My guess would be they can provide you indicative if they tell you that. My guess is they are not mandated to make sure that feed is always correct (live or historically). Iād guess the T&Cs indemnify against 3rd party errors.
In other news - I got suspended from the FreeTrade forum! I think youāve been suspended before so now Iām part of that club. Cool.
@phildawson As we are not the counterparty to your trades in real shares, any price we display can only be indicative. We send your orders to the market, but the price may be available only for a limited size or may have moved by the time your order arrives. The prices we display are indications of the price at which someone else is willing to buy or sell. Our obligation is to ensure that any orders you send are executed at the prevailing price when they arrive. For a market order, this may be better or worse than the indicative price.
P.S. Weāre checking with Bloomberg if anything can be done to improve the quotes. However, thereās no ETA, yet.
Hi @David yep so 100% understand itās indicative, Iāve used that word myself quite a few times (too many) in this thread.
To be clear all of this you are stating I donāt have any issue whatsoever. So absolutely nothing about execution or that you have indicative prices. Iām on the same page.
What I do have issue is how old that indicative price is thatās shown. As the above example illustrated having an ASK (that was of indicative of where the buy price was last Friday) still showing this morning leads to misleading purchases.
And as the screengrabs showed from various brokers they all had the same correct ask/bid the second it changed, it was just T212 that was still showing the same as it had no new quote since the 18th.
So in summary if all the other brokers can show 0.085 and then 0.09 as the ask moved (the second it moved) why was Bloomberg not providing a new quote (since the 18th)
I keep going back to it but imagine if for TSLA you were showing an indicative price of where it was three weeks ago. You would have thousands of angry customers goingā¦
wtf it was showing $404 why is it going through at $640
Just thought Iād add checking at the moment again a fake zero spread inside T212
The ASK is not 0.1, itās not even the previous 0.105 it missed, itās 0.11
Edit: again I should add looking at literally any other broker now Iām seeing 0.1 BID and 0.11 ASK.
Itās just Bloomberg/T212 thatās stuck on an out of date ASK. Iām hoping the BID is raised above 0.1 next just to see it break the zero spread, and make it look like itās cheaper to buy than sell.
@David is there any update to share from Bloomberg?
That isnt the issue, if youāve read any of the above we are comparing the Bloomberg feed that provides the quotes with numerous other brokers that also show a raw spread.
If ten+ brokers can all show the current ask/bid the second it changes and all match, why is the Bloomberg feed getting stuck for sometimes weeks.
Thereās also the second issue that when the Bloomberg data feed does provide a new quote itās only either the ask or bid that moves. You can see above the fake raw spread it creates, in this specific example the ask hasnāt updated.
This has a massive financial impact if anyone is placing market orders and also limits wonāt get filled if the customer believes the ask shown is recent.
Suggesting people just donāt trade small cap or low liquidity because Bloomberg canāt produce recent quotes isnāt helpful.
I should add the actual trading via IB isnāt affected so absolutely fine to trade, you just have to check elsewhere to see what the actual ask/bid is at as the one on T212 is almost always wrong/out-of-date.
And also to add again this issue isnāt specific to KOD itās affecting all AIM stocks with various liquidity and market cap.
Itās important we get recent quotes for all instruments otherwise they arenāt indicative. The donāt use it if itās broken isnāt the attitude we need, and majority of customers wonāt know itās wrong to not use it either, as they would be trusting what T212 shows is correct, we simply need Bloomberg to fix the issue or T212 to use another provider. The only time the new customer knows itās wrong is after it gets filled for hundreds/thousands more than they were expecting or simply canāt get filled because the ASK shown is no where near indicative.
Itās not about cost itās the same Bloomberg feed that gives us TSLA, AMZN, AAPL.
Itās just shit. You can see in the table how dangerous it can be trusting the values being pull in.
Hopefully Bloomberg will compare the Bloomberg terminal with the Bloomberg feed and go oh yeah they donāt match at all
This is why Iāve spent most of 2020 on chat and making support tickets. And why Iām so hacked off when I get a reply from support which is factually incorrect or starts trying to teach me about the spread like I was born yesterday.
Bid and ask are often the same, even on major and very liquid stocks. GE has both at $10.79 currently.
Iām not sure it really works to construct this table at a weekend when markets are closed.
My guess is that Bloomberg is a low cost data provider. As dealing is free on Trading 212 they have to be very cost conscious on things like that. I sometimes look at prices elsewhere to compare, but rarely see any difference. But I donāt buy and sell AIM stocks.
I think it has been explained that some data providers show current bid/ask. Others show price of last trade buy or sell.
Yeah but is the Bloomberg feed its self actually off or are 212 just not pulling from the feed frequently enough on these stocks because of cost? Or maybe as @Richard.W theyāre just paying for a low cost feed that only updates the higher traded stocks
Nothing to do with last trade. The elsewhere is the ask and bid elsewhere.
These are not cases where it finished on a zero spread. If you open the candle chart in T212 youāll see when it last got updated. The Bloomberg feed can be weeks out of date between quotes, whilst other brokers that have raw spreads all show the current bid/ask the second it changes.
So anyone putting a market sell on this wonāt be getting anywhere close to the 15 shown in app because itās so out of date. Lucky to get 11.5. And limit sell have no hope of filling.
Also without detracting from the above issue where new quotes arenāt being provided when they should, this isnāt the case at all that it was zero spread, It helps having L2 and T&S. Only the BID was 10.79 on close
AJ Bell
10.78 / 10.80
II
10.78 / 10.80
HL
10.79 / 10.80
And looking at the T&S the 10.79 was filling on the BID side.