Additional Transfer Delays - Euroclear

Chickereeeee

I have been trying to transfer one of my S&S accounts (happens to be a SIPP, but I think that is irrelevant) between two, large, platforms since the end of January. Lets call them Platforms A and B. I have had the usual delays of them not communicating with each other, not reading emails, blaming each other etc.They eventually got to the point of agreeing  trade  and settlement dates, but that came and went because one fund was missing some needed information. After my chasing, that issue was cleared, and new dates agreed for last week. I saw my holdings disappear from Platform A (again) but did not re-appear at platform B. The transfer had failed (again). This time, I am told the reason was:

"We (Platform A) hold the assets via CREST and Platform B want them to be transferred via DTC. Platform A can’t deliver via DTC so suggested delivery via Euroclear" . This seems to be a surprise to everyone. Platform B has not responded as yet.

So, as well as a substantial value in funds floating around between platforms, with me unable to access them, a new hurdle has appeared that was not there last time I went through this process. I believe this is all to do with Brexit, and which funds can be traded where and how, but what REALLY surprises me is that all this seems to be a surprise to the platforms. Has no one else tried this before? Should it not have come up before the dates were agreed for the second time?

More of a rant really, but if anybody has any insight into this, I would welcome it.

eskbanker

Chickereeeee said:

Lets call them Platforms A and B.

Why not call them by their actual names?  Doesn't do any harm to do so when presenting factual information (to warn others) and it might result in more informed guidance to you if your story resonates with others who've experienced the same....

Chickereeeee

eskbanker said:

Chickereeeee said:

Lets call them Platforms A and B.

Why not call them by their actual names?  Doesn't do any harm to do so when presenting factual information (to warn others) and it might result in more informed guidance to you if your story resonates with others who've experienced the same....

I want to focus on the process (for now).

masonic

CREST, Euroclear and DTC are all securities depositaries, based in the UK, Belgium and USA respectively. The issue suggests Platform B is not well established this side of the pond and/or the investments you are trying to transfer are overseas securities.

UK brokers have been busy migrating to CDIs (CREST Depositary Interests), which are UK listed securities that give the holder an interest in the underlying investment, but can be traded locally. Perhaps this is a factor in your issue, but I wouldn't like to say anything definitive.

More information is required to comment further. Otherwise it seems we are just playing guessing games.

eskbanker

I reckon it's largely because of reason A, but reason B might have something to do with it too....

Chickereeeee

Both platforms are from the UK, and are from the top/largest few mentioned here frequently.  The holdings are a motley collection OEIC, ITS and ETFS. Nothing special, or particularly  'foreign', (except where they originally were using Ireland etc pre-brexit). 
I guess I will have to wait  until Monday  for the latest.

masonic

Chickereeeee said:

Both platforms are from the UK, and are from the top/largest few mentioned here frequently.  The holdings are a motley collection OEIC, ITS and ETFS. Nothing special, or particularly  'foreign', (except where they originally were using Ireland etc pre-brexit). 
I guess I will have to wait  until Monday  for the latest.

If only Ed Gasket were still around, he could fill a page with a diatribe about Ireland domiciled ETFs being converted to CDIs on the quiet. Sounds like this is your most likely culprit, though I have no idea why a UK platform would want to use DTC rather than Euroclear for European securities.