@jamesc you are reading it correctly but that was unusual volume on Friday. Typically it’s around 1,000 per day so it doesn’t explain why IE are taking so long to settle.
I’ve said before that you can see InvestEngines ‘key’ market makers via their RT28 disclosures. UC07 is pretty illiquid and has limited market maker coverage. You can literally ‘see’ IE’s trades. They go through every few days, off-book at around 14:50 in small figures. I think we can guess who the counterparty is in these cases too.
The ‘amount’ of shares of UC07 floating around in the market is minimal. Without forcing a buy-in there is only a small chance these trades will actually settle without intervention.
If and when your trade settles - marvelous. There’ll be another punter behind you waiting for theirs to settle next. And the cycle continues so long as IE keep trading illiquid, less covered ETFs.
I know this is a known issue. I’ve simplified my portfolio (fewer ETFs) and now can’t rebalance it because of the following transaction awaiting settlement (as of today, 22nd October, more than 5 working days clear of 13th October).
This is the Vanguard Japan ETF, about 300m fund size. While I can understand if an obscure/tiny ETF took a week to settle, it’s hard to accept that a transaction on a well known Vanguard fund can take over 5 working days to execute!
Anything to do with the transaction being on Friday the 13th?!
Edit: Just checked my partner’s portfolio and there’s a Vanguard ETF transaction pending from 09 Oct!
Honestly, like others have said above, if you can identify ETFs where transactions can’t be settled in a couple of days, you shouldn’t offer them on a platform with the selling points you espouse. Or at least put a large red health warning against those ETFs saying that on average these take X working days to settle so IE investors can make an informed decision on whether or not to include them in their portfolios.
I agree that showing a fund health warning would be a good additional bit of information within the IE interface. This way people don’t have to go elsewhere to find information.
No, I have given IE money for a product ( shares) . They have given a receipt but not the product. My plan was to sell and invest in a global ETF but I can’t sell because of the below.
IE gets most things right so I feel bad to keep banging the drum on this.
But it is simply not right that a transaction is still awaiting settlement more than a month later. IE needs to sort this issue out one way or the other.
I have two trades of this etf, the other one that was made the day before for a much larger sum but displays as ‘settled’ in dashboard and shows the following in the report:
