Sharewatch change to ODL Securities


I'd be interested to know what people are doing with their Irish shares too!
This is a very bad situation.
 

There are a couple of questions recently on what to do with the Irish holdings as Saxo does not take Irish holdings. I have holdings in an Irish bank and Irish airline which I had bought through FXCM. I had always assumed they were bought on the ISEQ index until a few days ago. As Smiley says above they were in fact bought on the London exchange. Saxo has confirmed there should be no issue transferring these. I am in the process now of opening an account with Saxo.
What they said in relation to ISEQ index is : "We do not accept stock that is on the ISEC exchange. We do accept dual listed stock."
 

That's correct. All of my existing Irish company shares were bought through Direct Share Deal but on the London Stock Exchange. So theres no problem there. I don't think i ever bought an Irish company on the Iseq.

If you check the ticker symbol on the equity you own (use yahoo finance for example) you will quickly determine where your shares are listed.
 
Hi everyone, please let try and clarify some of the queries from various posts. Before I do please feel free to email me at anytime, I will receive email through saxo at sharewatch dot com.

As you know FXCM are introducing a New Platform and Inactivity Fees. Sharewatch has always endeavored to deliver low cost trading with the best of technology and security. On learning FXCM's plans we immediately secured a new low cost alternative and signed a contract with Saxo.

1. FXCM new platform is to be launched in November and the existing one will be shut down. Those who move to the new platform will only begin their inactivity period on that date so if someone moves on 1st Dec the inactivity fee will be payable on 1st Jan. This means existing clients have a month to choose a new brokers if they so wish and not a few days as suggested in posts above.

2. Irish Stocks: most Irish Stocks are Dual Listed on the Irish and London Stock Exchange. By purchasing through the Irish Stock Exchange you will pay 1% Stamp Duty and purchasing the same share on the London Stock Exchange is 0.5% saving clients quite a sum. Our new share trading rates are 0.1% with a min of £8 per trade (prices can change).
Recent article in Irish Times - 'In the case of CRH, taking its main listing on the London Stock Exchange made sense. About 70 per cent of trades in the company’s shares were in the UK and entry to the FTSE 100 puts the company on the radar of far more investors buying into the UK index.'

3. There is No Annual Fee or Inactivity Fee (prices can change).

4. There is no minimum amount for Sharewatch clients. Saxo provide services to one of the largest banks in the UK and one of the worlds largest software company's, I believe one of those has a minimum and this may have caused mixed messages.

5. Saxo will take cash holdings in the transfer (post above suggests otherwise)
 
Some good news for those of us who are moving from FXCM and want the option to move to a different broker then SAXO.

Got the following in an email from FXCM today

"Please note that the actual charge is applied on December 1, hence you would have a month to transfer your holdings without incurring any inactivity fee. In addition, as a curtsey we will waive the transfer fee which will enable you to transfer your holdings to different broker free of charge from us".

With that in mind can anyone give there feedback on Td Direct Investing??
Any other broker anyone would recommend?

There charges look fine as long as I can over €5000 in my portfolio, as there is no inactive charge.
 

I have been charged inactivity fee for June-Aug'12 and complained to FXCM, they replied as follows;

"Regarding the quarterly inactivity fee assessed on September 27, 2012, please note that we sent you an email announcing such charges in June 2012. You might wish to check your spam archive folder if you do not believe that you received this message"

So why are you stating above that clients have a month?


Regarding FXCM reply, I did receive an email in June'12, it was informing me of updated terms of business and contained a link to a 49 page pdf document, when I search that document for the keyword "inactivity" I get no results.....so are they trying to pull a fast one?
 
Hi 8till8,
FXCM announced a three month inactivity fee commencing 1st August and this has been replaced a higher monthly inactivity fee commencing 1st December. While you say you did not receive the info I can assure you all clients were sent this information and it was also on the website for two months in advance.
The first inactivity fee was starting in the third quarter (Jul-Sept) whereby if a client did not trade once in July, August and September they were charged a £12.50 inactivity fee.
The second inactivity fee was announced by FXCM last week. It is £25 per month if a clients does not trade more than three times. The inactivity term begins on the 1st of December. We debated this with FXCM for some time before securing an alternative low cost provider.
The cost per trade is 0.1% with a min of £8 per trade, trades are executed through the London Stock Exchange where stamp duty is 0.5% versus 1% here. I believe all Irish companies on the main ISEQ list are available bar three. Two of these (Aryzta and Patroceltic) are available on other exchanges provided.
 
sharewatch said:
Hi 8till8,
While you say you did not receive the info I can assure you all clients were sent this information and it was also on the website for two months in advance.
T
Click to expand...

I've just scanned the 49 page document to check what you claim.

  • There is no mention on any inactivity fee.
  • There is extensive mention of a "rate card" but no rate card was included in the terms of business document nor included in the email.

However I'm glad that I took the time to read the document because I find deep within it (page 11)
14 Client Money
14.2 (c) the client expressly acknowledge that any money the client transfers to the company will not be segregated from the company's own money and that the client will rank as a general creditor of the company in the event of insolvency or an equivalent failure.

I consider myself lucky to be alerted to a £12.50 charge so that I can get as far away as possible from operators like this.
Its a salient lesson for me, keep well away from financial services providers, nothing is as it appears.
 
8till8. Would it be your contention having read the document that the £12.50 should not have been charged. I have not the patience to read their document at the moment. I just always understood that there was no inactivity and if there was to be a change I would have expected an email on this precise point not buried in a big file. I have been charged the £12.50 as well. From the other side of the argument is there anyone out there who can show FXCM are entitled to make this charge.
 

Sorry, but this is for 'professional' clients only.

Money is segregated for 'retail' clients (us) as stated in article 14.1.

These are FSA rules.
 
I contacted FXCM again about this, saying I never got any email from them that clearly outlined a new charge of 12.50 for inactivity. They replied saying they were a customer focused company and therefore disappointed that I was unhappy with their service...however, we sent an email in June that set this out please check spam...
I replied saying I got that email but it contained no information on this charge. I specifically asked them to send me the actual wording, but one week later, this customer focused company had not replied.
I am really annoyed at them over the way they communicate, how they bury charges in fine print (allegedly) and then won't come up with the explanation:information to back up their claims.
 
Luternau...the new charge was on the 'rate card'.....but you had to go and find the 'rate card'.....which is not the easiest thing to find on their website.
Its a very sly way to do business.
 
As a separate problem.

Has anyone else run into the same issue I have?

I sold all my holdings recently on FXCM after they were transferred there from Direct Share Deal.

Now I need to know what prices I paid for them and other sales that were made at a loss so I can sort out tax return.

Email online@sharewatch.com. Aloof response from FXCM. We don't have the info, Direct Share Deal never gave it to us and you probably won't be able to get it as they are in liquidation.
 
When you purchased these securities through direct share deal/sharewatch you were sent statements each time you bought or sold.

If you didn't keep these i guess it is tough luck.
 
Anyone else get this questionnaire from FXCM. Seems dodgy to me if its not phishing!! I can't believe you would be made disclose this info.




To get started, please select an account type:
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(for Corporate accounts this is the registered address)
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Postal Code

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Citizenship

Date Of Birth

Date Format: dd/mm/yyyy
Gender

Select this option if the Primary Account Holder's Address, City/Town, Country, and Postal Code are the same as the main contact.
House Number and Street Address

(P.O. Box Addresses are not acceptable)
City/Town

Country

Postal Code

Telephone

Mobile Telephone

Employment Status

Nature of Business

Occupation

Have you ever declared bankruptcy within the past 10 years?

Are you a US Taxpayer?

SECTION 4: TRADING EXPERIENCE (APPLIES TO THE MAIN TRADER ON THE ACCOUNT)
What is your experience trading securities?

What is your experience trading options?

What is your experience trading futures?

What is your experience trading currencies through interbank or OTC foreign exchange?

What is your experience trading CFDs (Contracts for Difference)?

What is your experience trading Spread Bets (UK residents only)?

Have you carried out 10 transactions per quarter, over the previous four quarters (40 in total). This must be in the same product that you are opening your account for?

Do you work, or have worked in the financial services sector for at least 1 year in a professional position requiring knowledge of transactions or services related to the same product that you are opening your account for?

PLEASE PICK A SECURITY QUESTION AND ENTER AN ANSWER FOR ADDED PRIVACY PROTECTION
Security Question

Security Answer

SECTION 5: FINANCIAL INFORMATION IS A TOTAL FOR BOTH ACCOUNT HOLDERS IF AN ACCOUNT IS JOINT
Total Annual Income

Net Worth (Assets minus Liabilities)

Liquid Assets (Quickly Disposable)

Do you have a personal assets portfolio, including cash and/or other financial instruments, of at least €500,000?

I represent that the above information is true and accurate and I acknowledge I will notify FXCM of any changes to my address or other contact details.*

High Risk Investment Warning: Trading foreign exchange, contracts for differences, or spread bets on margin carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss of some or all of your deposited funds and therefore, you should not speculate with capital that you cannot afford to lose. Before deciding to trade the products offered by FXCM you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. FXCM provides general advice that does not take into account your objectives, financial situation or needs. The content of this Website must not be construed as personal advice. FXCM recommends you seek advice from a separate financial advisor. Please click here to read full risk warning.

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smiley said:
When you purchased these securities through direct share deal/sharewatch you were sent statements each time you bought or sold.

If you didn't keep these i guess it is tough luck.
Click to expand...

I've been in contact with both FXCM and Peter Byrne (Sharewatch) about this. FXCM said they were never passed that information so don't have it. Peter was helpful as usual and advised me to to go through the Financial Services Compensation Scheme to get copies of the trades. Peter also said that after Direct Sharedeal went into liquidation, the administrator did their job and then forwarded their reports and all files to the Financial Services Compensation Scheme.

I don't envisage having any CGT liability for a long time so I'm not in a massive hurry but if you could let me know how you get on, it would be appreciated. I had Anglo as well so I don't even have a record of losing them let alone acquiring them. If it was me wiht an imminent return, I would make a good stab at estimating what/when you paid for them and worrying about a piece of paper if you are audited.
 
I followed this link from the Sharewatch ([broken link removed]) website:

[broken link removed]

I filled the application and got this message on the last tab:

"Thank you for submitting your application for a trading account. Your application has been sent to the relevant department to be processed."

How long does it take for the Saxo account to be setup?

Do I then get FCXM to move my portfolio to Saxo?

Sorry, this sounds rudimentary I know. I haven't bought a share since I was with Goodbody's (moved to Sharewatch to remain in CREST).
I didn't even realise that my dividends were no longer going to my Irish current account and going to a FCXM account instead!!! Now there's "Buy & Hold" for you!
 


How were your dividends paid directly into your current account just because you were in Crest?
 
smiley said:
How were your dividends paid directly into your current account just because you were in Crest?
Click to expand...

I don't think it was because I was in CREST.
For the first few years of my portfolio dividends were paid by cheque.
Then I mandated the dividends into my current account, and more or less forgot about it.
Then when I was preparing my tax return this year, I was checking (no pun intended) my current account and could find no evidence of the dividends being lodged. I put this on the long finger to be investigated later and used company websites and the ISE website to calculate the dividend tax owed.

The absence of dividends being lodged roughly coincides with one of the Sharewatch/ODL/FXCM transfers. And only when I logged into my FXCM account yesterday, trying to find my portofolio, did I come across a cash account with much dosh in it! (I haven't traded since I was with Goodbody so I'm assuming the money is probably from dividends).

Incidentally, I occasionally get a demand from Goodbody for the annual account fee, despite closing the account years ago.
 
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