Halifax share dealing 3 days to transfer.

bowlhead99

Eco_Miser wrote: »

You think that's bad? I had to

[Insert "Four Yorkshiremen" sketch here]

Eco_Miser

bowlhead99 wrote: »

[Insert "Four Yorkshiremen" sketch here]

I was merely illustrating that in some parts of the investment world three days would be considered fast.

chockydavid1983

bowlhead99 wrote: »

If it was an order to subscribe into or redeem out of an open ended fund, typically an order placed overnight will catch the cut-off for acceptance by the fund manager on the next working day (Friday in your case) and the accounting to calculate the Friday NAV which drives how many shares you get for your money will be performed on Friday/Monday depending on the time of day they've set the pricing point.

By end of day Monday, the Friday price for subscriptions/ redemptions can be published, letting Halifax know how many fractional shares/units are being subscribed by their various customers, and Halifax can then check and format a confirmation / contract note for you accordingly ,as well as arranging the cash settlement.

So, getting a finalised contract note on Tuesday (price and quantity) for an order you placed to hit the previous Friday's dealing point, is not unheard of for an open ended fund - though some platforms are faster than others ( both in terms of the initial lead-time you need to give them to catch the manager's dealing cut-off, and the time take to generate the final paperwork after the event once they've received all the data).

But that's for open-ended funds (OEICs, UTs, PAIFs etc). If it was an order for something traded during business hours on a stock exchange you would have expected Halifax to know when it had executed and at what price, on Friday (assuming your order didn't instruct them to wait for a specific price, in which case it could have taken several days).

Thanks for the explanation Bowlhead, it was an order to subscribe into VLS, so open ended I think so looks like that's fine.