SVS Securities - shut down?

SteveJohnson56

sweeter_strudel said:

SteveJohnson56 said:

Thanks for those replies re. Halifax/iWeb.
Is there any difference in the service to justify paying Halifax £12.50 per trade over iWeb £5?
I traded a lot over the last 12 months, could have saved £300-400.

Steve,
Anecdotally across my multiple broker accounts I get a vibe the more expensive brokers get fractional pennies more for you when you sell (and you conversely pay fractionally less when you buy). Suggestion: open an account with iWeb, buy something you already have in your Halifax account and then at the same moment place a sell for an identical amount of stock on both platforms and see how things look.....

The other difference is expensive brokers have all sorts of analysis and portfolio x-ray tools. Cheaper accounts are simply a list of your holdings and a buy and sell button.

I have discovered some like Charles Stanley who don't allow you to set limit orders for more than one day. And another (can't recall who) don't allow you to set a sell limit order say 50% higher than the current price - which is a pain if you have a life to be getting on with but fancy selling an AIM stock on a potential price spike.

Yes I will be comparing trade price quotes between Hali/iWeb if/when the transfer completes.
I find my Halifax and Equiniti accounts offer identical buy/sell price usually.
What I don't like is how they both go to negotiated trade quite often, possibly the trade is outside the NMS or there is a lot of volatility, I'm talking about FTSE350 and small caps, which means multiple trade costs.

Also when the Covid 19 vaccine was announced Both Hali/Equ were virtually unusable all day, same as when the market crashes these cheap and cheerful broker websites go down, unable to trade.
Not sure if more expensive brokers fared any better. I do suspect they might often obtain price improvements which offsets the higher dealing cost.

I also now have a Barclays account transfer in progress(not from ITI)  so  I'll soon be able to compare them as well. It'll be interesting to see how long this transfer takes in comparison to an ITI transfer and whether ITI can justify Covid 19 as an excuse with the FOS.

I recall with SVS quite often I was offered a better price than both Hali/Equiniti when quoted dummy trades or real trades.
And whereas often when the other two would only offer NT, SVS would quote a price though on those occasions the price would be worse that if inside the NMS but the trade would be dealt at that price whereas  NT could be anything depending on broker action/time frame unless a limit was set.
So I generally found SVS was better than both the other two.

shiznit76

I notice on my final response letter it says "ITI Complaint ID 224" , wonder if this is how many complaints (up to mine) that they have had issues these letters to?

rnf11

SteveJohnson56 said:

And whereas often when the other two would only offer NT, SVS would quote a price though on those occasions the price would be worse that if inside the NMS but the trade would be dealt at that price whereas  NT could be anything depending on broker action/time frame unless a limit was set.

A useful feature as I recall, too.

Way back in the days of Selftrade (pre Equinity) the quote included the market size at that time. Very useful, but no one else seems to do that now or is inclined to introduce it.

jenwrendorset

We've been with iWeb since the demise of SVS and find their site is very easy to follow and their webchat works well.  The day the covid vaccine was announced the site, like many, was struggling to cope but it only took a few attempts and I got in and sold a holding with no problem......money immediately appeared in my iWeb account and the dashboard updated so I was able to print off a copy of my current holdings, just as easy as it was with SVS.  Only downside is that neither iWeb or Halifax now accept joint accounts.

SteveJohnson56

rnf11 said:

SteveJohnson56 said:

And whereas often when the other two would only offer NT, SVS would quote a price though on those occasions the price would be worse that if inside the NMS but the trade would be dealt at that price whereas  NT could be anything depending on broker action/time frame unless a limit was set.

A useful feature as I recall, too.

Way back in the days of Selftrade (pre Equinity) the quote included the market size at that time. Very useful, but no one else seems to do that now or is inclined to introduce it.

The only thing I like about Equ is you can set as a preference to stay logged in for 1 hour, Hali logs you out in 11 mins unless page is refreshed, iWeb I presume the same, but even then Equ will ask for the page to be refreshed after a few trade quotes and it will default to the dealing account which I do not use and the interface is a mass of clutter. It is slower to load a trade quote, Hali can be 1-2 secs, Equ 2-20 secs. And the amount of boxes you have to fill in with Equ before you obtain a quote is a chore/time consuming.

rnf11

SteveJohnson56 said:

The only thing I like about Equ is you can set as a preference to stay logged in for 1 hour, Hali logs you out in 11 mins unless page is refreshed, iWeb I presume the same, but even then Equ will ask for the page to be refreshed after a few trade quotes and it will default to the dealing account which I do not use and the interface is a mass of clutter. It is slower to load a trade quote, Hali can be 1-2 secs, Equ 2-20 secs. And the amount of boxes you have to fill in with Equ before you obtain a quote is a chore/time consuming.

Fair comment. I found the Equinity site generally to be inferior to Selftrade's (the former took over the latter). Always a threat in this game.

GeorgieC

rnf11 said:

SteveJohnson56 said:

And whereas often when the other two would only offer NT, SVS would quote a price though on those occasions the price would be worse that if inside the NMS but the trade would be dealt at that price whereas  NT could be anything depending on broker action/time frame unless a limit was set.

A useful feature as I recall, too.

Way back in the days of Selftrade (pre Equinity) the quote included the market size at that time. Very useful, but no one else seems to do that now or is inclined to introduce it.

These quotes are based around the 'RSP' system. Platforms have one of 2 ways... you ask for a quote and the market makers display their price and size and you see the best, or you ask for a price and size and the market makers quote in your size.
Generally the RSP is at or inside the quote, and is a way of getting prices almost on demand in the AIM stocks. Not all platforms offer it... for example Interactive Brokers/Phoenix does not offer it. You either have to go in to the daily auctions which are a farce or pay extra for a telephone service. The RSP is designed for the retail market and the broker will get a call from the market makers if their clients are abusing it eg reloading order after order or constantly quoting without trading

My2penneth

I see ITI might have transferred 3 shares to iWeb into my ISA account..I wonder when the other 24 will be sent ?  They can't even do this correctly.

My2penneth

Any iWeb transferees?
(don't hold your breath)
https://www.sharesoc.org/forums/topic/problem-reports/page/10/#post-15395

Nbs222

Nothing has moved for me to IWEB, and not getting any response from  ITI either.