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Post by chris on Apr 30, 2014 13:05:19 GMT
I've just put two £20 units on the AM. And no doubt AI sprang into action immediately and sold them instantly. Does anyone know whether AI is smart enough to try to transfer sub-£100 parts to lenders who have a target set less than £100 above their current holding? If not, then it's likely that any small parts will go to the majority of lenders who are happy to accept £100 parts, and those trying to acquire less than £100 will have very little luck buying at all. AI isn't that smart yet which is partly why I'm so keen on being able to split loan units apart at will so that the issue disappears.
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acorn
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Post by acorn on Apr 30, 2014 13:56:51 GMT
Great, Chris....just what's needed! Congrats on the babe, BTW. Blink in the next 5 years and you will miss something amazing  |
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Post by chris on May 1, 2014 5:52:35 GMT
But you wish your total investment to be £300, so you enter that. If you then wanted to reduce your total investment to £200 you'd enter that figure rather than -£100. With giving the total you wish to invest it means the system doesn't need to keep updating that figure, so with your preference as the system bought loan units in that loan it would have to adjust your target figure to reflect the amount it still had to buy or sell. Until that screen shows "Existing Investment" and "Desired Investment" as two separate values, it's always going to be counter intuitive and will cause irritation to people who expect it to be. Also, I see a big fat green button with "SET NEW TARGET" on it and I expect it to pop up a dialog. Maybe because of the word "NEW" or maybe because it's in all caps. It just doesn't look like a confirmation button. Why not just call it "Save Changes" ? I also note that My Account/Auto Invest still doesn't have "existing investment" on it which is another usability fail. It does, doesn't it? Current Investment is listed above the target investment box on a specific loan. The reason for it not being "save changes" is that if you do not currently have a target the system is disabled, the target isn't £0 with a change being saved. There's a need to differentiate between activating the system and updating the existing target. I agree on the My Account / Auto Invest screen needing your existing investment listed on it. Will raise that with the front end team.
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Post by valerieb on May 1, 2014 8:59:54 GMT
Is there an obvious reason why people make multiple £20 bids on live loans? As I understand the system, if you make one bid of say £300 and later decide you want to sell £20 of it, then the system will allow you to do so.
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mikes1531
Member of DD Central
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Post by mikes1531 on May 1, 2014 12:04:39 GMT
Is there an obvious reason why people make multiple £20 bids on live loans? As I understand the system, if you make one bid of say £300 and later decide you want to sell £20 of it, then the system will allow you to do so. I don't believe it will. The £300 bid would be broken into three £100 parts, so it would be possible to sell £100, but not less. In light of that, the bidding technique I don't understand is people who place multiple £100 bids.
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Post by Ton ⓉⓞⓃ on May 1, 2014 17:58:05 GMT
Is there an obvious reason why people make multiple £20 bids on live loans? As I understand the system, if you make one bid of say £300 and later decide you want to sell £20 of it, then the system will allow you to do so. I think at the moment you can sell a £120 unit it gets broken into a £20 and a £100, maybe it's possible then to rush to the AM and buy back the part you want to keep before AI wakes and sells it to someone else. I've never done this tho' it might be interesting to see if it can be done... I think Chris is saying to AC that he would like the system to work the way you're saying, so it might change to that or something similar if Chris gets his way. I imagine if that gets agreed/complianced they might aswell drop the minimum bid to £10. I don't feel the min. bid size change is necessary personally.
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Post by chris on May 2, 2014 9:00:43 GMT
Currently you cannot break a loan unit into multiple parts, but large bids are automatically broken into £100 loan units. If you *bid* £120 you'll get a £100 loan unit and a £20 loan unit that can then be sold.
We have preliminary approval from our compliance officer for breaking loan units apart at will, although the exact mechanism and audit trail required are still being discussed. So hopefully in a few weeks time you'd be able to have a £10,000 loan unit and sell it on the aftermarket with individual lenders taking the chunks they want from it. This does away with the need for automatic splitting of bids, and I think the only limitation we'd need to impose would be that a loan unit couldn't be split so that it left a chunk less than £10 or £20. We calculate interest to 20 decimal places so I'm not worried about rounding errors, more the cumulative effects of holding many small loan units can bring due to fluctuations of up to 1p per month per loan unit, with up to 1p of interest being lost over the term of the loan. This is because we cannot pay out a fraction of a penny.
Hmm... perhaps we need to do away with the notion that use balances are always held with 1p resolution and made the entire system 20dp throughout, only worrying about pennies when transferring funds in or out... Needs more thought.
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acorn
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Post by acorn on May 2, 2014 9:13:18 GMT
Now this little acorn will be able to grow...that old ad. springs to mind....I want to be a tree!!  |
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