Ablrate introduces minimum trade as use of ASMX grows

Ablrate has introduced a minimum trade on its new secondary market as part of a range of updates.

The new blockchain-based exchange, called ASMX, will now have a minimum trade of £5 to prevent lenders from being overloaded with alerts.

“With smaller incremental trading allowed trades down to £1 can be skewed by rounding,” David Bradley-Ward, chief executive of Ablrate, said.

“Also we have had lenders buying in £1 lots which causes many notifications to be issued to lenders, which is not in the spirit of the platform.

“You will be able to sell amounts below £5 and other lenders will be able to buy on the basis that you are selling all of your remaining holdings.”

Other features being added include letting lenders view cancelled orders, setting manual price restrictions so investors cannot buy a loss and making it clearer whether users are executing a buy or a sell.

Bradley-Ward said £420,000 has been traded on the exchange since launch in October, with more than 2,000 trades executed.

The platform is also continuing to work on rolling the ASMX out to the wider industry.

“We are in discussions with our liquidity providers about how they can enter the market and we are in the position to launch the underwriter ‘black box’ solution shortly which we will discuss in more detail,” Bradley-Ward said.