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Trading UK shares

Trading UK shares

Old Nov 3rd 2010, 2:57 am
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Default Trading UK shares

Has anyone got a decent online broker that will deal UK shares? Or more importantly, accept deposit of paper share certificates?

I had a bunch of shares with E Trade UK that were issued to me as paper certificates when ETUK closed down. As a US resident, I couldn't find any of the UK online brokers willing to let me open an account, so I opened a Global account with E Trade US having been told they would accept the paper certs for any shares traded in London. I duly mailed them all off (about 20 different companies) and have had about 5 of them returned saying they are unable to accept them. OK, some of them are now penny shares, with limited volume and may be a bit iffy....(damn that recommendation from that guy in the pub) but some of them are FTSE 100 companies. My financial advisers have offered to sell them for me, but thru a bricks and mortar broker who wants to charge me an extortionate advisory fee! Plus I dont actually want to sell them right now. I dont need advice, I just need to get the damn things into a tradable account.

Did anyone else get stymied like this? Anyone have any recommendations?

Thanks
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Old Nov 4th 2010, 12:53 am
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Default Re: Trading UK shares

I recently sold some paper certificate shares, got them as a bonus from my job in the UK a long time ago.

I used www.scottrade.com , they had a branch near me, i took the certificate in, and had to wait 10 days for them to verify it was genuine, then i sold them and all it cost me was $7 I then sold them and got a check a few days later, they even kept the account open in case i wish to trade again, even though it has a $0 balance

Good luck
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Old Nov 5th 2010, 4:14 am
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Default Re: Trading UK shares

Thanks for that - I called them and they got back to me pretty quickly...if I opened an account they could take the "good" ones (a few FTSE100 shares) but would not accept the ones they classed as penny shares due to low trading volumes....

Meantime my Etrade contact has been working on his trading dept (nice good cop/bad cop routine) and reckons he may get them to reconsider on the basis of having a moral obligation as I bought them thru Etrade UK....be interesting if that argument comes off - never really think of stockbrokers having morals
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