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Why do gilts mature at the weekend?
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wmb194 said:aroominyork said:Hoenir said:CREST uses BACS. End of the day the cash has to pass through the bank clearing system to reach the designated bank account.
The money is credited the day it is received. Even if the transaction isn't posted to a later date. The platform has to reconcile and apportion the total amount received across the various participating investors. Some days are far busier than other others transaction wise.
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Hoenir said:wmb194 said:aroominyork said:Hoenir said:CREST uses BACS. End of the day the cash has to pass through the bank clearing system to reach the designated bank account.
The money is credited the day it is received. Even if the transaction isn't posted to a later date. The platform has to reconcile and apportion the total amount received across the various participating investors. Some days are far busier than other others transaction wise.You're far too tolerant of bad behaviour; I'm in a situation at the moment where I'm waiting for iWeb to credit many tens of thousands of pounds that I know was paid by the issuer on the due date, yesterday, but it says I'll have it, 'early next week.' I know it has the money. Another of my brokers paid out on the same issue this morning and other people tell me they received the money with their (different) brokers yesterday. This is a blue chip issuer. iWeb and the other brokers have had months to prepare. It isn't 1985.0 -
wmb194 said:Hoenir said:wmb194 said:aroominyork said:Hoenir said:CREST uses BACS. End of the day the cash has to pass through the bank clearing system to reach the designated bank account.
The money is credited the day it is received. Even if the transaction isn't posted to a later date. The platform has to reconcile and apportion the total amount received across the various participating investors. Some days are far busier than other others transaction wise.You're far too tolerant of bad behaviour; I'm in a situation at the moment where I'm waiting for iWeb to credit many tens of thousands of pounds that I know was paid by the issuer on the due date, yesterday, but it says I'll have it, 'early next week.' I know it has the money. Another of my brokers paid out on the same issue this morning and other people tell me they received the money with their (different) brokers yesterday. This is a blue chip issuer. iWeb and the other brokers have had months to prepare. It isn't 1985.
The interest on my holding of Vanguard Sterling Short-Term Money Market Fund Inc OEIC was distributed by Vanguard on 30 May yet they only managed to credit it to my Vanguard SIPP on 12 June, which is the latest in the month it has ever been.0 -
IanManc said:wmb194 said:Hoenir said:wmb194 said:aroominyork said:Hoenir said:CREST uses BACS. End of the day the cash has to pass through the bank clearing system to reach the designated bank account.
The money is credited the day it is received. Even if the transaction isn't posted to a later date. The platform has to reconcile and apportion the total amount received across the various participating investors. Some days are far busier than other others transaction wise.You're far too tolerant of bad behaviour; I'm in a situation at the moment where I'm waiting for iWeb to credit many tens of thousands of pounds that I know was paid by the issuer on the due date, yesterday, but it says I'll have it, 'early next week.' I know it has the money. Another of my brokers paid out on the same issue this morning and other people tell me they received the money with their (different) brokers yesterday. This is a blue chip issuer. iWeb and the other brokers have had months to prepare. It isn't 1985.
The interest on my holding of Vanguard Sterling Short-Term Money Market Fund Inc OEIC was distributed by Vanguard on 30 May yet they only managed to credit it to my Vanguard SIPP on 12 June, which is the latest in the month it has ever been.I've never owned that fund but in my experience for OEICs HSBC had a c.95% record for paying interest and dividends first thing in the morning on the due date so it can be done.1 -
IanManc said:The interest on my holding of Vanguard Sterling Short-Term Money Market Fund Inc OEIC was distributed by Vanguard on 30 May yet they only managed to credit it to my Vanguard SIPP on 12 June, which is the latest in the month it has ever been.1
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Of oblique relevance and interest (YMMV), US Treasuries were (are?) occasionally issued with a maturity (and coupon) date of 29th February. Since the coupons were paid the next working day (i.e., 1st March at the earliest), unlike the problem with weekends and other bank holidays, this curiosity probably had little effect on bond holders.
I changed the Vanguard STMMF from inc to acc (once they started an acc class) because of the slowness with which dividends were sometimes paid and I've often found it quicker to obtain the proceeds from selling the units.
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