Why have the spreads been widened so much?
This is in order to protect Portfolios and stabilise the market until the picture becomes clearer on when football will resume. A wide spread helps to control any panic selling which can harm overall Portfolio values. The displayed sell price is only a quote on Instant Sell. As usual you are likely to achieve a significantly better price from the sell queue.
How are the spreads determined?
Our risk team has identified the current level of spreads to be appropriate given the unprecedented nature of football fixture postponements.
How are you legally able to set such big spreads?
The Instant Sell function is sometimes suspended in normal trading conditions. The Instant Sell prices offered can also vary from time to time depending on market conditions. As per our Game Rules, we reserve the right to suspend Instant Sell, temporarily or otherwise, and/or vary the Instant Sell price for a specific footballer or all footballers.
Why is Instant Sell not always available?
As mentioned above, Instant Sell is sometimes suspended during normal trading conditions. In the current unprecedented situation, we have suspended this function more frequently in the interests of customer Portfolios. Markets are from time to time suspended in extraordinary circumstances - and these are certainly extraordinary circumstances. In other sectors, such as financial trading, similar situations are being seen, for example in the Philippines all their financial markets have been suspended as of today (17/03) until further notice.
The purpose of suspending Instant Sell for periods is to protect the long-term integrity of the market from extraordinary and extreme volatility which doesn’t reflect the underlying value of a long term 3 year bet.
I’ve used the Market Sell functionality, but my Shares aren’t selling. How long does it take?
The time it takes to sell a Share will vary from footballer to footballer depending on the demand for that player at any given time.
I bought Shares in a player with IPD in mind. Now games have been cancelled, will you be extending the 30 day period?
We will be making an announcement on our plans to extend IPD deadlines once there is clarity from the leagues on when they will begin playing football again.
As there are no games for a few weeks, can I get my bet refunded?
Shares on Football Index represent a 3 year bet. During the period without matches, there are Dividends paid to media winners. The payouts of these Dividends are currently doubled to take into account the current circumstances and will remain in place until at least 3rd April 2020. Therefore, the short answer is no.
I am concerned about my money in the platform. What assurances can you provide on the financial stability of the platform, and safety of my money?
The market is robust and, and taking these responsible steps it has traded positively during this very volatile period. FI are in this business for the long haul and we look forward to providing services to you and others well into the future - we hope you will stay on this journey with us.
My Shares are about to come to the 3 year expiry, and it’s currently difficult to sell given current spreads. Is there any plans to extend the expiry date?
There is currently no plan to extend the expiry date of Shares. However, once clarity on the completion of domestic season fixture fulfilment becomes clearer we will review this.