knowdough

knowdough_2

Sometime ago I had a telephone share dealing facility whereby I was able to buy shares without depositing funds in a holding account. Once the deal was done, 'that was it', and I was sent a bill for settlement a few days later. I now have a renewed interest in share dealing but it seems all the firms require up front deposits. I b:huh: elieve the company I was with previously was called 'sharemarket' or something similar. Can anyone assist?

Chrismaths

What you had was a certificated dealing account. Certificated holdings usually trade on a T+10 basis (ie you pay the money 2 weeks after placing the trade). Given the credit risk and the work involved in trading certificated, you are unlikely to find a discount broker who will do this. You might get a local broker to do it for you, but they charge you loadsa money (I know I would).

cheerfulcat

Hi, knowdough,

it seems all the firms require up front deposits

TD Waterhouse offers extended settlement, up to 25 working days. The holding does not need to be in certificated form. You do need a trading account, though, which charges an inactivity fee unless you trade at least once per quarter or have £5000 in shares and/or cash in the account.

HTH

Cheerfulcat

PS

Chrismaths wrote:

What you had was a certificated dealing account. Certificated holdings usually trade on a T+10 basis (ie you pay the money 2 weeks after placing the trade).

Not necessarily. There used to be quite a few discount brokers who offered what were in effect credit dealing ( nominee ) accounts.

steady__eddie

I still reminisce about the "good old days" when you had two weeks (and at times 3) before you had to pay up or if you were an "astute" investor you could sell them in the trading period and wait for the cheque for the difference to arrive.
Now what did I do with that box of gas mantles ?