I have been following the price of various PIBS in the last few weeks with Interactive Investor. Up until the last few days there has been no confusion at all in the dealing prices and sizes. When I made a preview trade of Skipton 12.875% (SKIP) for example, when I tried to buy 1,000 units the preview trade showed “buying 1,000 at £2.10” at a total cost of £2,100.
In the last few days however whenever I make a preview trade to buy 1,000 SKIP, the preview trade shows “buying 1,000 at £210” at a total cost of £210,000 ! The same thing is happening with other PIBS such as Coventry.
I understand that there is a minimum buying size of 1,000 units with PIBS but this does not seem to make any sense at all. The price of the PIBS seems to have just changed from £2.10 to £210. A multiple of 100.
Does anyone know if anything has changed recently in the dealing prices or sizes of PIBS such as Skipton ? Is the correct price still £2.10 with a minimum buying size of 1,000 ?
I am assuming that this is just an error with the prices being displayed by Interactive Investor. And needless to say I did not buy at £210 when the correct price was £2.10
But if I had by chance pressed “buy” in error, would I have been responsible for the “loss” or would the broker or market maker have reimbursed me for the loss ?
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PIBS - dealing prices and sizes
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- Lemon Quarter
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Re: PIBS - dealing prices and sizes
Tara wrote:I have been following the price of various PIBS in the last few weeks with Interactive Investor. Up until the last few days there has been no confusion at all in the dealing prices and sizes. When I made a preview trade of Skipton 12.875% (SKIP) for example, when I tried to buy 1,000 units the preview trade showed “buying 1,000 at £2.10” at a total cost of £2,100.
In the last few days however whenever I make a preview trade to buy 1,000 SKIP, the preview trade shows “buying 1,000 at £210” at a total cost of £210,000 ! The same thing is happening with other PIBS such as Coventry.
I understand that there is a minimum buying size of 1,000 units with PIBS but this does not seem to make any sense at all. The price of the PIBS seems to have just changed from £2.10 to £210. A multiple of 100.
Does anyone know if anything has changed recently in the dealing prices or sizes of PIBS such as Skipton ? Is the correct price still £2.10 with a minimum buying size of 1,000 ?
I am assuming that this is just an error with the prices being displayed by Interactive Investor. And needless to say I did not buy at £210 when the correct price was £2.10
But if I had by chance pressed “buy” in error, would I have been responsible for the “loss” or would the broker or market maker have reimbursed me for the loss ?
You don't say which broker you used. You first port of call is to the broker to ask them what is going on. It's close to certain that nothing has happened to the security itself. If a clear error is made in the pricing of a trade the order will be reversed without any loss to either party. (They would be back in the position they were before the trade.) Normally your counterparty would notice the error, especially if it's in your favour, but you'd be well advised to let your broker know immediately you spot such an error. Unnecessary delay would be viewed very dimly, especially if the error is not huge.
GS
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Re: PIBS - dealing prices and sizes
GoSeigen wrote:Tara wrote:I have been following the price of various PIBS in the last few weeks with Interactive Investor. Up until the last few days there has been no confusion at all in the dealing prices and sizes. When I made a preview trade of Skipton 12.875% (SKIP) for example, when I tried to buy 1,000 units the preview trade showed “buying 1,000 at £2.10” at a total cost of £2,100.
In the last few days however whenever I make a preview trade to buy 1,000 SKIP, the preview trade shows “buying 1,000 at £210” at a total cost of £210,000 ! The same thing is happening with other PIBS such as Coventry.
I understand that there is a minimum buying size of 1,000 units with PIBS but this does not seem to make any sense at all. The price of the PIBS seems to have just changed from £2.10 to £210. A multiple of 100.
Does anyone know if anything has changed recently in the dealing prices or sizes of PIBS such as Skipton ? Is the correct price still £2.10 with a minimum buying size of 1,000 ?
I am assuming that this is just an error with the prices being displayed by Interactive Investor. And needless to say I did not buy at £210 when the correct price was £2.10
But if I had by chance pressed “buy” in error, would I have been responsible for the “loss” or would the broker or market maker have reimbursed me for the loss ?
You don't say which broker you used. You first port of call is to the broker to ask them what is going on. It's close to certain that nothing has happened to the security itself. If a clear error is made in the pricing of a trade the order will be reversed without any loss to either party. (They would be back in the position they were before the trade.) Normally your counterparty would notice the error, especially if it's in your favour, but you'd be well advised to let your broker know immediately you spot such an error. Unnecessary delay would be viewed very dimly, especially if the error is not huge.
GS
It is Interactive Investor.
What buying prices are others seeing with their broker for Skipton 12.875% ? I assume it is about £2.10 ?
Has anyone else seen these PIBS such as Skipton and Coventry being sold at a price over £200 or is it just something that is happening with Interactive Investor ?
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- 2 Lemon pips
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Re: PIBS - dealing prices and sizes
My wife held £3000 nominal of these a while back
When they were purchased she had them in certificated form and the certificate show them as being 3 shares each of £1000 nominal
The contract note for buyingthem said 3,000 shares
The twice yearly dividend slips said 3 shares
When sold the contract note said 3,000 shares
Only way to be sure when you want to trade is to do what others suggest - talk to your broker !
Woz
When they were purchased she had them in certificated form and the certificate show them as being 3 shares each of £1000 nominal
The contract note for buyingthem said 3,000 shares
The twice yearly dividend slips said 3 shares
When sold the contract note said 3,000 shares
Only way to be sure when you want to trade is to do what others suggest - talk to your broker !
Woz
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Re: PIBS - dealing prices and sizes
That at least makes some sense because it is a multiple of 1,000.
If the buying price for each share had been £2,100 and I had received 1 share, then it would have been the equivalent of 1,000 shares at £2.10.
The strange thing is that the buying price for each share was £210.
I will certainly contact the broker before I decide to buy anything.
If the buying price for each share had been £2,100 and I had received 1 share, then it would have been the equivalent of 1,000 shares at £2.10.
The strange thing is that the buying price for each share was £210.
I will certainly contact the broker before I decide to buy anything.
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- Lemon Quarter
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Re: PIBS - dealing prices and sizes
I understand that there is a minimum buying size of 1,000 units with PIBS
Is this the case with all PIBS?
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Re: PIBS - dealing prices and sizes
At least you are getting a quote. As I reported previously Barclays SmartInvestor will not deal in PIBs or Reatil Bonds.
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Re: PIBS - dealing prices and sizes
Most PIBS do deal in minimum sizes of £1000 nominal but there are some which deal at considerably higher - up to £100k
See the table in the link below:
https://www.fixedincomeinvestments.co.u ... le-prices/
No idea how up to date the info is, so please DYOR.
See the table in the link below:
https://www.fixedincomeinvestments.co.u ... le-prices/
No idea how up to date the info is, so please DYOR.
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