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Buying and selling on the secondary market

Buying and selling transferable shares and bonds is slightly more complicated than for other kinds of investments. The Ethex Bulletin Board is designed to make this process easier to manage.

Transferable shares and bonds can be bought and sold through the Ethex secondary market, giving you an opportunity to invest even when there is no primary offer. You can buy transferable shares and bonds when there is someone who wants to sell, and vice versa, and where you can agree on the price. You can see what is available at any one time by looking at the Bulletin Board tab for each investment product.

Here’s how to buy or sell on the Ethex secondary market in three simple steps:

1. Decide the volume and price

As the price of transferable shares and bonds varies, you will need to decide on the price you are prepared to buy or sell at. There is a lot of information on Ethex to help you with that via both the Bulletin Board tab and the Product details tab (links can be found at the foot of this page).

If you'd like to buy or sell at one of the prices shown, you can contact the offeror directly to agree the trade. Alternatively, you can offer to sell or buy at a different price that isn’t shown by leaving a new post on the Bulletin Board, and wait and see if someone is prepared to trade with you at your offer price. It is not possible to say how long that will take.

Some factors you may want to consider when making your decision about what price to offer:

  • The dividends and interest policy – What is the business is aiming to achieve?
  • The historic returns - How much has actually been paid to investors in the past? Does it look as if this will continue?
  • The prices and volumes graph - Has the trade price been going up or down?
  • The price of the most recent trades – Are you looking to get a similar price?
  • Other open offers to buy and sell – What is the level of demand for the product?

Please note that Ethex charges an administration fee of £20 for each transaction processed. Some products have slightly different fee costs. You can view these costs on the Product Details page of each product at the bottom of this page.

2. Making an offer via the Bulletin Board

Before leaving a new post or responding to an existing post on the Bulletin Board, make sure you have the following information to hand as your post will not be made 'live' on the website without it.

  • The number of bonds or shares you want to sell or buy
  • The price you want to buy or sell at
  • If replying to an existing post on the Bulletin Board you will need the reference of this post
  • If selling, your share or bond certificate numbers. We will need to check these against the register, and you will need to send us your certificate to complete the transaction. If you have lost it, you will need to obtain a new one before placing an order.

When you have all of the information above, click the Trade Online button, and complete the questions in the form before submitting you new post or response. 

We will then send you a confirmation once we have completed any necessary checks and the new post is 'live' on the Ethex website or your response has been sent to your chosen counterparty. You are free to change the details of your post at any time up to the point at which you agree a trade with a counterparty. Should you pull out of a trade after you have agreed it with a counterparty, Ethex may cancel your account and/or prevent you from using the Bulletin Board in the future.

3. Settlement

Once Ethex is informed that you have agreed a trade with a counterparty, we will contact you to complete, or “settle”, the transaction. This includes sending the seller a stock transfer form to complete and asking the buyer to transfer the funds. Settlement normally takes two to six weeks.

It is not in keeping with our policies to hold certificates on behalf of investors. Therefore, if we are only processing a transaction for part of your holding we will return your certificate to you once the current transaction has been settled.

Safety and confidentiality

We will keep the names and contact details of buyers and sellers anonymous at all times. All share certificates, bond certificates and signed stock transfer forms are held securely in our office. All client funds held by Ethex are held in a segregated client account until transferred, which means that until transfer they continue to belong to the investor, and not to Ethex.

The Process in Detail

The above is a brief guide to the process matching and settlement. For full details on how the secondary market works, read our Order Execution Policy. If you want to see the rules we apply to all orders placed via Ethex, you can read our Ethical Broker Policy.

Keeping track of your order

Ethex will keep you updated on the progress of your order throughout the process via email, and details of any matched trades can be viewed in the Your Orders section of your Ethex account.

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