Portfolio price data issues re: MIFID ii

3rd Jan '18 by InvestedGeordie

8 comments 3354 reads

Hi all,

I know Stockopedia is currently having issues with the Thompson Reuters data feed, and and a result, portfolio prices are being misrepresented.

This post really is to encourage everyone who uses the Stocko Portfolio features to track stock prices to double check, secondly to increase visibility of the issue and thirdly, give Stockopedia the platform to allow open dialogue to communicate progress towards a resolution.

Thanks,

IG

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About the Author

InvestedGeordie

Premium Member

8 comments

Laughton

3rd Jan '18

Yes, I do use it and yes it is a pain for it to be out of kilter - but I don't understand what "secondly to increase visibility of the issue and thirdly, give Stockopedia the platform to allow open dialogue to communicate progress towards a resolution" means.

Hopefully it will be back, working correctly, before too long.

InvestedGeordie

3rd Jan '18

I'm not entirely sure how to help you understand the above, other than to break it down more:

- People may not be aware there is an issue (I wasn't, until Stockopedia tweeted me individually)

- People should be aware there is an issue (As they may, like me, use only Stockopedia to track daily performance)

- People need to be kept informed of progress, and one single thread is probably best to keep those who wish to be kept informed up to date

Thanks,

IG

Edward Croft

3rd Jan '18

Hi there - yes good idea to open this up a bit Bertie.

Basically the London Stock Exchange, due to Mifid II Regulations, split the reporting of London listed stock quotes into two separate data feeds. One for on-book trades, and one for off-book/off-exchange trades. They created 2 separate ids and 2 separate channels for every stock.

This has caused all kinds of havoc amongst data vendors. We were suddenly forced to accept 2 data feeds (via Thomson Reuters) for what every LSE listed stock and attempt to merge them. The problem is that the off-book trade data is extremely noisy, and often poorly reported.

Some stocks trade off-book in foreign currencies - e.g. JPEL Private Equity (LON:JPEL) a lot of subscribers own, and it's flipping between quotes in GBP and USD - but also between minor and major currency units. This is not ideal to say the least as it's messing up standard calculations of things like change on day / percent change on day etc. We're reacting as we can. What's more, sometimes we're receiving the correct price, but in the wrong currency or wrong currency unit.

Mifid II aims to improve the 'transparency' of trade reporting but it seems to be making it much harder for the lay investor to gain clarity on what is going on. Whether this data issue is stemming from the exchange, or from Thomson Reuters is hard to know at this stage. We're something of an innocent bystander trying to mop up the issues upstream.

I have though been informed by the Head of Product at Thomson Reuters, that they are going to be consolidating all the Tradecho (off-book) and on-book LSE trades into a single consolidated instrument. With any luck we'll have this within a few weeks, but in the meantime we're working on the best resolution we can.

I hope this clarifies. Please do tell us if you see odd quotes - the sooner the better. Quotes are fleeting and if we don't log the issue immediately it can be hard to debug later.

InvestedGeordie

3rd Jan '18

Hi Ed,

Very much appreciated, thank you for the update. What is really positive is that Thompson Reuters are aware that a single stream is the way to go, and that plans are in place to make this happen.

By all means if you do hear anything further from Thompson Reuters in terms of implementation timescales of the new solution, and how this may resolve issues, do let us know.

Thanks,

IG

Sully8786

3rd Jan '18

It's a pain for sure - my portfolio moves around a lot during the course of the day anyway, but this has been more noticeable recently.

It's hard to say what the issue is when I'm not sure on the underlying prices, but I've viewed portfolio totals that look too high and too low.

A share that I do own - Tristel (LON:TSTL) seems to have been all over the place too - mainly in the down direction.

Regards,

DS.

InvestedGeordie

4th Jan '18

This thread can now be closed following creation of https://www.stockopedia.com/content/notice-about-london-stock-exchange-quote-irregularities-292508/

Rusty2

4th Jan '18

Probably because Stocko uses last trade price, so on a wide spread the prices are up consideably if someone buys and then down if someone sells, this is ok on tight spreads but on wide spreads the prices are up and down all day long. Very misleading.

Sully8786

4th Jan '18

Thanks herbie - that explains that.

LSE has the shares off by 1%, but there has been quite a decline this week alone - wonder how many have sold given the apparent large moves south.

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Portfolio price data issues re: MIFID ii

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InvestedGeordie

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