Financials Acquisition Share Discussion Threads

[snip] 09/12/2002 11:29

I can only be one of many. I have done no rolling trades after all this stuff appeared on my screen. I should think fins are losing a fair amount of money plus getting a disgruntled customer base.

[saghir786] 09/12/2002 11:18

any idea why they are doing this?

[sjcsystems] 09/12/2002 11:06

Rolling cash is closing only with Fins - OK for me because I closed for a profit, but no good for catching the turns.

Perhaps they should get someone decent to work on their trading systems...

[saghir786] 09/12/2002 10:37

Fins will never stop doing this, now rolling cash phone trading only...

[qwento] 26/11/2002 11:58

'lurch sideways into a ditch ' - LOL !

Who knows - I phoned them yesterday and was told that they were withdrawing the r/c online system to make improvements - timescale 2 months. Now they change the rules and the online system is still up and running.

Maybe most of their customers were going to up sticks and depart with the demise of the online system - I must admit I thought about it !

LLOY is another that has been phone trading only (r/c) for yonks.

[zzaxx99] 26/11/2002 11:39

God knows what Fins are up to - seems "further notice" has arrived, but "ROLLING SHARES – IMPORTANT: Please note that due to the extremely high demand for this product, quotes for trading are now limited to once every 30 seconds. Please bear this in mind when trading these markets."

Presumably people were repeatedly quoting and requoting to hit the best price.

AZN has been phone trading only for at least 2 weeks now - when I enquired I was told they had " a problem with the AZN price feed " which sound like total bolleax to me.

[zzaxx99] 25/11/2002 07:45

One step forward, three hundred steps back and a lurch sideways into a ditch - Finspreads have withdrawn online Rolling Bets "until further notice".

Too bloody easy to make money without Fins' spread - though I'm sure that couldn't possibly be the reason.

[zcaprd7] 12/11/2002 15:32

what if you went short big style on a stock that never moved - you would make money?

[wageslave] 14/10/2002 18:30

Thanks Neo.

Could be advantageous if the US markets tank or rise and a bet can be placed at the opening price and opens at the lower/higher price the next day a bit like DFF who open bets after hours.

The best thing: great spreads!

[neo anderson] 14/10/2002 18:27

welcome back...

looks interesting..

[wageslave] 14/10/2002 18:25

New Rolling Share Bets

What is a "Rolling Share" bet?
Rolling share bets are spread free, and mirror the underlying share price. They are available on the FTSE 100 individual shares, with more to follow.

How do they differ to a normal spread bet?
The bet is a daily bet which is automatically "rolled" over to the next trading day. This involves closing and re-opening the bet at the day's official mid close for that share - unless the bet is closed naturally. The rolls will be done at around 9pm. The bet will continue to be rolled indefinitely, given that the funding is available on the account.

Example

Abbey National share price is 235 - 236
You buy £100 a penny move at 236 with Financial Spreads Rolling
The effective total underlying value of your position is 100 x 236 or £23600
Assuming LIBOR 1 month is 5%, the interest payable on this position will be 6.5% / 365 days = 0.0178%
So your account will be debited £23600 x 0.0178% = £4.20.
The official mid close of Abbey National that day is 240
Your bet is closed and re-opened automatically overnight at 240 (resulting in a profit of £400)

Now let's look at what would happen if you had originally sold Abbey National at 235.
You sell £100 at 235, giving a total underlying value of 100 x 235 = £23500
Your bet is again closed and re-opened at 240 as above, resulting in a loss of £500
The interest received on this position is 3% / 365 days = 0.0082%
So your account is credited £23500 x 0.0082% = £1.93

If you are interested in trading on these markets please read the conditions below and submit your acceptance of these at the bottom of this page.

1. A rolling bet is a daily bet which will automatically expire, at the official mid close of that share as issued by the relevant exchange, and then reopened for the next trading day at this price (adjusted for such factors that will effect the underlying shares price as dividend payments, rights issues and stock splits) subject to adequate funding in your account(see 3).


2. A financial adjustment will be made to your account for rolling the bet. This is based on the LIBOR (London Interbank Borrowing) 1 month rate, plus 1.5% for long bets, and minus 2% for short bets and is applied every day including weekends while the bet is open. If you open and close a bet on the same day, this will be subject to one full day's financial adjustment.

Long bets which are rolled result in a debit to your account of (LIBOR 1month plus 1.5% / 365) x total underlying value of your bet, where the total underlying value of your bet is the bet price multiplied by the stake. There is a minimum charge of 25 pence.

Short bets which are rolled result in a credit to your account of (LIBOR 1month minus 2% / 365) x total underlying value of your bet, where the total underlying value of your bet is the bet price multiplied by the stake.

3. Should, at the time of rolling your bet, Financial Spreads deem there to be insufficient funds in your account, then the bet will not be re-opened.


4. Whilst Financial Spreads will endeavour to mirror the bid/offer price of the underlying share, we may at times, especially where liquidity is low, widen our price to accommodate such market conditions.


5. All closing orders (stop losses or limit orders) which are linked to a rolling bet will be rolled along with that bet. All opening orders are worked good for the day or good until cancelled as instructed.


6. rolling bets are only available to clients who have accepted to receive Contract Notes and Statements via e-mail.


7. Financial Spreads reserves the right to discontinue these markets and not to roll a bet at any time without prior warning. We also reserve the right to vary these terms and conditions.
_______________________________________________
Any views and trading strategy ideas?

[qwento] 11/10/2002 16:55

Since I am nearly always one of the first to moan about Fins then I ought to put in a good word where it's due.

This afternoon - EXCELLENT - rolling cash bets working like a dream - little to no delay and prices always spot on Level 2 (that's when ADVFN wasn't lagging).

Keep it up !!

[r.dryden] 11/10/2002 15:12

Adam,
I have cured the problem by hitting the trade button
to see the price - then cancel the trade or let it time out.
A bit cumbersome but it works.

I just made 15 points at the open.
They were quoting sell@ 7674 when the market was at 7600.
So I took it. For a while there I thought it would go through
7700 but it held and Fins price then swung back to catch the shorters.
It went back to 7659 buy, which I took, and then it resumed its
normal spread.
It does that every time there is a large rise/fall at the open.
I've been testing it with penny trades.
Don't know if they would let me get away with it with larger bets.
The same happens on Cantor.
Keep an eye on it. There's money to be made from those swings.
It nearly always happens at the 100 and 50 levels, not just at the open.

[adamh] 11/10/2002 14:33

Rory, The 'wish' to see the real price before hitting the trade button is also shared by me and many others, I also have a city index account where you hit buy/sell on a streaming price and get it about 99% of the time. Unfortunately their attitude to customers leaves alot to be desired. I would really like to go back to using fins as my first choice broker. Their Customer attitude is second to none in this business IMO, but the delays and pot luck of the price you are going to be quoted is just not as good as hitting a button and know what price you are going to be filled at.


C'mon fins, pretty please, get a streaming quote, if only for the indecies

[r.dryden] 11/10/2002 10:45

Got the error 1 yesterday & the day before. It went away when I refreshed the screen yesterday.
I must say that Fins penny trades are brilliant.
I have been having so much fun trading INDU the last week.
I've even managed to INCREASE my account by 2%!

All of £2.00.

It's a great way to learn.
No doubt the fear and greed will return when I increase the bets.

I wish they would display the 'real' price on the screen before you
hit the 'trade' button though. That caught me out a couple of times
before I realised what was happening.

Also it would be a good idea if we could print the trade history.

[qwento] 11/10/2002 09:34

Oh dear - on-line share dealing was down again this morning !

When Finspreads do get their act together on the rolling cash bets it will be excellent !

Although in defence of Finspreads I have to say that they have been more than reasonable the last few days by honouring closing trades at the price (or better) that I would have got had the on-line system been operational. So, thanks Finspreads - but please, a little less downtime would be appreciated !

[qwento] 09/10/2002 21:49

The '1' technical error appears to be symbolic - reminiscent of a raised middle finger signifying we do not want to accept your trade right now pal ;-)

[davemake] 09/10/2002 20:39

bloody hell!! couldn't trade the bounce on DJI - come on FINS!!!

[davemake] 09/10/2002 20:36

Never seen this one before - does anyone know a better, reliable spreadbetting web site?

[simonlongster] 09/10/2002 20:34

I can't access D4F website from work. I phone them many times a day, nearly
always get through after a few rings. Find the staff very friendly and the
odd mistake has always been rectified. Most of the time you get the market price unless there is little activity when the spread can be wider. I
would highly recommend them.

[taximania] 09/10/2002 20:24

what happened to fins rolling cash , i dont see em any more .
Curry about 20k a year :-)

[donny b] 09/10/2002 20:20

Currypasty

Snap,I managed to get a long on at 7308 but couldn't close at 7340,just as well it's small amounts and a Dec dow.

[currypasty] 09/10/2002 20:14

FINS...how come just as I click to put a tenner a point on a Dow long at 7300, it goes into error mode.

Never mind, just filling in my D4F application form. Taxi compared a few spreads other day, and Fins is miles out... they have cost me a fortune.

edit Dow now 7340, a few minutes later..

[splurge1] 09/10/2002 20:11

any idea what the technical error 1 is? got that error most of the day today