locutus
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Post by locutus on Aug 11, 2015 14:33:17 GMT
Isn't this just a more extreme example of what was reported here where westonkevRS said The official IT investigation has completed. .......... This case an unfortunate sequence of events has resulted in this outcome. It has not happened before. There is an IT change planned so this will not happen again. There is nothing wrong with the “matching algorithm”. That is a timeout/ display issue on large loans, that obviously hasn't been fixed, and is occurring again! Actually I'd observed it before, but decided not to comment at the time as I did not take notes (or screenshots) and so could not 'prove' it. That issue was slightly different but still relates to market transparency. I was the person who raised it last time and it was never really resolved so I just gave up. I don't agree that Kev was correct to state that it had not happened before as RS weren't even aware that it had happened that time until it was reported. How would they even know if it had happened before. Also, if there was nothing wrong with the matching algorithm, why was a fix issued? Exactly what the fix was and what it was supposed to fix were never made clear. I even stated another thread about transparency here which went nowhere: p2pindependentforum.com/thread/3021/market-transparencyMatching seems to be a black box at the moment and has to be taken on faith. It would be better for everyone if more granular matching and reporting were introduced.
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ikorodu
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Post by ikorodu on Aug 11, 2015 15:04:57 GMT
Something very odd happening. My 5.5% money in the 3 year market has been sat there since yesterday, yet the most recent match is reported as being for 5.6% at 15:47 today. Surely the 5.5% should match before 5.6%?
All this odd behaviour seems to have happened since the Your Rate function was changed. Is it all coincidence?
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ashtondav
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Post by ashtondav on Aug 11, 2015 15:09:23 GMT
Could the 5.5% slug have been allocated, rejected and then credited after the 5.6% slug went.
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teddy
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Post by teddy on Aug 11, 2015 15:50:12 GMT
deleted
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locutus
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Post by locutus on Aug 11, 2015 16:35:56 GMT
Something very odd happening. My 5.5% money in the 3 year market has been sat there since yesterday, yet the most recent match is reported as being for 5.6% at 15:47 today. Surely the 5.5% should match before 5.6%? All this odd behaviour seems to have happened since the Your Rate function was changed. Is it all coincidence? This has happened to me a couple of times that I'm aware of.
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gnasher
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Post by gnasher on Aug 12, 2015 5:00:08 GMT
I wonder if RS are happy with this strange market that they have now created! They should certainly not be because it now seems very confusing and unpredictable. I thought they wanted simple, transparent and boring. Not sure of all the reasons I can only assume it is a combination of : - The change in YR functionality coupled with inattentive/silly lenders leaving their YR at something well below what they could get
- Large number of lenders who are simply confused by the workings of this market and are led by the artificially low rates appearing following the repayment run into putting new money on at well below a rate they could achieve; while other savvy lenders hang around and get much better rates.
- No link whatever between risk and reward, higher rates are simply a factor of timing, not risk. With a stable, simple predictable market as it once was, this was not a problem. Now with rates bobbing up and down by up to 1% within 24 hours is has become a lottery. Is that what RS wanted?
I like the RS model of hidden borrowers, zero DD, PF protection etc. I now have a substantial amount invested here. I recognise that the only risk to my money is platform risk. I therefore want RS to be successful and stable. I am far from certain that things are going in the right direction at present.
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morris
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Post by morris on Aug 12, 2015 5:31:20 GMT
Yesterday I had some money in the 3 year market at 5.4%. A borrower comes along at 5.6% and doesn't take my money. I altered my desired rate UP to 5.6 and it is instantly taken. Why do I have to monitor the market and move the rate up before it is accepted.
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gnasher
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Post by gnasher on Aug 12, 2015 5:58:45 GMT
Yesterday I had some money in the 3 year market at 5.4%. A borrower comes along at 5.6% and doesn't take my money. I altered my desired rate UP to 5.6 and it is instantly taken. Why do I have to monitor the market and move the rate up before it is accepted. Gosh! Clearly the matching algorithm is broken, or else RS needs to explain how and why it works like it does (.... and that could be a challange!). Less than 24hrs later it is now 4.9%. Anyone fancy a punt in this lottery?
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Post by closetotheedge on Aug 12, 2015 6:01:45 GMT
I wonder if RS are happy with this strange market that they have now created! They should certainly not be because it now seems very confusing and unpredictable. I thought they wanted simple, transparent and boring. Not sure of all the reasons I can only assume it is a combination of : - The change in YR functionality coupled with inattentive/silly lenders leaving their YR at something well below what they could get
- Large number of lenders who are simply confused by the workings of this market and are led by the artificially low rates appearing following the repayment run into putting new money on at well below a rate they could achieve; while other savvy lenders hang around and get much better rates.
- No link whatever between risk and reward, higher rates are simply a factor of timing, not risk. With a stable, simple predictable market as it once was, this was not a problem. Now with rates bobbing up and down by up to 1% within 24 hours is has become a lottery. Is that what RS wanted?
I like the RS model of hidden borrowers, zero DD, PF protection etc. I now have a substantial amount invested here. I recognise that the only risk to my money is platform risk. I therefore want RS to be successful and stable. I am far from certain that things are going in the right direction at present.
I agree with all of the above. Through the loss of anywhere else to put maturing ISA accounts my investment in RS is now quite chunky and I would like RS to be the boring predictable choice that gives confidence and reliability.
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oldgrumpy
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Post by oldgrumpy on Aug 12, 2015 6:48:13 GMT
I will certainly not use Market Rate. Before recent changes, Market Rate could be relied on to choose a rate close to the best substantial offers prevailing (ignoring the tiny outliers). By using "Your Rate" (which Kevin did not recommend) I could usually get 0.1-0.2% better by waiting until later in the day, even better if I waited until Thursday/Fridays. Today, Market rate has been dumped at 4.9% in 3 year despite the fact that there is only c£4500 on offer at 5.0 to 5.4%, and any person prepared to wait until later today would probably place money at 5.5% (which is what I would do, except that I have gone just a bit higher temporarily).
Contrarily, the Market rate for 5 year seems to be 6.0%*, rather than 5.7% (where there is over £30K on offer), or 5.5% (£20k on offer) with various oddsnsods down to 5.0%. Yesterday Market Rate was 5.7%.
I note also that there are no borrower offers (What? NONE left over from yesterday's activity?).
Will we, in the next hour, see £150K of borrower "offers" appear at 4.8% (3r) or 5.1-5.2% (5yr) rather than matching real lender offers? (edit: yes, here they come, 4.6% and 5.3%!)
*Ratetrends reports today's MR as 5.5%, but there's hardly anything gone in there this morning, 37 offers totalling around £20K (is that all?), as opposed to 416 offers at 6.0% £138K.
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teddy
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Post by teddy on Aug 12, 2015 9:07:49 GMT
Does anyone know why the headline lending rate in the 1 yr market is being advertised at 4.5%, when there are no borrowers, and lenders money is sitting at 3.4%?
Not the first time recently either.
It seems RS no longer has any idea what it's doing, or how what they've done to the matching algorithm is utterly buggering up the platform.
Permanent drawdown everyone, that'll teach 'em. It wasn't broken before RS "fixed" it.
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locutus
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Post by locutus on Aug 12, 2015 12:11:01 GMT
Strange times. Again, this is indicative of a very inefficient market.
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teddy
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Post by teddy on Aug 12, 2015 13:10:44 GMT
I wonder where Kev's gone? . . . . .
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Post by contangoandcash on Aug 12, 2015 13:39:12 GMT
Just saw the monthly is same as 1 year rate and immediately came here... seems I missed the really wacky action. 5% ! Can't help but feel the UI needs a bit of an overhaul, with much more in the way of helpful data, charts all easily at hand when making offers. It just feels like 90% of the market currently do not get best execution on it's trades, that's not a pretty place to be.
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teddy
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Post by teddy on Aug 12, 2015 13:55:01 GMT
That last matched rates box is a load of BS lately. I doubt very much that anything of any note was matched at 5% in the monthly market. I logged in a little while ago, and the monthly headline rate in that box was 4.7%, but there were still no borrowers asking for much above 3%.
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