Why are you introducing the Matching Engine?
The Matching Engine is a stepping stone towards NASDAQ-powered Order Books. It will provide Traders more flexibility on how they would like to buy Shares - via Buy Now or Bids.
Do I have to place Bids to purchase Shares?
Placing Bids is an additional way to purchase Shares. You’ll still be able to use the Buy Now option.
When is my bet placed?
Your bet is placed when your Bid is Matched.
Once I’ve placed a Bid, are funds immediately taken from my account?
Funds are taken from your account immediately (including commission). This is to prevent your account from potentially going into a negative cash balance should the Bid be Matched. Should you cancel your Bid, you will be refunded in full immediately (including commission).
Will I still be able to use the Instant Sell and Sell Queue options?
You'll still be able to use the Sell Queue option.
Instant Sell will now be generated by Traders' Bids and, where appropriate, a market maker. The price you'll see in the Sell button (Instant Sell price) is an average of max 300 Shares from the highest Bids. We've changed Instant Sell to provide more liquidity, more transparency and tighter spreads. Users will have the option to offer more competitive prices, through Bids, than a market maker could before.
What happens to the Instant Sell price when there aren’t 300 Shares on offer via Bids on a footballer I want?
If there aren’t 300 Shares on offer via Bids, we use an average of however many Shares are on offer. If there are no Bids, there’s no price quoted on the Sell button.
Can I set my Bids at any price?
The lowest price you can currently set your Bids is around 60% of the footballer’s current Buy Now price (E.g. for a footballer priced at £10.00, the lowest you can Bid would be £6.00). This is known as the “Bid Zone”.
Can Bids expire?
No. There’s currently no expiry time on your Bid. If you don’t want your Bid to be Matched, cancel it.
Can I cancel my Bid straight away?
You can cancel your Bid immediately, and you will be instantly refunded the full amount of the Bid straight to your Football Index account (added to your cash balance).
Can I cancel my Bid if some of the Shares have been matched?
If your Bid has been Partially Matched, you can cancel the remainder of Unmatched Shares on the Bid. Please note, this must be the full amount of Unmatched Shares remaining on the Bid.
For example, if you place a Bid on 100 Shares and 50 Shares have been Matched, you can only cancel the full remaining 50 Shares. You wouldn’t be able to cancel 25 of the 50 Unmatched Shares.
Will I be charged commission on Cancelled Bids?
Should you decide to cancel your Bid, you will be refunded in full immediately. Therefore, any commission you pay when placing your bid will be refunded in full should you cancel your Bid.
Can I adjust the price or number of Shares in my Bid?
No, you will simply have to cancel your Bid, and resubmit a new one. Please remember; when you cancel a Bid, you will be refunded in full immediately.
If my Bid partially Matches, am I eligible to win Dividends?
Yes, Matched Bids are eligible for Dividends. Matched Bids follow the same Dividend deadline as the Buy Now option i.e. the Bid will need to Match before the Dividend deadline. You will be able to view the time your Share is matched in your Trade History.
How will I know what time my Bid has been Matched, and therefore if my Shares are eligible for Dividends?
Matched Bids follow the same Dividend deadline as Buy Nows i.e. the Bid will need to match before the Dividend deadline. You will be able to view the time your Bid is Matched in your Trade History.
Will the new IPO system be introduced with the Matching Engine?
No, this is not going to change the IPO functionality. We will be updating the IPO process in a subsequent release. Bids are initially disabled when a footballer is IPO’d.
Is there a daily cut off point for Bids Matching?
Bid Matching is an automated process, so they’re Matched throughout the day.
Can I Instant Sell a footballer I have Bids on?
No, Traders can’t Instant Sell a footballer they’ve also placed Bids on. If you want to Instant Sell your Shares in a footballer you are also Bidding on, then these Bids need to be Cancelled first. Once Cancelled, you will be able to Instant Sell your existing Shares in that footballer and re-place your Bids should you want to.
Will I be notified if my Bid price exceeds the Buy Now price?
Initially no, it is your responsibility to check the status and price of your Bids. However, this is something we plan to implement in the future.
Will I be notified if my Bids are Matched?
Again, initially no. However, this is something we plan to implement in the coming weeks.
Will there be a separate section in my account where I can find my Bids?
Your Open Bids will be available to view in your Portfolio. Here you will also be able to view a history of your Cancelled and Matched Bids.