Broker Recommendation

I've been happy using Selftrade for all my bond dealings but they have recently been taken over by Equinity and I've just been told that they will not be offering the current ICG 5% 2023 new issue. My other account is with Youinvest who only offer a telephone service for bonds.

Could anyone give me a recommendation for a good online broker?

Comments

  • Two reasons I stayed with Selftrade - (1) A lot of FI investments tradeable on-line and (2) their participation in most of the new Corporate Bond issues

    Hope this isn't a sign of things to come
  • Thanks for posting this unwelcome news. Saved me phone call. I liked Selftrade because of their bonds...
  • I sent a secure message of complaint to Selftrade and have received this reply:

    "With regards to retail bonds IPOs, it is down to the issuer of the bond to select Selftrade/Equiniti as one of the broker approved to sell the bond pre-market. If we are selected it will be displayed on your account summary page."

    It seems strange for ICG to restrict the availability of a new issue by excluding brokers as large as Selftrade / Equinity although that, I suppose, is their prerogative.

    I also checked iDealing: it's possible to trade the existing ICG issues but not, as far as I can see, the 5% 2023. They haven't, as yet, replied to an email asking the question specifically.
  • I think it's worth all of us who are with Selftrade asking the same question - maybe, just maybe, Selftrade can perhaps approach prospective issuers and sell themselves
    I'll fire off a secure email to them soon
  • Hargreaves Lansdowne have not advertised that they are selling it but a call to them today suggested that they would be...
  • I commented on this 'problem' on the ICG 5% thread but have been pleased to leave the following comment on that thread this morning - "Although all the available documentation still refers to only two Authorised Offerors (Interactive Investor and Redmayne-Bentley) I'm pleased to note that Selftrade are accepting orders for the bonds from this morning!"
    I have been with Selftrade because of their Bond availability (ideal for ISAs) and hope that they will continue the good work under the Equiniti ownership.
  • Just to confirm I was able to put in a order with Selftrade this morning.
  • Logged on to Selftrade just now and saw that we were able to place an order which my wife then did - second task this morning was going to be to write to them asking why they couldn't participate !
  • Selftrade told me yesterday, both by phone and in writing, that I would not be able to place an order. This morning I did just that and minutes later I received an email saying that my message had "been passed to the relevant department for future improvements". Perhaps their lines of communication are still a bit fuzzy post-takeover or maybe they do actually listen to complaints. Either way the problem has been resolved.

    For what it's worth, I still haven't had any response from iDealing or Youinvest.

    Thanks all for your comments and support.
  • Youinvest have stated that they will be taking orders from Monday morning.
  • I believe this situation comes down to execution brokers not wanting to work for nothing.
    In order to get paid, they can either charge a commission for applying for bond new issues or hope to get a selling fee from the issuer. Sometimes these fees are arranged after the prospectus is published meaning their name does not appear as one of the original distributors.
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