Holts wrote:So , have written to Selftrade now , who will no doubt go into denial .
Please report back, if they reply
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Holts wrote:So , have written to Selftrade now , who will no doubt go into denial .
Holts wrote:........ and you can trade them online .
the brokers / market makers for this security were unable to settle the trades.
bruncher wrote:the brokers / market makers for this security were unable to settle the trades.
Please can someone explain what the reasons for this might be, and why Skipton would not be able/willing to solve the issue?
The PIBS were unable to be electronically matched in CREST due to the market-makers trading these securities at face amount (i.e. one PIB has a notional amount of £1) which differs from what the registrar are able to correctly record (i.e. one PIB has a notional amount of £1000). This meant that brokers could have potentially been left with unsettled positions. Our registrar was in touch with the London Stock Exchange and Euroclear (CREST) regarding this and their solution was to withdraw the PIBS from trading in CREST.
hiriskpaul wrote:As I have mentioned before I have never had a problem trading these online at HL. Current quote to buy/sell 10k nominal 202.25/200.01.
MickR wrote:hiriskpaul wrote:As I have mentioned before I have never had a problem trading these online at HL. Current quote to buy/sell 10k nominal 202.25/200.01.
thanks Paul
is it definitely £10k nominal HL states minimum initial investment of £1k
The minimum quantity this stock can be dealt in is 1000.00 units increasing in increments of 1000.00 units thereafter.
The Skipton 12.875% Permanent Interest Bearing Shares are not held in CREST as they are traded in certification form. However it is our dealing system that trades in the certificates, not you as a client. Therefore if you were looking to deal in this holding you can still do so either online or over the phone at our standard dealing rates.
hiriskpaul wrote:Reply from HL:The Skipton 12.875% Permanent Interest Bearing Shares are not held in CREST as they are traded in certification form. However it is our dealing system that trades in the certificates, not you as a client. Therefore if you were looking to deal in this holding you can still do so either online or over the phone at our standard dealing rates.
So I was wrong. In the past I have been told that HL only allow trading in bonds that are held in CREST. PIBS of course are not bonds, but I am surprised they allow on-line trading in these.
bruncher wrote:Am I the only Fool interested in solving this?
Does anyone have any ideas about next steps?
Wizard wrote:bruncher wrote:Am I the only Fool interested in solving this?
Does anyone have any ideas about next steps?
It seems SelfTrade do not allow trading online in them, but HL do. I use HL so if I did want to buy them I could, so there is nothing to fix for me.
Do you know how many other brokers align with SelfTrade?
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