Sorry if i misunderstood, I was addressing the counterparty risk - i.e. the risk of our default / insolvency.
You are right that there are some differences in liquidity dynamics. If we were to become insolvent, one share would need to be sold and the proceeds distributed pro-rata to customers - so if you held 5.2 shares at that point, you would receive 5 shares back plus 20% of the proceeds from selling 1 share. There will be proper explanation and disclosures closer to launch, but to be clear, this will all be held in the nominee company as client assets.
Regarding liquidity when you send your order, we will share information on how this will work later, but we will not be under pressure because of market conditions on a stock. We will not be running inventory that we need to hedge, have short positions etc, nor are we trying to make money as a market maker. We will simply be facilitating the fractional investment by customers.
Finally, on choice between fractional and whole shares, the functional aspects are still be worked on so we’ll have more detail on this in due course