Portfolio Positioning For Brexit Vote



I’m glad you did. I did check out the Financial Ombudsman site and this is something they will pursue. My bet is your broker will offer you 10 free trades.

You must remember that your broker has to explain to the FO why they failed to execute your order. They won’t want to explain that their office was grossly understaffed during the Xmas period.

Please keep us posted.


At £6.95 a trade, I’d not be shooting from the rooftops. Yes MacB, I will keep you posted and thank you for encouraging me to write the letter.


I checked out the Ombudsman wording:

“A consumer may also complain that the market price went through the price set in the ‘Limit order’ - but the broker failed to carry out the sale or purchase transaction”

“In these cases we look at the market data to see whether the limit price was breached and we will also consider the circumstances of the case.”


Thanks for checking that wording MacB, that is reassuring knowledge that I’m not being unfairly harsh on the company.


Hi Mac,

Thanks for asking. Apology for delayed acknowledgement as I was away from desk. - I’m fine, though things can always be better market-wise. But no doubt that applies to many participants. Looking further ahead, it seems we can expect more of the same for some time to come.

Regarding this issue: I obviously feel for SC. I’m as interested as anyone in X-O’s explanation about this failure. FWIW, I’ve used 3 different brokers for real shares since I started 02/2009. EtradeUK, TDW (who later changed their name to TDD) & ii. I’ve not experienced this. But I suspect only because I rarely use limit orders for real shares. But a few direct market orders have indeed gone unfilled, with ii especially after they first took over TDD.

I agree with you, but let’s say I used limit orders frequently. Would I leave a broker if a limit order failure happened only rarely? It’d all depend on the rest of their service. If that was okay, I wouldn’t leave. X-O charge £5.95 commission (not £6.95 as stated) as standard. Very cheap. So I see why their service might not be as 100% reliable in some respects all of the time as more expensive brokers.

Without seeking to make light of it, interestingly, X-O’s limit orders expire by default either the same day or the next day, depending on what time they were opened. That might catch out the less experienced, though I’m not assuming that’s happened to SC. This from their site:


By contrast, brokers like HL see limit orders expire after 90 days.

All the very best to you & all for the New Year! Hope you have a good one.


I’m fully expecting X-O to say that for limit orders not displayed publicly (not placed by phone in this case) they poll RSPs (executing brokers) when the price moves past the limit… and that in this case it appears other market participants who’d also placed orders were given execution priority because they either placed their orders earlier or had a better price.
It all depends on timing when you placed the order and what others have already placed.
This only really matters if there was a brief dip below the limit and is uncommon for a well traded stock I’d suggest.

Let’s see what Jarvis say…


Hi all,
I placed the limit order in the early hours on the 28th with an expiry of 28th ie it was placed on the day before markets opened.


Sure… but you don’t know what other active orders there were out there… you could have been lower down the list when they were being filled… and remember that for X-O… they will poll the RSPs (executing brokers) for automatic execution only when your limit is reached (or bettered).
Public details of your limit order won’t be made (as wasn’t phoned thru and requested)… so you are in the hands of Jarvis to tell you what results they got from polling their RSPs… if the limit condition was ‘true’ for only a short tine… it is possible they couldn’t fill either any or all of the order.


I understand (i think), it’s probably innocent but then how did it trade below 49.75 for a period on such a small order?
If I had done as MacB said and looked into and registered on the LSE I may have enough info to decide. I will do so if I get time.


You’ll have more info for sure looking at that… but your particular order wouldn’t have been made public… but do let us know what Jarvis say on this… just out of academic interest for me…

Like I said, this normally doesn’t happen on well traded stocks and order sizes for average retail investor but remember there’ll be some lag due to the RSP pollings and that you weren’t the only trader with that limit price and the total number of shares corresponding to limit buy orders at the same price could have been more than the total amount of shares offered at that price during the minutes/seconds you saw the market hit your limit price.


Hi @Swamp_Cat,

You can also display all the trades if you open an account at MoneyAm ( Its free to register and you can set up multiple portfolios whose prices update in real-time when the market is open (no 15 min delays as with many other sites) using their StockWatch function. I think its a very useful site much better than ADVFN IMHO.

Better hurry if you want to do this though as it looks as though you can only access trades for the previous 6 calendar days (earliest date available today is 25th December).




Hi All,

Markets are all about China ATM or so it seems to me. First we get their PMIs down and now Apple declaring a profit warning citing China slowdown as the potential cause. Both events knocking US Futures down in overnight trading and then feeding thru other markets the next day - or so it appears.

Seriously thinking about taking my post Xmas ETF gains such as they are (XD today on 2 of them) and moving to the sidelines again for a bit. Had hoped that the New Year would be more positive for markets, but doesn’t seem that way ATM. Will see how things go when the markets open, US Futures recovering just a small amount ATM but I note that both Apple and Tesla dropped a lot after hours yesterday.




Hi Again All,

Well markets have perked up since the open, FTSE now actually up a tiny bit and US futures less down. So Ive decided to stay in for the moment.

Put my toe in the SWEF water this morning at 101.195 - my thanks to @TX2 for this tip much earlier in this thread. This price looks to be right at the bottom of the trading range and just less than the latest NAV of 101.84 and with a 1.625p dividend due in Feb and a ~6.4% yield it looks attractive to me. SP looks pretty stable which I like in these volatile times.

Interestingly @swamp_cat I had a limit order set to buy SWEF at 101.25 but it was just sitting there and hadnt been filled when I looked. This seems to be quite common with my broker especially with Investment Trusts, so these days I periodically try a manual trade just to see what the price really is. When I saw it was lower than my limit then I just accepted the trade and then cancelled the limit order immediately afterwards. Clearly there was a slight chance of doubling up there but it didnt happen.




Hi All,

Well I was watching the US markets on my phone this afternoon while I was out, things looked pretty positive till the open - Futures we’re steadily improving and FTSE doing ok. All went downhill fast after the open though, with Apple down over 9% at one point.

Got home and decided to take my profits on my ETFs and take the money off the table. I was concerned that if there was a big drop in US markets overnight we might wake up tomorrow with FTSE, Europe & EM (where my ETFs are invested) significantly in the red. Still not clear what will happen at this point, but I don’t see much opportunity for any significant gains right now so am not sorry to be out.




Hi All,

Well this evening the FTSE, STOXX 50 and AUS 200 markets on seem to have shrugged off the 2.5-3% fall in the US indices, indeed some are even nudging up a bit !. Maybe because it’s all seen as being driven by purely Apple related phenomenon ?. No idea. May not last we’ll soon see…




Hi Again All,

Well it’s midnight now and the ASX 200 and futures markets are all open. US futures are down another 0.3% right now. All of the other markets are sort of slowly trending down but it’s hardly dramatic I am quite pleased to say.

Wouldn’t it be nice if they all took the view “Err actually we don’t care if one of your big companies can’t sell its phones. We are sick of following the crazy gyrations of your markets and are going to do our own thing…”.

Well you can dream can’t you !.



PS Well 06:30 now and wouldn’t you know it the US yo-yo markets are UP again as are the FTSE, Europe and Asia - Australia not so much. Still far better than the potential meltdown that I feared. Until the next time. ATB Pref


That didn’t work out too well…


No @J_Westlock indeed not, timing worked out very badly. But its not “losses” just gains that should have been made, my portfolio still made a tidy sum today. Just only about 2/3rds of what I would have made if I had not sold my ETFs.

US markets are just totally crazy IMHO. From panic to euphoria in a single day today, and the only solid event really was the jobs report - progress on a trade deal is still very much TBD. How long before the shine wears off and we are back to panic mode again ?. At home we have brexit back in focus the next couple of weeks which was a further reason behind my exit. I am not totally uncomfortable with being out ATM, but if this rally goes on for days I shall live to regret it though.




I think the most relevant event was Fed Chief, Powell’s comments at the news conference.

You have had a huge deleveraging of most assets, causing a dearth of liquidity hence a spike in VIX. However, we have already recovered 8% from the 20% correction and the VIX has fallen from 36 to 20. You cannot use the same techniques for all market conditions.


Hi All,

Personally I will be watching US Futures with interest when they open Sunday night. Will they continue the euphoria or fallback after yesterday’s big gains, could go either way I feel. But on balance unless there is new news personally I suspect we may see a small pullback, pure guess work though. Of course if there is a breakthrough on US China trade next week then that will no doubt drive markets higher still.

Not inclined to go back into my ETFs immediately after their ~2% rise on Friday and in fact I am contemplating using some of the money to top up a few of my safer, less volatile, high yield investments. I note that my preference shares did quite well on Friday, presumably due to the perception that interest rates might not rise much further ?.

Risks as I currently see them are that:-
a) Markets might surge yet again based on china trade news?
b) FTSE and European markets might tank if brexit vote goes badly ?

Some reaction from b) is I suspect probably inevitable. a) is just a complete unknown as far as I am concerned.