SVS Securities - shut down?

RasputinB

shiznit76 said:

LC no longer are responsible

My understanding is that after a Reverse Transfer responsibility reverts to SVS and thus LC.

Technically the move from SVS to my preferred broker will be after the assets have been moved from ITI back to SVS but I suspect that in practice the move will be direct from ITI to my broker but handled by SVS.

RasputinB

Michael_Reynolds said:

Anyone had success in transferring their securities or cash to Interactive brokers? I had a vague memory of reading many pages back that Phoenix the bird that never got off the ground is just a copy of Interactive's trading system? Any shared experiences much appreciated?

I have been looking into this as I have an Interactive Brokers account in which I traded US stocks. If you can log on to Phoenix and click to get the Security Certificate you will see that it was issued to Interactive Brokers. My conclusion is that ITI Capital just use the Interactive Broker platform and stick a Phoenix icon on the front end. Others here have said much the same but I was slow to cotton on. It occurred to me that if Interactive Brokers won't take a stock then there is no way that ITI would be able to transfer that stock into "their Phoenix" account. I started to experiment to see if I could set up a dummy transfer into Interactive Brokers of my full ITI portfolio. I set it up in a spreadsheet, imported into Interactive Brokers and their system locked up. Eventually I found that if I excluded the AIM share (which IB won't accept) then it was possible to import from a spreadsheet but there was still a lot of faffing about. This I think is ITI's problem. They thought they'd import into IB (Phoenix) but most portfolios were being rejected because they contained shares that IB won't take.So they have two problems 1. they have to import many portfolios manually 2. a lot of shares have to be left on Qort. I don't have time right now but if you have an IB account I can walk you through the process of finding out if your shares would be accepted on their platform. Or try their help system which is pretty good if you are able to fathom it out!

Monsieur_Bourse

So it is as I thought HL are useless as well. My2P and pafpcg glad to hear that you are able to communicate with your respective new brokers as one would expect, sadly as I have posted before my options are limited in not having a UK address, I certainly would not be dealing with HL if I lived in the UK. I will telephone Trading212 this afternoon just to see what their response time is, with a view to maybe moving some of my account, once the transfer from ITI to HL is complete (circa 2005!)

Jamesram, a very good observation, I did say to the unhelpful dealer that I spoke to, 'you should look for a job with a proper broker, before this lot goes bust', he did not respond.

Jenwrendorset, best of luck with your cash transfer, the ongoing battle that we are having with ITI is our third in trying to secure our own money, every attempt has ended up with threats before we were finally reunited with our cash. There was still no money in my wife's bank account this morning.

Monsieur_Bourse

On a more lighthearted subject, who is going to be the person that posts first in PAGE 500? I do hope that there is a prize.

shiznit76

maybe ITI should let the first 500 page poster escape as a good will gesture 

Michael_Reynolds

RasputinB said:
I have been looking into this as I have an Interactive Brokers account in which I traded US stocks. If you can log on to Phoenix and click to get the Security Certificate you will see that it was issued to Interactive Brokers. My conclusion is that ITI Capital just use the Interactive Broker platform and stick a Phoenix icon on the front end. Others here have said much the same but I was slow to cotton on. It occurred to me that if Interactive Brokers won't take a stock then there is no way that ITI would be able to transfer that stock into "their Phoenix" account. I started to experiment to see if I could set up a dummy transfer into Interactive Brokers of my full ITI portfolio. I set it up in a spreadsheet, imported into Interactive Brokers and their system locked up. Eventually I found that if I excluded the AIM share (which IB won't accept) then it was possible to import from a spreadsheet but there was still a lot of faffing about. This I think is ITI's problem. They thought they'd import into IB (Phoenix) but most portfolios were being rejected because they contained shares that IB won't take.So they have two problems 1. they have to import many portfolios manually 2. a lot of shares have to be left on Qort. I don't have time right now but if you have an IB account I can walk you through the process of finding out if your shares would be accepted on their platform. Or try their help system which is pretty good if you are able to fathom it out!

This all makes alot of sense. I opened an account with IBKR Australia today. Multi currency cash accounts and i can still maintain my valuation currency of GBP.  While I was doing the setup a message appeared saying that my email address already had an ITITI account which I figured was Phoenix. IBKR have a massive database of products which they are able to trade. I can send you the link if it helps. It's easy to search each of your securities. I only have 15 securities in my SVS portfolio. There are a couple of Bonds which several brokers have told me they don't trade. Swissquote couldn't accept them but IBKR can. I have a single preference share RAVP and I found out today that is the only security out of the 15 that IBKR can't accept. I have actually requested IBKR to set it up as a new product because the oridinary share RUS (same company Raven Russia) is on their database. If they can't accept RAVP then nor can Phoenix which answered my question as to why ITI never did give me access to Phoenix. I gave up at the end of Sept and told Rahul on Oct 2 I was transferring out. It's been a bloody nightmare and we've all been abandoned. A couple of days ago I was so depressed. I could see a situation where my assets would be stuck at ITI with no access to Phoenix indefinately.

johnburman

I'm with Trading 212...slightly odd way of dealing and remember they lend out stock.  all that once can say is that remember that the FSCS Fund has a max payout of £85k per person
But its nice not paying commission! 

johnburman

one can say, not "once"

Josl

FSCS 85k guarantee is only good for paying greedy administrator's fee. 

Monsieur_Bourse

johnburman said:

I'm with Trading 212...slightly odd way of dealing and remember they lend out stock.  all that once can say is that remember that the FSCS Fund has a max payout of £85k per person
But its nice not paying commission! 

Did you manage to contact Trading 212 by telephone John? I have read through their FAQs and can only find a live chat option. Regarding the £85,000 FSCS compensation cover on the website it mentions 20,000 euros, do you know if this is just for clients based in Bulgaria? Sorry to fire all these questions at you, but can you generate a contract note? Again all that I can find is clients receive a monthly statement.

Congratulations to Josl, you will go down in history as being the first poster on page 500!