Contract Notes 📜


(Alex Sherwood) #1

Some of you will have seen a preview of these before but these are now live in the app too :tada:


#2

Small question - it says £29.30 for the total but 3 * 9.77 is £29.31.

Guessing the price per/share is rounded up?


Also Order ID 287, if this is what I think it is, it’s a bit leaky but :slight_smile:


(Ian) #3

Hey @saf - I spotted this too :slight_smile:

As you say - this comes from the share value being something close to 9.765 which rounds to 9.77 but gives £29.30 as the total.

The order ID is very leaky and will be changed prior to launch.

Thanks for the eagle eyes!


#4

Any plans on showing more decimals?

I recall a fair amount of interest for this in the Pricing UK securities thread.

Cool. Hope it doesn’t get replaced with a UUID * :see_no_evil:


*for anyone unfamiliar UUID’s, they look like 4d64dbba-69e3-4c4e-ac32-d887b5389e48


(Emma) #5

Beginners question, so UUID is very bad but what’s wrong with the order ID on the screen shot?


#6

UUID’s - I was talking about it from a aesthetics perspective, as they are long and ugly.

Incrementing ID’s - like the current Order ID is leaky and shows how many orders have been executed. As a business they may not want that.

Technically there’s upsides and downsides to them all but I’m going to leave it here.


(Ian) #7

fyi Share value will be to 4dp before we launch. Looks like the screenshot was from an earlier build.


(Vladislav Kozub) #8

Hey Ian, I am trying to think of how it will be presented, which could essentially lead to having 6-7 significant figures.

@JamesStorer, would you potentially consider something like 2dp and then further 2dp with a smaller font for the ease of understanding the price? Example:

image


(Justin T) #9

Timestamp not entirely accurate either?
LSE data suggests you traded at 16:00:09 perhaps?
Which is interesting as the bid/offer seemed to be 975.8-976.2 when the auto trade went through but 976-976.4 milliseconds later when another trade of the same value went through.
Curious to understand your best execution validation on this.
Assume it was executed electronically via your market maker network?
(also completely understand in this instance it makes not the first difference to anyone 976.4 or 9.77 but just curious)


(Alex Sherwood) #10

Like most brokers in the UK, we use the RSP network to make our trades so..

Non-order book trading

Private investors trade shares through stockbrokers. Brokers typically request prices from a number of market makers called RSPs who offer prices in “retail” (relatively small) sized volumes.

The price supplied to you by a broker is the best price they have been quoted by the RSPs they deal with. These, in turn, are based on the price available on the London Stock Exchange’s order books. Traditionally, you can only trade via your broker at the price supplied by an RSP and unexecuted limit orders are warehoused by the broker and not displayed to the entire market.

quote from the London Stock Echange’s website

When it comes to best execution, we’re required by the regulator to provide that for our users which means -

Best execution is a standard which takes into account a number of factors including price, certainty of settlement and speed. But fundamentally, it means we do our utmost to get you the best available price on the market at the time.

quote from this blog post

I hope that helps!


#11

Personally I’d go with the £ and p in the same size then smaller size for additional two decimal places. At least that’s what I suggested a little while ago. Just prefer the look the way you’ve shown the first one vlad.


(Donald Philp) #13

Awesome idea!