Secondary Market Issues
The new secondary market for Notes feels like a big step backwards from what we had before for Claims.
1. The 'Invest in All' button went missing. Please bring it back.
2. The 'Apply Discount/Premium to All' button went missing. Please bring it back.
3. The minimum tradable amount was changed from 0.01€ to 1.00€. The former amount made sense with minuscule claim parts below 0.01€ being removed from display (but still being tracked in the background as 'small loan parts'). But now our Notes portfolio will start to get cluttered with parts between 0.01€ and 1.00€ which we can neither sell nor remove from display. Please change minimum tradable amount back to 0.01€.
4. The "Minimum Amount for Investment" filter went missing. Bigger investors might not be interested in Note parts in the 1€ range, but are no longer able to filter them out. Please bring it back and add it also as a Portfolio filter as "Minimum Outstanding Principal".
5. To add insult to injury of points 3 and 4, there are anyway somehow Notes below 1.00€ listed on the secondary market one cannot buy or filter out. See points 3 and 4 to fix.
6. There is no YTM value for some offers, messing up display. Please fix.
11. I couldn't confirm it yet with my own portfolio, but there is a report from another user that investing in a Note with a custom automated strategy now blocks you from buying more of the same Note manually (see screenshot). This looks to me like another arbitrary and unannounced restriction to the detriment of investors. This is on top that the other way around custom automated strategies do not invest either in any loan you already hold a part of (be it from automated or manual investment) for months now, which is also a highly questionable restriction.2
7. The "Remove All from Sale" button in the Portfolio went missing. Please bring it back.
8. The "Sell All" button in the Portfolio is present but not working. When I click on it nothing happens. Please fix.1
9. In Portfolio it is no longer possible to see from hovering at which Discount/Premium a Note is offered for sale. Please bring it back.
10. The Account Statement is flooded with transactions for individual loans. Selling a single Note with a Discount creates at least 30 entries: " Investment share buyer pays to a seller", " Secondary market fee" and "Discount/premium for secondary market transaction" for each of the at least 10 individual loans. What a mess. These transactions should be documented at the Note level.1
thank you very much for reporting these issues!
We are already working on fixing some of them!0
Four months have passed, let's see what happened:
1. The 'Invest in All' button is still missing.
2. The 'Apply Discount/Premium to All' is back, great.
3. The minimum tradable amount is still 1€. In my portfolio small sub-1€ parts keep accumulating that I cannot hide or sell and which even block further investment due to issue #11.
4. The "Minimum Amount for Investment" filter is back, great.
5. Unbuyable parts below 1€ are no longer listed, great.
6. There are still sometimes offers with no YTM value on the secondary market.
7. The "Remove All from Sale" button is still missing.
8. The "Sell All" button sometimes works now but is limited to only 30 notes for no reason. Sometimes it still does not work for no apparent reason.
9. In Portfolio it is possible again to see from hovering at which Discount/Premium a Note is offered for sale, great.
10. The Account Statement is still horrible with a billion of entries on the loan instead of the note level, much clicking to get to the relevant information (e.g. what lending company an entry belongs to, this should be a column in the statement) and important information entirely missing (cashback is grouped under deposits and the lending company is not stated at all)
11. Auto Invest blocking any further investment in a note, both automatically and manually, turned out to be the worst thing ever. Discussion in: https://help.mintos.com/hc/en-us/community/posts/8674190961169-You-can-t-invest-in-this-Set-of-Notes-as-you-ve-already-invested-in-it-with-an-automated-strategy
So a few things got fixed in the last four months, but the whole experience is still far worse than before the introduction of notes.0
quick solution: stop bothering with mintos-1
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