓉⓞⓃ on Aug 12, 2020 18:36:59 GMT
Yes, iRobot but it's my total in cash, the system offered that info first before I enter any figure at all think, but I'm more of a seller overall until things are clearer with the covid-recession. But for a very good offer I might be a buyer. I was stuck for a while trying to cancel a £10 buy order, but it seemed to disappear when I pushed thru' an order in the opposite direction - after a refresh (F5), is this how others have cancelled a Buy order?
You can cancel unactioned instructions by clicking on the instruction in the list on your dashboard and then clicking cancel. Thanks (My bold above)
My Buys orders didn't appear in that list - refresh more might be the answer - (having said that it must've been in the middle of being processed.)
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p2pfan
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Full-Time Investor
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Post by p2pfan on Aug 12, 2020 18:39:08 GMT
I'm keen to know about par value withdrawals as well, as others have asked above. As AA account withdrawals seem to have settled at the 6 to 7% region now, does this mean that the only way we'll be able to get most of our money back (other than in tiny amounts) is by offering it at such a discount? Or will par value withdrawals still substantially redeem, albeit at a fairly slow rate?
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johni
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Post by johni on Aug 12, 2020 18:45:15 GMT
This is day 1 the mass scramble will be over by the weekend. It should settle down probably under 5% by next week slowly reducing as things improve. But if second wave and lockdown mark 2 who knows.
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Post by Ton ⓉⓞⓃ on Aug 12, 2020 18:49:01 GMT
This is day 1 the mass scramble will be over by the weekend. It should settle down probably under 5% by next week slowly reducing as things improve. But if second wave and lockdown mark 2 who knows.
I've laid down a Sell of £200 at 3% to test the waters.
If tomorrow I cancel the above Sell to get a few nice Buys in, and then later re-instate it will that affect my position in a Sell queue, if one exists with discount?
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dead-money
Rocket to the Moon
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Post by dead-money on Aug 12, 2020 19:37:51 GMT
Just a word of warning regarding the 30D & 90D notice account withdrawal process: chris
Dialog states:
"If you wish to apply a discount to your withdrawal instruction you will need cancel your current instruction and select the option to transfer some of all of your invested funds to the Quick Access Account."
There is no option to transfer 'some' of your funds, it's all or nothing. So typo or otherwise the dialog is incorrect.
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Post by Ace on Aug 12, 2020 19:42:00 GMT
Playing with Withdrawal, I've entered one for just £10 and I get the message saying, Which comes over as a bit of a push to sell at a discount as it seems like that's the only way, but I also know that I can wait for interest, repayments and refi's etc from Borrowers but the above message gives no indication of this to the average User. Some might complain when they realise.
Anyway, if I push on at 0.00% discount anyway I get,
Which doesn't really make sense as I'm withdrawing at 0.00%
I've refreshed and had this happen a couple of times now.
My bold. No its not just you. I got the same message when selling at par. It made me think that I had accidentally offered a discount.
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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 12, 2020 19:49:34 GMT
Just a note to any betas. Feedback & discussion is now public topic
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IFISAcava
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Post by IFISAcava on Aug 12, 2020 20:01:14 GMT
This is day 1 the mass scramble will be over by the weekend. It should settle down probably under 5% by next week slowly reducing as things improve. But if second wave and lockdown mark 2 who knows. I suspect it will settle down to a somewhat higher discount in order to sell. The loan book just isn't worth over 95% at a true mark-to-market price (just my opinion looking at how many loans are defaulted or in trouble).
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IFISAcava
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Post by IFISAcava on Aug 12, 2020 20:06:57 GMT
just to add another data point - I sold my (relatively small) holdings at a 3% discount - matched in about 5 minutes. Excellent deal for you, congrats
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