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Post by chris on Apr 1, 2014 14:42:11 GMT
It's after midday now so if anything goes wrong you can't be renamed Agnes Prilfool.  It's also getting a bit late in the day. Whilst we're actually ready to go live now I'd rather do so at the beginning of the day, so everything will be set live first thing tomorrow. That way we've got an entire day of being able to answer questions and monitor the system, making sure it's all going according to plan. Sorry to keep pushing it back.
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j
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Post by j on Apr 1, 2014 15:54:16 GMT
It's also getting a bit late in the day. Whilst we're actually ready to go live now I'd rather do so at the beginning of the day, so everything will be set live first thing tomorrow. That way we've got an entire day of being able to answer questions and monitor the system, making sure it's all going according to plan. Sorry to keep pushing it back. Rather push it back a few hours than have a major issue tonight which can't be monitored as easily
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mikes1531
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Post by mikes1531 on Apr 1, 2014 15:55:26 GMT
It's also getting a bit late in the day. Whilst we're actually ready to go live now I'd rather do so at the beginning of the day, so everything will be set live first thing tomorrow. That way we've got an entire day of being able to answer questions and monitor the system, making sure it's all going according to plan. Sorry to keep pushing it back. No problem from my point of view. Making a significant change to a 24/7 system just before quitting time is a recipe for disaster IMHO.
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Post by whitmanthecat on Apr 2, 2014 17:52:07 GMT
Does anyone know how soon the auto invest buys up the aftermarket units after someone lists them for sale?
Assuming we get to a balance where there is demand set for all aftermarket auctions and funds available from those in the AM queue, does this mean:
1. It's no longer worth checking the AM regularly for new units to diversify the portfolio, if the instant they are listed the auto invest would allocate them to those in the queue?
2. I would lose the ability to sell my units to a specific other user, that could theortically be done under the old system by the other person checking the AM the instant I listed my units for sale?
The latter might seem odd, but I have built up units in my own account, yet in the current pre-ISA world it would be more tax efficient for my wife to hold the units.
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Post by Ton ⓉⓞⓃ on Apr 2, 2014 18:03:35 GMT
Good question whitmanthecatAlso is it worth doing a bid of £20, are sales only in £100's or does it break the units up? What happens if you bid for £120? Just a general question, I normally bid in thousands not tens. |
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j
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Post by j on Apr 2, 2014 18:20:05 GMT
My understanding of the new AI feature for buying are that you go into a specific loan, list how much money you want to invest, say £200, once & if units are listed for sale, depending where you are in the queue on that loan, if it's your turn, the system buys it for you automatically. I don't think you need to worry how much will be bought regardless of how much cash you have in your account, as long as you set a maximum of £200 for that particular loan to buy. The only time that kicks in is if you have say £1000 cash, you only want £200 but you have not specified a definite figure of units to buy in the relevant AI section of that loan.
Feel free to correct me if I'm wrong
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j
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Post by j on Apr 2, 2014 18:21:38 GMT
Good question whitmanthecatAlso is it worth doing a bid of £20, are sales only in £100's or does it break the units up? What happens if you bid for £120? Just a general question, I normally bid in thousands not tens. I think if a unit of £100 cam up & you only input max of £20 for a loan, you'll miss out as AC cannot/do not split a unit into smaller denominations. chris can correct me on this if I'm wrong
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Post by chris on Apr 2, 2014 18:26:31 GMT
Good question whitmanthecatAlso is it worth doing a bid of £20, are sales only in £100's or does it break the units up? What happens if you bid for £120? Just a general question, I normally bid in thousands not tens. Loan units are, in general as it is configurable on a per loan basis, no greater than £100 in size. So a large bid is automatically split into multiple £100 chunks when the loan draws down. If you bid £120 you will get a £100 loan unit and a £20 loan unit. If you bid £102 then you get an £82 loan unit and a £20 loan unit. The smallest amount you can bid is £20 but you can bid anything you like above that, round numbers need not apply. In general £100 loan units don't seem to have an issue selling on the aftermarket so I don't think there's a great need to split them up further unless you don't want to bid that much.
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Post by chris on Apr 2, 2014 18:35:41 GMT
Does anyone know how soon the auto invest buys up the aftermarket units after someone lists them for sale? Assuming we get to a balance where there is demand set for all aftermarket auctions and funds available from those in the AM queue, does this mean: 1. It's no longer worth checking the AM regularly for new units to diversify the portfolio, if the instant they are listed the auto invest would allocate them to those in the queue? 2. I would lose the ability to sell my units to a specific other user, that could theortically be done under the old system by the other person checking the AM the instant I listed my units for sale? The latter might seem odd, but I have built up units in my own account, yet in the current pre-ISA world it would be more tax efficient for my wife to hold the units. For scalability reasons rather than simply running periodically we've spent a lot of time making the auto-invest system trigger based. So an event will happen, like money hits your account or a loan unit becomes available, and then the system checks to see if that should trigger anything to happen. In the event of you listing a loan unit for sale the system will then immediately check to see if anyone wants to buy it via auto-invest and whether they have enough money to do so. It checks in order of who has the least amount invested in the loan first, then sorted on who set up the auto-invest target first. This is liable to be changed as we'll need to make sure the system is balanced for all, but there's a large amount of suck it and see involved - our best guesses as to what is fair and reasonable may not work out as intended. If no one is ready to buy your loan unit then it will remain listed as currently. If someone who does want to buy then receives funds, such as from a loan repayment, then the system is again immediately triggered and will try to invest those funds, checking loans for which you've set up targets in the order of lowest percentage of that target that you currently have invested first, then preferring the loan with the highest absolute target where two are equal. If you need to transfer loan units between accounts this is something that the admin team can do for you if you contact them.
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Post by chris on Apr 2, 2014 18:36:47 GMT
Good question whitmanthecatAlso is it worth doing a bid of £20, are sales only in £100's or does it break the units up? What happens if you bid for £120? Just a general question, I normally bid in thousands not tens. I think if a unit of £100 cam up & you only input max of £20 for a loan, you'll miss out as AC cannot/do not split a unit into smaller denominations. chris can correct me on this if I'm wrong This is correct although once the FCA transition is out the way I have asked our compliance officer to investigate if / how we can legally split loan units up into smaller denominations.
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j
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Post by j on Apr 2, 2014 18:40:44 GMT
For scalability reasons rather than simply running periodically we've spent a lot of time making the auto-invest system trigger based. So an event will happen, like money hits your account or a loan unit becomes available, and then the system checks to see if that should trigger anything to happen. In the event of you listing a loan unit for sale the system will then immediately check to see if anyone wants to buy it via auto-invest and whether they have enough money to do so. It checks in order of who has the least amount invested in the loan first, then sorted on who set up the auto-invest target first. This is liable to be changed as we'll need to make sure the system is balanced for all, but there's a large amount of suck it and see involved - our best guesses as to what is fair and reasonable may not work out as intended. If no one is ready to buy your loan unit then it will remain listed as currently. If someone who does want to buy then receives funds, such as from a loan repayment, then the system is again immediately triggered and will try to invest those funds, checking loans for which you've set up targets in the order of lowest percentage of that target that you currently have invested first, then preferring the loan with the highest absolute target where two are equal. If you need to transfer loan units between accounts this is something that the admin team can do for you if you contact them. , in that case, if you have two buyers, one with £100 worth of units in loan A, another with £50, the latter will take precedence on any listed units due to having less of that loan in their account?
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Post by chris on Apr 2, 2014 18:42:44 GMT
j - currently yes. I'm not 100% happy with that but the intention is to make sure everyone can get at least something in the loan if it's hotly contested. As I say it is being watched carefully and if it's not working out as being particularly fair it will be changed.
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Post by Ton ⓉⓞⓃ on Apr 2, 2014 18:47:26 GMT
I notice that I was able to put up an AI bid on Auction 48 which I believe has been fully paid off. Just a comment for digestion.
IN EDIT, The AI bit of my account takes up a lot of screen, is there any way in the future if it can be collapsed into a single line? No hurry, no pressure.
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j
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Penguins are very misunderstood!
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Post by j on Apr 2, 2014 18:48:09 GMT
j - currently yes. I'm not 100% happy with that but the intention is to make sure everyone can get at least something in the loan if it's hotly contested. As I say it is being watched carefully and if it's not working out as being particularly fair it will be changed. It's difficult to reach a middle ground on this one. On one hand, it does seem fairer to distribute a loan amongst more members, on the other one member could have set their AI to buy 2-3 months before another member & ensured enough funds available for that specific reason for all that time, only to be usurped by the latter in a matter of hours.
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Post by chris on Apr 2, 2014 18:54:07 GMT
j - currently yes. I'm not 100% happy with that but the intention is to make sure everyone can get at least something in the loan if it's hotly contested. As I say it is being watched carefully and if it's not working out as being particularly fair it will be changed. It's difficult to reach a middle ground on this one. On one hand, it does seem fairer to distribute a loan amongst more members, on the other one member could have set their AI to buy 2-3 months before another member & ensured enough funds available for that specific reason for all that time, only to be usurped by the latter in a matter of hours. That's the difficulty. We need to look after the HNWs but don't want them to force out the little guy. At the moment some of the algorithms will probably end up favouring the HNWs whilst others will favour the little guys. Over time we'll try and find a common ground for all of them that works. Plus as loan volumes increase hopefully diversification will become much easier so investing in specific loans will become less critical to balancing your portfolio.
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