Further more what is classed as indicative in terms of timescale? Is a quote from 1 minute ago ok? 1hr ago ok? 1wk ago ok? 1 month ok?
I’ve been battling T212 for most of this year on its Bloomberg data feed and specifically AIM instruments.
The main issue faced is either lack of new quotes (for sometimes weeks) or the quote is wrongly updated such as only new BIDs come in which leads to fake zero spreads. When the BID overtakes the ASK that’s got to be an indication something isn’t right.
A current example from this Thursday
Now when I’ve complained about this I battle for an hour before the chat check other brokers and acknowledge there’s a clear issue. However they then follow up with a pointless and condescending email telling me it’s on AIM, it’s low liquidity, what spread is, prices are just indicative etc
Occasionally I also get copy+pastes which are worrying factually incorrect like it’s showing the last trade, it’s plotting the bid in ISA, or every trade has been off book.
Now it can be the case stocks with low liquidity can take awhile between new quotes.
However importantly this is not that.
If other several brokers with raw spreads can all get the same new current ask and bid the second it updates and T212 still continues to show the old ask and bid from two weeks ago there’s a clear issue with the liquidity provider.
The main issue I’ve faced is that I’ve missed many buying and selling opportunities because I’ve had no alert through. I check on say AJ Bell and go oh fuck I’ve just missed that spike that happened this morning, go back to T212 and it’s still showing the same bid and ask from a week ago.
Even on fairly liquid AIM stocks like GGP there’s been cases where instead of the new quote coming in at 8:00am like ten other brokers we get the first quote of the day at 2:13pm completely missing all times the ask and bid have changed since.
What’s also concerning is the amount of times I’ve gone to buy or sell and checked elsewhere and the price shown is wildly inaccurate. Whilst it matters less when the stocks price is 200p when you are dealing with stocks that are 0.08p its a massive financial impact if out-of-date.
Anyway I’m publically writing this to see what others think. It’s basically got to the point of 15hrs of chats and 25 support tickets and now escalated to the point T212 have basically offered me £25 to end the discussion, or take it to the FCA.
I really don’t want to dob them into the FCA for having wildly out of date prices shown. I just want them to fix the issue.
What’s frustrating is T212 have Bloomberg terminal, and they can just compare that with the Bloomberg data feed and challenge them on it. Even if they don’t want to switch to another provider at least challenge them on it and report the issue.
@ a few staff to see if they can comment