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Kazzac Elentria
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Posted - 2008.08.12 18:24:00 -
[121]
Originally by: Mr Horizontal
3) Forced Buybacks. If you want to shutdown the IPO, and buy back the shares, you can simply request EBANK to do this as well, and all the shares will be bought back from shareholders, avoiding you waiting for them to get back to you.
Yay.
This is going to make my life so much easier and easily reduce my mgt overhead in half. |
Packtu'sa
Nabaal Construction and Industrials Corp
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Posted - 2008.08.12 18:39:00 -
[122]
Originally by: Mr Horizontal 3) Forced Buybacks. If you want to shutdown the IPO, and buy back the shares, you can simply request EBANK to do this as well, and all the shares will be bought back from shareholders, avoiding you waiting for them to get back to you.
This seems iffy. This is essentially attaching a call option to every security traded through EBANK. Since call options generally devalue a security, they should only be attached when bonds/shares are issued, they should be optional (i.e. not all bonds must be callable), and it should be clear when trading that call and put options are or are not attached.
Originally by: Mr Horizontal 7) IPOs and bonds can allow buy orders to be placed before the stock is launched. This is to allow auctions. When launched, the manager simply fills those orders. Under normal launches, the manager just has a massive sell order for all the stock. IPO managers will however be able to limit the amount of shares a person can get, by setting a maximum percentage of shares an investor can get at IPO time. This however, is not maintained throughout the life of the stock, and an investor can increase their shareholding by buying others' stock.
I know you hate auctions, but it seems you're supporting them anyway. Because of previously-discussed problems introduced by issuing a security at a different price than was originally intended, thus raising the capital which the issuer receives, will EBANK also allow rate-based auctions? This obviously complicates things considerably, since two different trading interfaces are then introduced for the same security. It does, however, further broaden the variety of services which EBANK offers.
Packtu'sa [NCIC] Founder/CEO, Nabaal Construction and Industrials Corp |
Kazzac Elentria
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Posted - 2008.08.12 18:45:00 -
[123]
Originally by: Packtu'sa
This seems iffy. This is essentially attaching a call option to every security traded through EBANK. Since call options generally devalue a security, they should only be attached when bonds/shares are issued, they should be optional (i.e. not all bonds must be callable), and it should be clear when trading that call and put options are or are not attached.
It'll work great for private entities though. In my case, having a trade/industrial alliance where various corporations can 'buy' into the alliance and profit share for the total sum of the entire alliance allowing them access to greater profits or assets. Until such time that they wish to leave the alliance for other goals, endeavorers, etc.. and we can simply buy them back out.
That coupled with the rest of the tools and single point of mgt is going to make life much easier in the future. I'd imagine there are other examples where this can be used as well. |
Mr Horizontal
Gallente KIA Corp KIA Alliance
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Posted - 2008.08.12 18:48:00 -
[124]
Originally by: Packtu'sa This seems iffy. This is essentially attaching a call option to every security traded through EBANK. Since call options generally devalue a security, they should only be attached when bonds/shares are issued, they should be optional (i.e. not all bonds must be callable), and it should be clear when trading that call and put options are or are not attached.
It really isn't. We won't do this unless a shareholder vote says we can (which are also supported btw) and the manager requests and this has been discussed for a fair while. It really is so that issues like the FIN buyback could be done in a breeze. That's all. Most of the time, you just put a buy order for everything and you can get the stock. It's just there if you need it as a tool.
Originally by: Packtu'sa I know you hate auctions, but it seems you're supporting them anyway. Because of previously-discussed problems introduced by issuing a security at a different price than was originally intended, thus raising the capital which the issuer receives, will EBANK also allow rate-based auctions? This obviously complicates things considerably, since two different trading interfaces are then introduced for the same security. It does, however, further broaden the variety of services which EBANK offers.
I'm not about to nerf the stockmarket because my personal opinion go against this. I'll leave those kind of judgement calls to CCP!
The mechanism of buy orders would only work for share prices. If the rate has to be decided in the auction, then this has to be done in the thread, and then the stock is listed on the exchange, as the rate is set in the listing process.
Director | www.eve-bank.net |
Packtu'sa
Nabaal Construction and Industrials Corp
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Posted - 2008.08.12 18:52:00 -
[125]
Originally by: Kazzac Elentria It'll work great for private entities though. In my case, having a trade/industrial alliance where various corporations can 'buy' into the alliance and profit share for the total sum of the entire alliance allowing them access to greater profits or assets. Until such time that they wish to leave the alliance for other goals, endeavorers, etc.. and we can simply buy them back out.
Yes, I'm not saying it's a bad idea entirely; my corporation's bonds have an embedded option, in fact. However, that doesn't mean that every security should have an embedded call option.
What about embedded put options? Will we be able to trade normal options on this exchange? Even if they are not slated for the first release, I should hope that plans have been made to allow for their future incorporation without this silly "inconsistency" blabber.
Packtu'sa [NCIC] Founder/CEO, Nabaal Construction and Industrials Corp |
Packtu'sa
Nabaal Construction and Industrials Corp
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Posted - 2008.08.12 18:53:00 -
[126]
Originally by: Mr Horizontal
Originally by: Packtu'sa This seems iffy. This is essentially attaching a call option to every security traded through EBANK. Since call options generally devalue a security, they should only be attached when bonds/shares are issued, they should be optional (i.e. not all bonds must be callable), and it should be clear when trading that call and put options are or are not attached.
It really isn't. We won't do this unless a shareholder vote says we can (which are also supported btw) and the manager requests and this has been discussed for a fair while. It really is so that issues like the FIN buyback could be done in a breeze. That's all. Most of the time, you just put a buy order for everything and you can get the stock. It's just there if you need it as a tool.
So it's not 'forced' then, but just a tool for buybacks?
Packtu'sa [NCIC] Founder/CEO, Nabaal Construction and Industrials Corp |
Mr Horizontal
Gallente KIA Corp KIA Alliance
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Posted - 2008.08.12 18:54:00 -
[127]
Originally by: Kazzac Elentria It'll work great for private entities though. In my case, having a trade/industrial alliance where various corporations can 'buy' into the alliance and profit share for the total sum of the entire alliance allowing them access to greater profits or assets. Until such time that they wish to leave the alliance for other goals, endeavorers, etc.. and we can simply buy them back out.
That coupled with the rest of the tools and single point of mgt is going to make life much easier in the future. I'd imagine there are other examples where this can be used as well.
You won't be able to force a buy back on an individual shareholder - it will be all shareholders or nothing, sorry.
Director | www.eve-bank.net |
Kazzac Elentria
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Posted - 2008.08.12 18:57:00 -
[128]
Originally by: Mr Horizontal
Originally by: Kazzac Elentria It'll work great for private entities though. In my case, having a trade/industrial alliance where various corporations can 'buy' into the alliance and profit share for the total sum of the entire alliance allowing them access to greater profits or assets. Until such time that they wish to leave the alliance for other goals, endeavorers, etc.. and we can simply buy them back out.
That coupled with the rest of the tools and single point of mgt is going to make life much easier in the future. I'd imagine there are other examples where this can be used as well.
You won't be able to force a buy back on an individual shareholder - it will be all shareholders or nothing, sorry.
It'll still work though. Force buy back on all shares, and then reissue to the current participants.
Which has possibilities in and of itself too. |
Mr Horizontal
Gallente KIA Corp KIA Alliance
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Posted - 2008.08.12 18:59:00 -
[129]
Originally by: Packtu'sa So it's not 'forced' then, but just a tool for buybacks?
Look. Investors go on holiday, disappear and do whatever. Getting all your shares back is basically an impossible task.
All a force buyback means is that you just shove the entire amount in your Sweep account, and EBANK can press a button to distribute the entire amount to shareholders' Sweep accounts and take away their shares. It's basically a dividend for the full amount that collects all the shares in return automatically.
Director | www.eve-bank.net |
Packtu'sa
Nabaal Construction and Industrials Corp
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Posted - 2008.08.12 19:08:00 -
[130]
Originally by: Mr Horizontal Look. Investors go on holiday, disappear and do whatever. Getting all your shares back is basically an impossible task.
All a force buyback means is that you just shove the entire amount in your Sweep account, and EBANK can press a button to distribute the entire amount to shareholders' Sweep accounts and take away their shares. It's basically a dividend for the full amount that collects all the shares in return automatically.
Originally by: Wikipedia A call option is a financial contract between two parties, the buyer and the seller of this type of option. Often it is simply labeled a "call". The buyer of the option has the right, but not the obligation to buy an agreed quantity of a particular commodity or financial instrument (the underlying instrument) from the seller of the option at a certain time (the expiration date) for a certain price (the strike price). The seller (or "writer") is obligated to sell the commodity or financial instrument should the buyer so decide. The buyer pays a fee (called a premium) for this right.
I don't see why your forced buyback system is any better than an embedded call option, and I don't quite understand why a fund manager should have the right to buy back their securities. What if I sell shares in NCIC at 10m each, and then their trade value increases to approximately 15m each. Am I allowed to buy back at 10m? Even if a supermajority votes in favor of a buyback at this price, someone with one or two shares that they just purchased on the exchange could find themselves out of a large margin.
This isn't the sort of thing that EBANK should directly control as an exchange. Unless you can explain it...?
Packtu'sa [NCIC] Founder/CEO, Nabaal Construction and Industrials Corp |
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Hexxx
Minmatar
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Posted - 2008.08.12 19:10:00 -
[131]
It can be used as a liquidation or exit strategy for an IPO which needs to close for some reason. EVE is not going to be a mirror for the RL all the time. This is one of those times.
Chairman of the Board of Directors | www.eve-bank.net
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Packtu'sa
Nabaal Construction and Industrials Corp
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Posted - 2008.08.12 19:17:00 -
[132]
Originally by: Hexxx It can be used as a liquidation or exit strategy for an IPO which needs to close for some reason. EVE is not going to be a mirror for the RL all the time. This is one of those times.
Then I would hope this is a provision which is rarely used, and only at the explicit discretion of EBANK? I should also hope that this won't be something that sticks with EBANK forever for 'consistency' reasons, should a more proper options system be implemented.
Packtu'sa [NCIC] Founder/CEO, Nabaal Construction and Industrials Corp |
SencneS
Amarr Rebellion Against big Irreversible Dinks
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Posted - 2008.08.12 19:28:00 -
[133]
Packtu'sa there is also one thing you may be forgetting.
Lets assume for a second that the CEO is unable to perform the duties of the CEO or s/he is unable to provide the return that was promised.
He has two options...
1) Force a buy back even at the shareholders wrath. 2) Let the share rot, and screw the share holders.
As much as a forced buy back may be displeasing to hear, because you managed to pick up some kick ass shares. The CEO could tell the shareholders to sit and spin if the share holders don't want to sell them back.
Amarr for Life |
Hexxx
Minmatar
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Posted - 2008.08.12 19:30:00 -
[134]
Originally by: Packtu'sa
Originally by: Hexxx It can be used as a liquidation or exit strategy for an IPO which needs to close for some reason. EVE is not going to be a mirror for the RL all the time. This is one of those times.
Then I would hope this is a provision which is rarely used, and only at the explicit discretion of EBANK? I should also hope that this won't be something that sticks with EBANK forever for 'consistency' reasons, should a more proper options system be implemented.
1) Options and Derivatives are not a space that I think is worth exploring for EBANK. It was tried once and it did NOT work.
2) The frequency of it's use has already been stated as "not often". Not entirely sure what you believe constitutes "over-use".
Chairman of the Board of Directors | www.eve-bank.net
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Lubimchik
Power Seed Enterprises
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Posted - 2008.08.12 19:31:00 -
[135]
Edited by: Lubimchik on 12/08/2008 19:32:01 This forced buy back thing, is it generally something that the share purchasers know ahead of time, or is this something a CEO can just spring on them? Cause if he can spring it on them... it wouldn't very fair, part of investing as a share holder is getting a good deal on good shares, and if the CEO can just rip them away from you at that low price well it really decreases the over all "value" of the investment.
Now if the share purchasers know this ahead of time it might be a different story as they can expect it!
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Packtu'sa
Nabaal Construction and Industrials Corp
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Posted - 2008.08.12 19:33:00 -
[136]
Originally by: SencneS Packtu'sa there is also one thing you may be forgetting.
Lets assume for a second that the CEO is unable to perform the duties of the CEO or s/he is unable to provide the return that was promised.
He has two options...
1) Force a buy back even at the shareholders wrath. 2) Let the share rot, and screw the share holders.
As much as a forced buy back may be displeasing to hear, because you managed to pick up some kick ass shares. The CEO could tell the shareholders to sit and spin if the share holders don't want to sell them back.
Okay, so why not forget the forced-buyback system entirely, and just let the CEO place a low buy order for his shares and announce that no dividends will be paid? Shareholders can then bite the bullet and sell at a loss, or they can hold the shares and get nothing, as you said.
Packtu'sa [NCIC] Founder/CEO, Nabaal Construction and Industrials Corp |
Lexander Morinex
Caldari LDD Investments
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Posted - 2008.08.12 19:41:00 -
[137]
Originally by: Hexxx
1) Options and Derivatives are not a space that I think is worth exploring for EBANK. It was tried once and it did NOT work.
With a true exchange, containing virtual shares, options and derivatives can become useful instruments for really creating a liquid market. Since EBANK will be in charge of these virtual shares, I would at least request some method for contracting that would support OTC derivatives. EBANK can even charge a reasonable broker fee.
I for one would love to hedge, particularly against some of these scams. If I could lock in a gain on shares I already own through a hedge using futures contracts, I would be happy to do so. I would also be willing to purely gamble without having to buy shares.
These don't have to be huge parts of the game, but you already have an exchange, and if you acted as a broker handling the escrow it could soak up a lot of ISK that people have sitting around.
- Lexander
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Mr Horizontal
Gallente KIA Corp KIA Alliance
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Posted - 2008.08.12 19:41:00 -
[138]
Originally by: Lubimchik Edited by: Lubimchik on 12/08/2008 19:32:01 This forced buy back thing, is it generally something that the share purchasers know ahead of time, or is this something a CEO can just spring on them? Cause if he can spring it on them... it wouldn't very fair, part of investing as a share holder is getting a good deal on good shares, and if the CEO can just rip them away from you at that low price well it really decreases the over all "value" of the investment.
Now if the share purchasers know this ahead of time it might be a different story as they can expect it!
Forced Buybacks, Share splits and Frozen trading can only be invoked by EBANK staff, not the manager.
Basically, EBANK will mediate between shareholders and manager, so if there's basically some major dispute we can take action. EBANK will not - absolutely not - take any action without both parties putting a standing argument. Except if the manager disappears, and they have collateral in EBANK...
...Which is also something new we can offer: have the concept of a collateralized IPO. For instance if the manager provides EBANK with the collateral for the IPO, and the manager disappears, we can do a Forced Buyback on behalf of the shareholders etc. Again this won't happen without a shareholder vote.
Director | www.eve-bank.net |
Kwint Sommer
Caldari XERCORE
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Posted - 2008.08.12 19:50:00 -
[139]
At least at the moment, the only reason I can think of to switch Kwint Industries over would be the ability to establish an automatic dividend payment. Any chance we'll see that option?
Purchasing and Shipping Moon Minerals |
Mr Horizontal
Gallente KIA Corp KIA Alliance
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Posted - 2008.08.12 19:55:00 -
[140]
Originally by: Kwint Sommer At least at the moment, the only reason I can think of to switch Kwint Industries over would be the ability to establish an automatic dividend payment. Any chance we'll see that option?
LOL you must be looking at me, because that's what I'm coding right now. I won't divulge exactly yet, watch this space.
Director | www.eve-bank.net |
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SencneS
Amarr Rebellion Against big Irreversible Dinks
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Posted - 2008.08.12 20:29:00 -
[141]
Originally by: Packtu'sa Okay, so why not forget the forced-buyback system entirely, and just let the CEO place a low buy order for his shares and announce that no dividends will be paid? Shareholders can then bite the bullet and sell at a loss, or they can hold the shares and get nothing, as you said.
I honestly don't know of anyone that would not want ISK in replacement of dividend-less, no growth share.. It's a pointless option make the CEO and the Shareholders use buy order. It's just more work for both parties.
We're trying to make it not only user friendly to the shareholders but for the CEOs as well. Half the problem with the secondary market is CEO say "Whats the point..." A lot of work goes into being a CEO, if this function helps the CEO in any way then it's something that is going to be in the Exchange. We're trying to advance the secondary market not take a side step.
I'm going to use FIN as an example for this with it's closure come up.
There has to be thousands of share holders, out of those thousands of shareholders I would be at least one person purchased some shares and left EVE.
That one person the CEO needs to worry about, will that person re-subscribe. Will they have a hissy fit when/if they return and see FIN has not paid dividends for x number of months.
The person then goes looking and posting on here and people are like OMG DUDE THAT CLOSED TWO YEARS AGO!. The guy then says... Was there a buy back?. People say yeah but that order has left the exchanges 6 months ago... You're best bet is to contact him in game.
The guy waits, waits, waits... Eventually the CEO loads EVE, finds the evemail and says sure contact me in game and I'll buy them back..
It's all about pure convenience for not only the CEO but the Share holders.
You're arguing over the right to keep the shares when you know there is no way anyone would rather keep a virtual share that is valueless, and not get what ISK they can from it.
Sometimes the cost of convenience comes at the price of displeasing the stubborn. For the many and I mean 99.99% of the people they WILL want their ISK rather then a useless share. For that 0.01% of people, they'll just have to live with the fact that they got their money back and was paid dividends while they had the share.
Don't get me wrong I do know where you're coming from. You fear that a CEO could say.. OK you know what I've used you all and paid some dividends and now I want out so I can make these billions for myself.
To that I say... So what - Not only did I get my Dividends, I also got my ISK for the share back. After all the CEO really could tell us all to get screw ourself and walk off with it all. If a CEO wants out and wants to maintain the reputation of being honorable at the cost of a minor PR hit by headstrong stubborn people that's his choice, not ours.
Amarr for Life |
Thorrak McFluffypants
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Posted - 2008.08.12 22:47:00 -
[142]
Edited by: Thorrak McFluffypants on 12/08/2008 22:54:49
Originally by: Hexxx Honestly though, in the beginning I think we're only supporting 100% virtual shares first, and I'd encourage people to just do a 100% EBANK Exchange launch. It's easier and you don't need to work about 32-bit dividend caps.
The issue with 100% virtualization of shares is that, as stated previously, it locks out non-EBANK-participants. For reasons discussed elsewhere I personally am not comfortable with EBANK at this time, and as such would not be able to participate in a 100% EBANK IPO. Although I would only be a drop in the bucket, I doubt I am alone in this, and as such an EBANK IPO would necessarily be limiting its prospective participants.
Furthermore, 100% virtualized shares expose me, as the investor, not only to the risk of IPO insolvency but EBANK insolvency. Although you understandably do not feel this to be a possibility, it is possible. With 100% virtualized shares EBANK would hold the shares from the time of issue to the time of repurchase/collapse, which for some IPOs can be a period lasting months to years. If EBANK fails over this period, there is no guarantee that I as an investor would be able to reclaim the shares held by EBANK -- even if the IPO I invested in continues as a going concern.
The one feature I feel would help relieve my fears would be if EBANK were to implement share redemptions. If I can invest using an EBANK account and then withdraw the shares I purchase, it would reduce my exposure to EBANK insolvency from years to hours. Any plans to implement this, or are all ebank IPOs destined to stay within ebank?
Edit: Forums lost my original post. Edited to reduce post spam.
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Amarr Citizen 155
Alternative Methods Research Group
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Posted - 2008.08.12 23:04:00 -
[143]
I'm still catching up on these discussions from sleeping and being at work but I love the back and forth I'm seeing so far.
Quote: Ricdic (about starting ebank, July 2007): Think of it as a miniature EIB done right. I cannot see this getting anywhere near 700b any time in the future tbh.
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ECredit
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Posted - 2008.08.12 23:26:00 -
[144]
Originally by: Khrillian
Originally by: TheVad Clients can make thier own decision on how they want to invest thier ISK. This is a buisness folks and obviously even with the 1.5 interest rate account, people are deciding the 1.5 interest rate is better then nothing. Trust me when I say EBANKS interest rates is purley based on supply and demand.
Lol please draw a usual supply/demand graph and coming out with 2 equilibria - one interest rate at 1.5% and one at 3%. Post it when you're done
I have a Masters degree in Economics. All supply side and demand side formulas have more the one variable that you were probably taught in your high school economics class. In addition EBANK is artifiically capping its supply of isk by choosing how much interest to pay and in what forms (savings vs checking vs bonds, etc)
Anyways, if you pay me 5B isk I will take the time to go over Ecnomomics 201 and show you how mutiple interest rates are used in finacial forecasting models used by banks. What do you think a bank does with the money it obtains from the 5-15 investing options(short and long term bonds, cd's, savings, checking) you are offered with the various interest rates associated to them?
A bank and the interest it pays out for its various offerings is directly related to demand and supply of money and competitive investment alternatives.
TheVad
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ECredit
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Posted - 2008.08.12 23:34:00 -
[145]
Originally by: Thorrak McFluffypants Edited by: Thorrak McFluffypants on 12/08/2008 22:54:49
Originally by: Hexxx Honestly though, in the beginning I think we're only supporting 100% virtual shares first, and I'd encourage people to just do a 100% EBANK Exchange launch. It's easier and you don't need to work about 32-bit dividend caps.
The issue with 100% virtualization of shares is that, as stated previously, it locks out non-EBANK-participants. For reasons discussed elsewhere I personally am not comfortable with EBANK at this time, and as such would not be able to participate in a 100% EBANK IPO. Although I would only be a drop in the bucket, I doubt I am alone in this, and as such an EBANK IPO would necessarily be limiting its prospective participants.
Furthermore, 100% virtualized shares expose me, as the investor, not only to the risk of IPO insolvency but EBANK insolvency. Although you understandably do not feel this to be a possibility, it is possible. With 100% virtualized shares EBANK would hold the shares from the time of issue to the time of repurchase/collapse, which for some IPOs can be a period lasting months to years. If EBANK fails over this period, there is no guarantee that I as an investor would be able to reclaim the shares held by EBANK -- even if the IPO I invested in continues as a going concern.
The one feature I feel would help relieve my fears would be if EBANK were to implement share redemptions. If I can invest using an EBANK account and then withdraw the shares I purchase, it would reduce my exposure to EBANK insolvency from years to hours. Any plans to implement this, or are all ebank IPOs destined to stay within ebank?
Edit: Forums lost my original post. Edited to reduce post spam.
No one is holding a gun to your head. You can choose the level of expsoure you want ot have related to EBANK services and investment options.
TheVad
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cosmoray
Cosmoray Construction
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Posted - 2008.08.12 23:56:00 -
[146]
Now I like the ideas and options EBank are planning, I have a question:
1. Will EBank charge commisions for using the exchange (to the IPO launcher or via trading)
2. or, is this to provide added services to help the secondary market and the customer experience
???
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Mr Horizontal
Gallente KIA Corp KIA Alliance
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Posted - 2008.08.13 00:20:00 -
[147]
Originally by: cosmoray Now I like the ideas and options EBank are planning, I have a question:
1. Will EBank charge commisions for using the exchange (to the IPO launcher or via trading)
2. or, is this to provide added services to help the secondary market and the customer experience
???
Good question. Why don't you answer it!
Basically, you have normal and virtualized shares. Our plans for the exchange are not to make money from a commission structure, but it would use commissions to make virtualized shares more attractive and balance the inherent disadvantage virtualized shares being bound by EBANK's exchange rules over normal shares that are bound by nothing.
We can charge for listing, commission for buying and commission for selling, as well as using anything provided by EBANK like it's various tools etc.
The only cost we are definite about is to have an excessive teller charge for bringing excessive amounts of your ingame shares in and out of the Exchange so as not to abuse the human element of this.
In all honesty though this was something we haven't nailed exactly, and was something we'd sort out while testing the exchange. If you have ideas for a structure now, then I'm listening
Director | www.eve-bank.net |
Rho'varo
Diversified Operational Services
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Posted - 2008.08.13 00:28:00 -
[148]
Originally by: Mr Horizontal (7) IPOs and bonds can allow buy orders to be placed before the stock is launched. This is to allow auctions. When launched, the manager simply fills those orders.
Would the orders be filled like Kwint's auction on expansion shares where higher bidders paid higher prices, or as is perhaps more common where all winning bidders pay the lowest winning price, or would this simply be an option in the process?
Features & Ideas: Winding Up Learning Skills |
Mephie
Caldari School of Applied Knowledge
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Posted - 2008.08.13 00:38:00 -
[149]
Originally by: Kwint Sommer
After CCP fixes lag, makes sovereignty warfare fun, introduces ambulation, reworks the rest of the graphics, populates low sec, introduces T3 mods and T2 capitals then I'm sure they'll get right on making tools that .001% of the community will directly use. Until then, they have bigger fish to fry.
Can we pencil in T2 warfares on that list? --Meph
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Mr Horizontal
Gallente KIA Corp KIA Alliance
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Posted - 2008.08.13 00:40:00 -
[150]
Originally by: Rho'varo
Originally by: Mr Horizontal (7) IPOs and bonds can allow buy orders to be placed before the stock is launched. This is to allow auctions. When launched, the manager simply fills those orders.
Would the orders be filled like Kwint's auction on expansion shares where higher bidders paid higher prices, or as is perhaps more common where all winning bidders pay the lowest winning price, or would this simply be an option in the process?
Depends on how the auction is run. If the auction is setting the rate or setting a specific IPO price, then the auction has to be done in the thread before listing on the Exchange to find this. If the auction is just bidding an amount like Kwint's auction, then the buy orders will do this.
I'm not building a full auction mechanism into the Exchange at least in the initial version, as that bit has long been completed in terms of development.
Director | www.eve-bank.net |
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