One alternative for the delay / issue with the algorithm is to short sell yourself into the market once you know your allocation via a CFD.
I have an IG share trading account which I set up my own SPP at $5 per trade.
Put in an application of $10K for ABB for which I have been allocated $1,800 (450 shares)
Opened a short position for 450 shares via my IG CFD account at $4.86 this morning to lock in my profit.
Net result will be:
Investment 450 x $4.00 = $1,800
Gross proceeds 450 x $4.86 = $,2,187
Share dealing costs -$5
CFD open/close -$14
CFD interest (est) -$0.76 (close out 12th Oct).
Net profit $367.24
% return allocation 20.4%
% return application 3.7% (95.4% p.a.)
OK yes the price could go up between now & when the shares hit my account but I'm happy to lock in a 20%+ profit.
As the interest charge is so low it doesn't matter if I don't close out both positions straight away when the shares hit my account.
The above doesn't take into account the IG margin requirement of 25% of the CFD position.
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