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Igi

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  1. I am wondering whether I can avoid both a: the spread on Market Orders, and b: the risks of Limit Orders, by using "Market on Close" DMA orders. In particular, am I right to think that ... A. Buying (with the intention of selling) using a Market Order, incurs an immediate loss of book value equal to the spread. ... Alternatively ... B. Buying on Limit Order, subjects me to the risk that if, while the order is on the order book ... there is bad news, then my order is likely to be taken off the order book at my limit price, leaving me with a loss; or there is good news, then the market is likely to go up and my order is likely to remain unfilled, loosing me the potential profit. As I understand them, both "Market on Close" buy and sell orders go through at the same closing price. Thus there is no spread, and any risks should be balanced. However, something in the above can't be right. I understand that IG's DMA needs a bit of setting up. Even then a few LSE shares still do not have closing or other auctions. Also, sSome people want to trade urgently, rather than at the market open, mid, or closing times. However, I don't understand why everybody else is doing this, and therefore thought I should check here before trying it.
  2. Thanks. It looks as if I'll have to wind up my old Windows machine then -:(
  3. Should I be able to see "Market on Close" and other "Direct Market Access" order types on the Web Platform ? I put £1100 in my account and enabled L2 data for the LSE yesterday. As a result I can now see data from five bids and offers. However the order selector drop down has only six order types, and MOC and LOC are not listed Is it something I am doing wrong, or are these order types not available on the web platform?
  4. I should probably add that the above restriction only applied because I am a non-professional investor. If I had filled out the broker's forms, signed away certain rights, and had this had been accepted, then I was told that I would be able to buy the non UCITS ETFs I wanted. However it seemed better to take out an account with a US broker instead.
  5. Members 0 2 posts Report post Posted just now I have found that UK brokers do not allow purchase of ETFs whether inside or outside an ISA wrapper unless they have "UCITS ETF" in the name. The problem is that the EU considers ETFs to be "Collective Investments", requiring special regulation and approval. Such approved ETFs must have "UCITS ETF" in the name, while the use of those letters by non-approved ETFs is not allowed. Thus using https://etfscreener.ig.com and applyinhg the advanced filter "UCITS" should limit the results to eligible ETFs. https://www.handbook.fca.org.uk/handbook/COLL/6/9.html lists these regulations.
  6. I also got rejection messages when trying to purchase dollar denominated ETFs with two other UK brokers. I concluded that only ETFs with "UCITS" in the name are available from UK brokers. Fortunately, I managed to find a broker in the US who would accept me (even though I had no connection with the US). The problem is that the EU considers ETFs to be "Collective Investments", requiring special regulation and approval. Such approved ETFs must have "UCITS ETF" in the name, while the use of those letters by non-approved ETFs is not allowed. Hence using https://etfscreener.ig.com and the advanced filter "UCITS" lists only UK eligible ETFs. https://www.handbook.fca.org.uk/handbook/COLL/6/9.html lists these regulations.
  7. I am trying to work out the easiest way for me to place Market on Close (MOC) orders using my new IG account. I deposited £1100 into my Share Dealing Account and paid for 1 month's L2 data earlier today. Web trader then displayed the order book. However no DMA order types were listed among the 6 order types in the drop down menu. Would any of the following allow me to place MOC orders (listed with the easiest first) ... 1) Browser-based trading (e.g. displayed in Firefox, or Chrome etc.) 2) Downloadable Linux program (e.g. to run in Fedora, or Debian, etc.) 3) Downloadable App for my iPad-Mini iOS 9.3.5 (Not compatible with your "IG:Spread Bets & CFD Trading" App) 4) Virtualized Windows 7, but which I don't think will run .NET Framework. Note that I am not too bothered about seeing the L2 data. I am more interested in being able to place MOC or perhaps LOC orders.
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