Share dealing?
#1
Forum Regular
Thread Starter
Joined: Oct 2002
Posts: 79
Share dealing?
I seem to have dug myself into a small hole.
I took out share options in a company I worked for in the UK prior to moving to the USA (August 2004). At the time, I was told that once I proved my identity to my bank (Barclays), they would handle a single trade of these shares on my behalf.
However, by the time I proved my identity and changed my address to the USA, Barclays had changed their system, and would no longer share deal on behalf of customers who were resident outside the UK. And since then, I've had no luck in finding either a UK broker who can or will deal on my behalf, or a US broker who will deal with shares that aren't NASDAQ listed. This is becoming a problem for me, now, as my financial situation is changing and I need to turn these shares into cash as soon as I can.
Does anyone have any recommendations for either brokers I can deal with, or channels I can go through in order to trade these shares?
Thanks,
Rob.
I took out share options in a company I worked for in the UK prior to moving to the USA (August 2004). At the time, I was told that once I proved my identity to my bank (Barclays), they would handle a single trade of these shares on my behalf.
However, by the time I proved my identity and changed my address to the USA, Barclays had changed their system, and would no longer share deal on behalf of customers who were resident outside the UK. And since then, I've had no luck in finding either a UK broker who can or will deal on my behalf, or a US broker who will deal with shares that aren't NASDAQ listed. This is becoming a problem for me, now, as my financial situation is changing and I need to turn these shares into cash as soon as I can.
Does anyone have any recommendations for either brokers I can deal with, or channels I can go through in order to trade these shares?
Thanks,
Rob.
#2
Re: Share dealing?
Originally Posted by Dynamo
Does anyone have any recommendations for either brokers I can deal with, or channels I can go through in order to trade these shares?
Might not get you anyway, but it's an idea...
#3
Homebody
Joined: Jan 2005
Location: HOME
Posts: 23,179
Re: Share dealing?
According to someone at the Motley Fool, these guys may be able to help you:
"Comdirect offer accounts to expats if you have a NI number & a UK bank a/c -
http://focus.comdirect.co.uk/en/faqs/index.html"
You may want to search some more on the fool site, www.fool.co.uk. The above recommendation came from the Brokers board: http://boards.fool.co.uk/Messages.asp?bid=50070
HTH.
"Comdirect offer accounts to expats if you have a NI number & a UK bank a/c -
http://focus.comdirect.co.uk/en/faqs/index.html"
You may want to search some more on the fool site, www.fool.co.uk. The above recommendation came from the Brokers board: http://boards.fool.co.uk/Messages.asp?bid=50070
HTH.
#4
Account Closed
Joined: Mar 2004
Posts: 2
Re: Share dealing?
Originally Posted by DonnaElvira
According to someone at the Motley Fool, these guys may be able to help you:
"Comdirect offer accounts to expats if you have a NI number & a UK bank a/c -
http://focus.comdirect.co.uk/en/faqs/index.html"
You may want to search some more on the fool site, www.fool.co.uk. The above recommendation came from the Brokers board: http://boards.fool.co.uk/Messages.asp?bid=50070
HTH.
"Comdirect offer accounts to expats if you have a NI number & a UK bank a/c -
http://focus.comdirect.co.uk/en/faqs/index.html"
You may want to search some more on the fool site, www.fool.co.uk. The above recommendation came from the Brokers board: http://boards.fool.co.uk/Messages.asp?bid=50070
HTH.
#5
Re: Share dealing?
Originally Posted by Boiler
Change the address back to a UK one, Parents, Brother/Sister whatever and then they will deal with you again.
Last edited by Pulaski; May 7th 2005 at 2:36 am.
#6
Forum Regular
Thread Starter
Joined: Oct 2002
Posts: 79
Re: Share dealing?
I did try dealing with Barclays while I was in the USA and had a UK address, but they didn't want to deal with me until I changed my address to the US. Once I did, then they said they wouldn't. Extremely frustrating, that was.
I did contact Comdirect, though, and they said that they would deal with me, provided that I can verify both who I am, and my current address, basically. I need to get hold of some certified paperwork, which I'd need to be certified by a US lawyer, embassy or consulate official, rather than a general US notary. I'll be calling them up sometime over the next few days to validate that, and find out exactly what would be necessary.
I think you need to be a UK resident for some of their services, but the share-dealing service is not one of them.
I did contact Comdirect, though, and they said that they would deal with me, provided that I can verify both who I am, and my current address, basically. I need to get hold of some certified paperwork, which I'd need to be certified by a US lawyer, embassy or consulate official, rather than a general US notary. I'll be calling them up sometime over the next few days to validate that, and find out exactly what would be necessary.
I think you need to be a UK resident for some of their services, but the share-dealing service is not one of them.
#7
Account Closed
Joined: Mar 2004
Posts: 2
Re: Share dealing?
Originally Posted by Pulaski
YEs, ot is, for reasons that I don't fully understand, effectively prohibited for UK firms to sell their shares to anyone resident in the US or Canada - all IPO/ offer documentation I ever saw in the UK said very clearly that residents of the US or Canada (yes, residents, not just citizens) were prohibited from participating in the offer), and stockbrokers in the UK also habitually exclude US residents from being their clients. ..... I think that it is to do with liability under US securities laws, though I'll be bu99ered if I know how the SEC claims jurisdiction over brokers and corporations in the UK.
I know my online Broker will only deal with UK residents, France is too far. So I use my Brother's address.