Voice trade comes with extra fees right, almost without exception?
Not always… but regulation around Best Execution sometimes has to be waived
… and then there’s Winterfloods… they don’t seem to be sitting on the book… but they will usually take anything… honestly, anything… they saved me numerous times… so I’m not knocking them. Far from it. Winterfloods are awesome. Voice trade with them.
Yeah…looking across the order books and Market Maker coverage of MOST of these assets there are some common factors… namely, limited market makers on book, mostly those FT unlikely to have an RSP relationship with (“likely” but not guaranteed of course)… HBRL, for example, not even Peel Hunt are quoting… and they sit on virtually every HSBC ETF book… but not HBRL.
These all leads to your orders going down the pipe and not hitting against many (if any) MMs… hence the order failure.
Of course. I’m speculating. But it seems plausible.
Do we know a reason for this market failure yet? I don’t know the regulations but I could imagine some sectors are being purposefully blocked because they fear a run on them? Is this possible?
Nope.
This is just wild prices and limited coverage
And of course if by “they” you mean FT then categorically no. That makes no sense.
The solution is a wider relationship network of MMs via the RSP gateway.
And/or set up a fall-over/back-up/emergency trading solution… something like Winner Trader from Winterfloods worked perfectly for me back in the day (many many years ago!). Any issues, got to web, get quote, execute order, plug the data in to your shiny new FT Back Office Order Management Trading Platform Thingy (or whatever it’s called, “Invest”, right?)
(I don’t work for Winterfloods by the way… I realise I’ve just bigged them up 3 times… but., honestly, no relationship with them anymore!!!)
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I just cant believe this is happening. Imagine if this was on a losing position and I would be shedding thousands of pounds every hour. This is the third day. Actually makes me sick thinking about it.
By chance is your position inside an ISA?
no actually
It is far from ideal but happens more than you would imagine. The dislocation early in March in the global bond markets is one such example.
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This is why we’ve seen limited universe expansion from FT.
You can’t blanketly set up every stock if you don’t have the capability to execute a trade in said stock.
Once set-up you need to monitor your ability to continue to execute that stock since Market Makers come and go on whims as it suits their business (other than those officially registered etc…etc… they are forced by contract to remain… but you can watch and see them drop off book every so often and not provide constant 2 way liquidity!!! naughty naughty!!)
“This” therefore, as @hrochfor1 said, happens more than you’d think. But you can mitigate it… if you know it can happen… yet many new brokers have been caught out. I got trapped with 2 competitors. I did it intentionally when US stocks went to OTC. Customer Service was mixed. It’s a evolutionary thing. A learning curve.
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Hiya, no I meant the exchange, thanks for your insight, very interesting
@finki is a similar thing happening for SGLN? I’m a bit surprised there’s issues, because I would have thought Gold would have enough volume to attract the market makers? Or are there other ETCs which are more popular? (RMAP for example?).
I’m not looking to change my allocation right now, but more concerned that this could happen again when I do want to move funds
It is frustrating when for the first time in months £sgln turns green for me but I can’t sell and move the cash into something else. The last time sgln broke it was out of action for about a week. I hope it isn’t like that this time.
A better message in the app would be welcome so I didn’t attempt to sell 50 times yesterday LOL… I nearly gave myself a blister 
, but I think FT are going to be making changes to the Rejected message which will also stop in-app messages to support.
SGLN has a virtually identical Market Maker list to all other less liquid ETCs. Peel Hunt the only ‘bigger’ /older name on the book.
Interestingly the trade book shows a lot of 1 and 2 share quantity trades going through the LSE. So some zero fee broker is able to execute even if FT are not. Weird times.
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What are the more liquid ETCs? Would be great to have those on FT
Yeah… just purchased SGLN on another platform… went through fine. Reinforces my previous theory somewhat.
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Anything commodity based ( hence the C in ETC)
Anything that sounds exotic or emerging or , often, physically backed… like you see today with metals
Or go to something like Morningstar… pull up a list by volume … some trade (literally) only £10k per day across maybe 3 trades. Extereme, but you get the point
Which platform did you use?
It may or may not have a numeric in the name
Also got a firm quote from the big Bristol boy and the Amsterdam Cheapy… but they will likely have a different RSP make up
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I’d like to offload my gold holdings today at a tidy profit so please get this fixed ASAP.