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Investors get real-time view of UK bond market activity for the first time
https://ets-connect.co.uk/ https://ets-connect.co.uk/
- stephenheron 4mo agohttps://ets-connect.co.uk/ https://ets-connect.co.uk/ < Slightly more information here.
- gib444 4mo agoWill this help us see how badly Burnham bungs bonds in real time? I jest I jest
- monkeydust 4mo agoyea for sure :) Signup link here -> https://ets-connect.co.uk/users/prod-onboarding/ https://ets-connect.co.uk/users/prod-onboarding/ Commercials here: -> https://ets-connect.co.uk/annual-fees-2026-2027/ https://ets-connect.co.uk/annual-fees-2026-2027/
- AdamN 4mo agoBurnham being PM is already pretty well priced in. When he walked back comments a few weeks ago they corrected and my sense is that the market understands that unless there until actual laws or budgets are promulgated, what is said by Burnham isn't really market moving.
- andy_ppp 4mo agoWhat is he going to do without the bond markets - the UK is in so much debt we basically need to jump however high they tell us to, unless he plans to default which would destroy the global financial system and destroy the UK for decades. The only way I can see out of this is to absolutely frack the crap out of the UK and push for more North Sea oil drilling. But we definitely won't do that so maybe we'll try a bit of fascism instead? I'm very unconvinced taxing rich people is possible (unless it is a global agreement) - most of their money can be moved into tax havens and other jurisdictions where HMRC will struggle to tax them.
- monkeydust 4mo agoI think ...or hope...he ends more right than left and manages to do what Starmer failed to do a year ago which is to make major reforms to the Welfare system. Its just not sustainable.
- pjc50 4mo agoThere really isn't a lot of slack in the welfare system unless you're prepared to be very short sighted and go back to "tent city" levels of homelessness. Which is partly why all previous attempts to cut it have failed. Maybe declaring certain areas of high rent off-limits for housing benefit, but then you have to raise the salaries of NHS staff and teachers living in London so they can afford to work there. Maybe if the Miliband reforms pay off and certain critical things get built and gas prices return to normal, Labour will be able to take credit for lower electricity prices? Unless it's all spent on datacenters, which would be even worse political doom. Personally I'd go with the "mansion tax" but that requires ignoring the well-connected screaming. They did manage that with VAT on private school fees.
- Urahandystar 4mo agoYeah but the VAT on school fees meant a load of those children had to go to state schools so we ended up paying for it anyway.
- cjrp 4mo agoWasn't it something like a 3-4% reduction in private school pupil numbers? And some of those would have ended up homeschooled rather than state.
- arethuza 4mo agoA rough calculation: £8,580 funding per child at state school, ~90,000 less in private schools and in state schools so about £770 million more required for state school funding and this measure is supposed to bring in about £1.7 billion a year... So it looks like it would pay for itself? Edit: We don't charge VAT on private healthcare - so charging it on private education looks a bit inconsistent to me.
- gib444 4mo agoHow do they know what he will do to the economy before even he does? That's impressive I wasn't referring to his becoming PM but what he does during the premiership, you know, the more important part
- inigyou 4mo agoHow much a politician will make wealthy people wealthier probably correlates pretty well with their left-right axis position multiplied by their amount of power.
- greengreengrass 4mo agoDisappointing that it seems difficult to actually sign up for – "real-time view" hidden behind layers of legalese and licensing, although it's pleasing to see the fees are effectively nothing for individuals or small firms. They're not exactly in the SaaS-era of live demos or trivial sign-ups for immediate access, are they? Why do we insist on actually useful interfaces into the economy and banking system being hidden behind such bureaucratic complexity? It's like the Open Banking gift that keeps on giving – if it were truly "Open", I'd have an API I could actually use to talk to all of my banks, rather than what feels like a closed shop (certainly for the average retail individual who just wants a feed from their bank).
- cjs_ac 4mo agoThere’s also a lot of bureaucracy involved in participating in the gilt market directly, rather than using an intermediary. https://www.dmo.gov.uk/investor-information/retail-investors/purchase-sale-service/ https://www.dmo.gov.uk/investor-information/retail-investors... I don’t think the Treasury really wants to deal with amateurs.
- pjc50 4mo agoNo, but you can hold them through the standard range of intermediaries and still get the tax advantage. NS&I offer a range of retail products - https://www.nsandi.com/guaranteed-returns https://www.nsandi.com/guaranteed-returns is a good option but does NOT come with the tax exemption.
- monkeydust 4mo agothe tax exemptions make it very attractive place to hold cash versus bank accounts - if your a UK citizen google (or AI) - low coupon gilt investing.
- pjc50 4mo agoEh, for most people it's simpler to just use a cash ISA which can provide almost the same rates. Most people don't want or need to carry a huge cash float as opposed to other kinds of investment.
- Pawenniag 4mo agoWhether the data will actually be affordable and usable enough for smaller participants or whether it mainly improves tooling for institutions that already had decent access
- mark_l_watson 4mo agoPotentially, the raising interest rates because investors don’t trust the long term stability of the UK economic system (more spending on pro-war activities, sluggish economic growth, and higher than expected government borrowing) will crash their financial system. I hope I don’t sound too selfish but I am a USA citizen, and I would rather worry about my own country’s medium-term financial future.
- jalev 4mo agoThe UK's financial system made it out battered but bruised in the 70s which were a magnitude worse than what we have right now (double digit unemployment, inflation double digit, interest rates at like 15%, an IMF bailout...). Any talk of the British financial system collapsing is as realistic as the S&P500 dropping 50% in the near future: sure it can happen but the chances are so statistically small you have a better chance of winning the lottery.
- abecedarius 4mo agoNational debt to GDP was much lower in the 70s. You might be right that near-term disaster is unlikely, but comparing to a lottery win is ridiculous. Orders of magnitude off.
- arethuza 4mo agoUK debt to GDP ratio is quite a bit less than that of the US?
- noir_lord 4mo agoIf I was American I’d be worried about the US as well. You elected a circus.
- alex_duf 4mo ago>I hope I don’t sound too selfish but I am a USA citizen The rest of the world is getting tired of worrying about the US's economical situation, whether it the dotcom bubble, the sub-primes, or now the potential AI bubble. So apologies for being blunt here, but yes it does sound selfish to me
- monooso 4mo agoI spent the entire day yesterday trying to set up some automated monitoring of my investments, only to discover most UK market information is locked behind stupid-money APIs. Anything that improves that situation is a positive.
- inigyou 4mo agoThat's normal in markets and it even makes sense. Think about it: shouldn't the market be funded by charging fees to the extremely wealthy participants? The alternative is that it's taxpayer funded, which is a tax subsidy to extremely wealthy participants.
- dv_dt 4mo agoSeems like a bit of a false dichotomy- other alternatives are regulatory requirements or taxes that force or allow the api to be provisioned
- inigyou 4mo agoYou can force markets to make an open API funded by participants, but you can't make it fully open (open API and open participation) if you don't want tax funding because then there's no funding source left. Maybe you decide a fully open market is worth being tax funded, though it's still mostly going to benefit very rich people.
- dv_dt 4mo agoWhy is "no tax funding" a hard requirement? I would think the lowest cost to get that market information publicly shared and forthcoming (and thus increasing the efficiency and effectiveness of the market), would be for a government dept to operate the frontend distribution, but require regulatory submissions of transaction data within reasonable latency windows. It's just a modern form of say US SEC document submissions and EDGAR to distribute.
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- trebligdivad 4mo agoI love that it's a 'tape' - I assume in reference to the early telegraph tapes/tickers: https://collection.sciencemuseumgroup.org.uk/objects/co33749/stock-exchange-printing-telegraph-1907 https://collection.sciencemuseumgroup.org.uk/objects/co33749...
- gjvc 4mo agostandard terminology remains standard
- HolyLampshade 4mo agoAmusingly for the security information processors in the US (which handle US Equity consolidated quote and trade data) the trade feed is still referred to as the tape (one of the two governing bodies is called the Consolidated Tape Association). Securities are still associated by which ‘tape’ their trades print on (really which one of the two SIPs the trades will be found on).
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