Has anyone done a broker to broker transfer of stocks before

[HBFS]

I'm feeling a little anxious about the timescale for doing a broker to broker transfer of stocks. They're all held electronically in a nominee account (HSBC) and will be transfered to my Barclays account.

I'm just wondering what peoples experiences of this process are.
I've been told 6-8 weeks is the norm.

I'm mainly curious as to how long it takes and whether people have found their shares to be illiquid at any point.
Also if you had several different stocks, would they transfer at the same time?

They're all AIM and in fairly low volume.
TIA

[jfbrin]

If they are held by your bank in a Crest account, the transfer process itself is very quick. It is an electronic transfer so a value date is agreed between the two banks' admin offices and the transfer is done. How quick they are at arranging that transfer depends on their workload etc but it is not a difficult process. If both parties were on the ball, it could be done in less than a week but allow two.

If on the other hand your shares are certificated and held in physical form, that process involves transfer forms and Registrars which will take a few weeks.

Instructions should be clear. You need a contact name and number in the correct department at the transferee bank to give to your bank which will save time.

JB

[cannedheat]

HBFS said:

I'm feeling a little anxious about the timescale for doing a broker to broker transfer of stocks. They're all held electronically in a nominee account (HSBC) and will be transfered to my Barclays account.

I'm just wondering what peoples experiences of this process are.
I've been told 6-8 weeks is the norm.

I'm mainly curious as to how long it takes and whether people have found their shares to be illiquid at any point.
Also if you had several different stocks, would they transfer at the same time?

They're all AIM and in fairly low volume.
TIA

The guys doing your stock transfer out sit on the floor below me.

As already mentioned, it's a pretty straight forward process - just depends on team workloads. I'll nip down tomorrow if you like and find out their current timescales...

[HBFS]

That would be very much appreciated, thank you!

[cannedheat]

Had a word with the team today.

No backlogs or delays at our end but the process is dependant on both parties so can't comment on behalf of Barclays.

If things are taking too long for your liking let me know and I'll get things hurried up.

[HBFS]

Excellent, thank you.
I had a word with Barcs today and they said they'd received the documents and opened the case file. They still said 6-8 weeks though.

I'll give HSBC a call in a couple of days and see if Barcs have initiated the process.

[louiebaby]

We trade some stock directly from one back office to another back office. The settlement times for German stock is 2 working days and the rest of Europe is 3 days. I'm not sure about British stuff but it should be similar.

The time scale you're discussing is likely to be down to the process of opening accounts, checking credit scores and all that rubbish. I suspect once this is in place, repeat business should be a lot more simple and straight forward.

Getting the accounts set up and so on is a little bit like buying a house, some parts you can get pushed through if you just nag your way to front of their conciousness, others take a fixed time to come back.

Good luck...