Sharedealing speed
Discussion
I sold a chunk of shares at about 5.30pm on Thursday (First Direct Sharedealing). Then I realised that there are no working days left before the new FY.
Do share sales go through automatically or does it need an office to be open somewhere? If I look on-line the shares are still showing as if nothing has happened. When I click 'Sell' it says 'Sorry, we are unable to display a live price online. Please try again or call customer services if you require an up to date price'. If I click 'Preview Order' the page says 'Page currently unavailable. You have double clicked the button, hence your second request has not been completed.(12).'
Obviously as it's Easter BH I can't call them. There is no sign that the trade has been accepted, nor an e-mail, which seems surprising.
Assuming it is in the pipeline and delayed until 6 April, I believe it's the time of instruction that counts for tax purposes not the actual trade, is that right?
Do share sales go through automatically or does it need an office to be open somewhere? If I look on-line the shares are still showing as if nothing has happened. When I click 'Sell' it says 'Sorry, we are unable to display a live price online. Please try again or call customer services if you require an up to date price'. If I click 'Preview Order' the page says 'Page currently unavailable. You have double clicked the button, hence your second request has not been completed.(12).'
Obviously as it's Easter BH I can't call them. There is no sign that the trade has been accepted, nor an e-mail, which seems surprising.
Assuming it is in the pipeline and delayed until 6 April, I believe it's the time of instruction that counts for tax purposes not the actual trade, is that right?
Simpo Two said:
Seems to me the share dealing industry could learn something from Amazon.
If it was UK shares that you placed an order in the market was closed. Absolutely nothing to do with the First Direct Sharedealing office being closed for the bank holiday, everything to do with the fact the UK market trading hours are 8:00-16:30.
If you were trying to dispose of the shares during the 2020-21 tax year you'll need to do a private, off market trade and find a buyer this weekend.
MisterJD said:
Absolutely nothing to do with the First Direct Sharedealing office being closed for the bank holiday, everything to do with the fact the UK market trading hours are 8:00-16:30.
If you were trying to dispose of the shares during the 2020-21 tax year you'll need to do a private, off market trade and find a buyer this weekend.
Thanks - how would one do that?If you were trying to dispose of the shares during the 2020-21 tax year you'll need to do a private, off market trade and find a buyer this weekend.
Closing at 4.30pm indeed - it's like Walmington-on-Sea! Don't they know there's an internet on?
Simpo Two said:
Thanks - how would one do that?
Closing at 4.30pm indeed - it's like Walmington-on-Sea! Don't they know there's an internet on?
Oh come on if the markets didn't close those poor traders wouldn't ever have any time off. Do you know they sometimes have to go to work on Saturdays? Thanks to some brave newbies they might be getting the day off in the future.Closing at 4.30pm indeed - it's like Walmington-on-Sea! Don't they know there's an internet on?
Skyedriver said:
UK shares we are presuming?
Not US?
UKNot US?
Mankers said:
Jesus, share ‘Trading’ and doesn’t know about trading venue operating hours....what could possibly go wrong!
I'm hardly a 'trader' - I bought these six years ago!The anomaly remains that I can buy anything I want on a weekend or Bank Holiday - a coffee-maker, a garden shed, a cuddly toy - but not shares, which still need people in offices who go home at 4.30pm.
I'm also surprised that no auto-acknowledgement arrived, nor any kind of screen or pop-up that confirmed the order. Perhaps I'll get a letter in a month or two...
Simpo Two said:
The anomaly remains that I can buy anything I want on a weekend or Bank Holiday - a coffee-maker, a garden shed, a cuddly toy - but not shares, which still need people in offices who go home at 4.30pm.
All of the things you listed are bought from a "stock" of goods sitting waiting to be sold.Buying shares is more like buying a car on ebay. It's not just a question of deciding what you want to buy - you have to find a willing seller and agree a price.
With shares you either sell through the market (like selling a car on ebay) or sell privately (like selling your car to the next door neighbour for cash on Christmas Day).
They genuinely are different situations. Once shares exist (are in issue) the number is fixed and trading just involves the same "second hand" shares going round and round in the market.
Investing in funds can be either the same or different. A "closed ended" fund behaves like company shares where a fixed number of units is issued and then their price moves in the market according to supply and demand. An "open ended fund" and/or an "ETF" (Exchange Traded Fund) can sell units directly to investors and buy them back at any time. There's no finite number and at any time the daily price reflects only the underlying asset value divided by the number of shares then in issue.
rockin said:
Simpo Two said:
The anomaly remains that I can buy anything I want on a weekend or Bank Holiday - a coffee-maker, a garden shed, a cuddly toy - but not shares, which still need people in offices who go home at 4.30pm.
All of the things you listed are bought from a "stock" of goods sitting waiting to be sold.Buying shares is more like buying a car on ebay. It's not just a question of deciding what you want to buy - you have to find a willing seller and agree a price.
With shares you either sell through the market (like selling a car on ebay) or sell privately (like selling your car to the next door neighbour for cash on Christmas Day).
They genuinely are different situations. Once shares exist (are in issue) the number is fixed and trading just involves the same "second hand" shares going round and round in the market.
Investing in funds can be either the same or different. A "closed ended" fund behaves like company shares where a fixed number of units is issued and then their price moves in the market according to supply and demand. An "open ended fund" and/or an "ETF" (Exchange Traded Fund) can sell units directly to investors and buy them back at any time. There's no finite number and at any time the daily price reflects only the underlying asset value divided by the number of shares then in issue.
rockin said:
They genuinely are different situations. Once shares exist (are in issue) the number is fixed and trading just involves the same "second hand" shares going round and round in the market...
Thanks for the info. I do recall somebody mentioning a place where you could trade 'out of hours' but forget what it was called... if you know and think it would work?chip* said:
All irrelevant for Simpo, he wants everyone (market maker, trade support, settlement office, Crest staffs etc etc...) back into the office so he can pay his £10 commission to sell his shares on demand..
I'm not that demanding. I'm happy for them to work at home 
So they can sit there on their loathsome spotty behinds watching telly and eating chips when their phone goes 'bing', 'aha it's Simpo wanting to sell something', press 'yeah OK' and go back to their chips... that's an easy £10!ETA: I feel my attempt to revolutionise the markets may not succeed.
Edited by Simpo Two on Sunday 4th April 13:53
darreni said:
What’s it got to do with working from home? You placed a sell order an hour after the market has closed, what did you think would happen?
I expected at least to see something saying 'Thank you for your instruction'. Or before that, something saying 'Markets now closed' - rather than a price with 'sell' next it.I haven't sold shares through FD before.
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