Distribution currency from ETFs

masonic

GeoffTF said:

masonic said:

Are HL not a member of the London Stock Exchange? I'd made an assumption that they were.

Edit: to answer my own question, they are: https://www.londonstockexchange.com/member-directory/hargreaves-lansdown-asset-management-limited/50122

So struggling to see how they are unable to access the full market

When I looked at this, I got the impression that the benefit of being a member of the LSE was access to real time data. Freetrade was not a member but was able to trade LSE stocks nonetheless. Perhaps the issue is that the Retail Service Providers that HL uses do not quote prices for the ETF concerned.

My understanding was that non-members needed to use an intermediary to place orders onto the trading system. In this case I could understand there being an issue if third party systems had not been updated with new listings for the past 6 months. However, the response above seems to be in relation to settlement, so perhaps HL uses third party settlement agent(s) who for technical reasons can't process trades for this security. Though I don't understand why the security being traded would be relevant to the settlement account provider.

Seems odd that other members are not having this problem, so what is different in HL's case?

GeoffTF

masonic said:

GeoffTF said:

masonic said:

Are HL not a member of the London Stock Exchange? I'd made an assumption that they were.

Edit: to answer my own question, they are: https://www.londonstockexchange.com/member-directory/hargreaves-lansdown-asset-management-limited/50122

So struggling to see how they are unable to access the full market

When I looked at this, I got the impression that the benefit of being a member of the LSE was access to real time data. Freetrade was not a member but was able to trade LSE stocks nonetheless. Perhaps the issue is that the Retail Service Providers that HL uses do not quote prices for the ETF concerned.

My understanding was that non-members needed to use an intermediary to place orders onto the trading system. In this case I could understand there being an issue if third party systems had not been updated with new listings for the past 6 months. However, the response above seems to be in relation to settlement, so perhaps HL uses third party settlement agent(s) who for technical reasons can't process trades for this security. Though I don't understand why the security being traded would be relevant to the settlement account provider.

Seems odd that other members are not having this problem, so what is different in HL's case?

HL is not going to place orders directly. They will connect to a collection of RSPs, as most other retail brokers do, and execute the best quote from them. As I understand it, brokers are not allowed to act as market makers, which seems to be what you are suggesting. Only a few brokers will allow you to trade directly in the order book. (IBKR supports only order book trading.) I expect that there is an RSP that quotes prices for the ETF concerned, but HL is not connected to that RSP for some reason. I have no idea why.

DavidT67

masonic said:

GeoffTF said:

masonic said:

Are HL not a member of the London Stock Exchange? I'd made an assumption that they were.

Edit: to answer my own question, they are: https://www.londonstockexchange.com/member-directory/hargreaves-lansdown-asset-management-limited/50122

So struggling to see how they are unable to access the full market

When I looked at this, I got the impression that the benefit of being a member of the LSE was access to real time data. Freetrade was not a member but was able to trade LSE stocks nonetheless. Perhaps the issue is that the Retail Service Providers that HL uses do not quote prices for the ETF concerned.

My understanding was that non-members needed to use an intermediary to place orders onto the trading system. In this case I could understand there being an issue if third party systems had not been updated with new listings for the past 6 months. However, the response above seems to be in relation to settlement, so perhaps HL uses third party settlement agent(s) who for technical reasons can't process trades for this security. Though I don't understand why the security being traded would be relevant to the settlement account provider.

Seems odd that other members are not having this problem, so what is different in HL's case?

HL self settle trades.  It's that they use RSPs, which helps to narrow the spreads, but in this case seems to be limiting share class availability.

wmb194

masonic said:

GeoffTF said:

masonic said:

Are HL not a member of the London Stock Exchange? I'd made an assumption that they were.

Edit: to answer my own question, they are: https://www.londonstockexchange.com/member-directory/hargreaves-lansdown-asset-management-limited/50122

So struggling to see how they are unable to access the full market

When I looked at this, I got the impression that the benefit of being a member of the LSE was access to real time data. Freetrade was not a member but was able to trade LSE stocks nonetheless. Perhaps the issue is that the Retail Service Providers that HL uses do not quote prices for the ETF concerned.

My understanding was that non-members needed to use an intermediary to place orders onto the trading system. In this case I could understand there being an issue if third party systems had not been updated with new listings for the past 6 months. However, the response above seems to be in relation to settlement, so perhaps HL uses third party settlement agent(s) who for technical reasons can't process trades for this security. Though I don't understand why the security being traded would be relevant to the settlement account provider.

Seems odd that other members are not having this problem, so what is different in HL's case?

InvestEngine is offering FWRG so it's hard to believe HL couldn't if it wanted to. Either it's just a boiler plate brush off from HL or it's misunderstood something e.g., there is a relatively small company with the ticker FWRG listed on the Nasdaq which I can understand HL not being interested in.

aroominyork

Does anyone know Interactive Investor's charging practice for forex? I hold PSRW which distributes (quarterly, annoyingly) in USD.

GeoffTF

wmb194 said:

masonic said:

GeoffTF said:

masonic said:

Are HL not a member of the London Stock Exchange? I'd made an assumption that they were.

Edit: to answer my own question, they are: https://www.londonstockexchange.com/member-directory/hargreaves-lansdown-asset-management-limited/50122

So struggling to see how they are unable to access the full market

When I looked at this, I got the impression that the benefit of being a member of the LSE was access to real time data. Freetrade was not a member but was able to trade LSE stocks nonetheless. Perhaps the issue is that the Retail Service Providers that HL uses do not quote prices for the ETF concerned.

My understanding was that non-members needed to use an intermediary to place orders onto the trading system. In this case I could understand there being an issue if third party systems had not been updated with new listings for the past 6 months. However, the response above seems to be in relation to settlement, so perhaps HL uses third party settlement agent(s) who for technical reasons can't process trades for this security. Though I don't understand why the security being traded would be relevant to the settlement account provider.

Seems odd that other members are not having this problem, so what is different in HL's case?

InvestEngine is offering FWRG so it's hard to believe HL couldn't if it wanted to. Either it's just a boiler plate brush off from HL or it's misunderstood something e.g., there is a relatively small company with the ticker FWRG listed on the Nasdaq which I can understand HL not being interested in.

FWRG is listed on the London Stock Exchange, not the Nasdaq. It is domiciled in Ireland and tracks the FTSE All-World index.  HL hosts the accumulating version of the fund FTWG:

https://www.hl.co.uk/shares/shares-search-results/i/invesco-ftse-all-world-ucits-etf-usd-dist

wmb194

GeoffTF said:

wmb194 said:

masonic said:

GeoffTF said:

masonic said:

Are HL not a member of the London Stock Exchange? I'd made an assumption that they were.

Edit: to answer my own question, they are: https://www.londonstockexchange.com/member-directory/hargreaves-lansdown-asset-management-limited/50122

So struggling to see how they are unable to access the full market

When I looked at this, I got the impression that the benefit of being a member of the LSE was access to real time data. Freetrade was not a member but was able to trade LSE stocks nonetheless. Perhaps the issue is that the Retail Service Providers that HL uses do not quote prices for the ETF concerned.

My understanding was that non-members needed to use an intermediary to place orders onto the trading system. In this case I could understand there being an issue if third party systems had not been updated with new listings for the past 6 months. However, the response above seems to be in relation to settlement, so perhaps HL uses third party settlement agent(s) who for technical reasons can't process trades for this security. Though I don't understand why the security being traded would be relevant to the settlement account provider.

Seems odd that other members are not having this problem, so what is different in HL's case?

InvestEngine is offering FWRG so it's hard to believe HL couldn't if it wanted to. Either it's just a boiler plate brush off from HL or it's misunderstood something e.g., there is a relatively small company with the ticker FWRG listed on the Nasdaq which I can understand HL not being interested in.

FWRG is listed on the London Stock Exchange, not the Nasdaq. It is domiciled in Ireland and tracks the FTSE All-World index.  HL hosts the accumulating version of the fund FTWG:

https://www.hl.co.uk/shares/shares-search-results/i/invesco-ftse-all-world-ucits-etf-usd-dist

I realise, my point is that someone at HL may have misunderstood.

masonic

GeoffTF said:

HL hosts the accumulating version of the fund FTWG:

https://www.hl.co.uk/shares/shares-search-results/i/invesco-ftse-all-world-ucits-etf-usd-dist

 Good spot, although I think you mean the distributing version. Which is even stranger, as that is much smaller. But the fact they offer one version may go some way to explaining the rejection.

masonic

aroominyork said:

Does anyone know Interactive Investor's charging practice for forex? I hold PSRW which distributes (quarterly, annoyingly) in USD.

You can find the info here: https://www.ii.co.uk/our-charges

aroominyork

masonic said:

aroominyork said:

Does anyone know Interactive Investor's charging practice for forex? I hold PSRW which distributes (quarterly, annoyingly) in USD.

You can find the info here: https://www.ii.co.uk/our-charges

Thanks. So "The FX rate for currency conversion is based on the bid/offer exchange rate to which we apply a spread of up to +/- 1.50% at the time of execution." Is the bid/offer the mid-point, and if they apply a 1.5% spread does that mean that when converting from USD to GBP you pay half of that, ie 0.75% from the mid-point?