mikeh
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Post by mikeh on Apr 6, 2016 19:38:20 GMT
Smart move! Presumably they're not automatically matched then?
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SteveT
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Post by SteveT on Apr 6, 2016 20:18:23 GMT
They're supposed to be!
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Post by ablrateandy on Apr 6, 2016 20:25:48 GMT
No. There isn't an auto match and that does (very occasionally) happen.
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mikeh
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Post by mikeh on Apr 6, 2016 20:34:34 GMT
That's what I thought but I think the following FAQ is easily misinterpreted.
Do I have to accept a bid or offer manually or is it automated?
All bids and offers in the Secondary Market are live trades. So if you have placed a bid for a loan a lender can click to sell you their loans for all, or some, of your bid at the price you have set. There is no approval process after you have placed your bid.
The same is the case for offers. If you are offering your loans to other lenders they can automatically buy them at the price you have set.
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Post by ablrateandy on Apr 6, 2016 21:06:35 GMT
Ah yes. That could be a bit ambiguous. I have to trundle through the FAQs at some point and will re-write it.
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SteveT
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Post by SteveT on Apr 7, 2016 6:39:38 GMT
No. There isn't an auto match and that does (very occasionally) happen. You learn something every day on this forum!
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Post by ablrateandy on Apr 7, 2016 8:04:46 GMT
It's intentional for two reasons just faod. First, it makes it less likely that errors will occur and secondly we can process trades through without touching the database.
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daveb4
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Post by daveb4 on Jul 10, 2016 13:38:00 GMT
If you are selling a loan I presume you still earn interest until it is sold?
Thanks for any help
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Post by ablrateandy on Jul 10, 2016 14:40:50 GMT
Yes indeed.
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jnm21
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Post by jnm21 on Aug 7, 2016 18:14:30 GMT
I'm possibly being a bit slow this evening, but the SM for the SE*B amortizing loan shows the best Offer at 99% (12.499% AER) and the best Bid at 100% (11.571% AER). Why hasn't the (much smaller) Bid been satisfied from the Offer (or from the 2 Offers at 100% for that matter)? [Unless all were posted by the same lender, but that would seem strange!] Thanks for the tip SteveT ! I've sorted that - bought at 99 and sold to the other one at 100 3 satisfied parties, especially me Trying to learn about Ablrate, so can I ask did jfm just make a quick buck there? Buying at a discount & selling on par (apologies if I get the lingo wrong - please do tell me)? Bit like seeing an item for £99 on ebay & a wanted add at £100 on gumtree, but where the quantities/prices involved make it worthwhile getting in the middle?
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Post by ablrateandy on Aug 7, 2016 19:05:17 GMT
Yes he did. It doesn't happen often - only if someone doesn't check before putting up a price. I don't think I've ever seen it again. Not unusual to see someone with the best bid and offer buying and selling for a slight margin in a period of minutes though.
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jfm
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Post by jfm on Aug 8, 2016 19:13:55 GMT
Yes indeed, but it was only a £100 piece, so don't count on making a fortune from arbitrage... But it was worth it for the fun especially nicking it from under SteveT s nose.
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SteveT
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Post by SteveT on Aug 8, 2016 19:28:10 GMT
Not my finest hour, but you live and learn!
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Neil_P2PBlog
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Use @p2pblog to tag me :-)
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Post by Neil_P2PBlog on Aug 8, 2016 20:30:01 GMT
What to do if you are evil (/perhaps criminal?) and you are desperate to sell your loan part:
0) You already have the most discounted sale price (you are desperate to sell) - e.g. £1000 @ 99.5 1) You put a buy order for a similar amount but slightly higher - e.g. £1000 @ 99.6 2) You choose a popular time and sit there refreshing the page 3) Someone comes along, spots the arb and buys your £1000 @ 99.5 - they hope to make a quick £10 profit. 4) You see you've sold your loan part so you quickly cancel your buy at 99.6
Note that in practice the person in (3) may complain and request your account blocked!
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Post by ablrateandy on Aug 8, 2016 20:34:28 GMT
Also note that that would be illegal nowadays
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