LiveTrade Pro Q&A
LiveTrade was the first two-way trading platform for fine wine. As market makers, all the bids and offers on the screen were made by BI. This gave confidence to both buyers and sellers as BI were always on one side of the trade - thus guaranteeing that you would receive your stock, or your money, without unnecessary complication or delay.
Counterparties could make bids and offers against the screen prices of wines listed on the LiveTrade platform but these were only visible to BI as the principal dealer. This was not the only limitation; there was a realistic limit on the size of trades which prevented larger volumes being offered or purchased through the screen
In order to open up the power and reach of LiveTrade to a wider, deeper market and to give you more opportunities to trade as you wish we have created a new screen: LiveTrade Pro.
Please note: only stocks held in the UK and Europe can be offered or sold through LiveTrade Pro. We do not accept Asia stocks or US stocks with strip or import labels.
What is LiveTrade Pro?
LiveTrade Pro turns the existing screen into an anonymous exchange. Using LiveTrade Pro, users will be able to place their own bids and offers which will be visible to the whole LiveTrade Pro community.
So LiveTrade Pro isn’t replacing LiveTrade?
No. All LiveTrade wines will continue to be shown, with our bid and offer price, to any and all visitors to the BI website - and non-Pro users will continue to have the option to make bids and offers within the spread. In fact, for non-Pro users, nothing will change.
Will it only be LiveTrade Pro users who make up the bids and offers?
No. BI will also continue to list buying and selling prices for all wines on the LiveTrade platform, with even tighter spreads than regular LiveTrade users will see, so if you are happy to trade at our price and volume, you can do so immediately. This provides the guaranteed liquidity which makes LiveTrade better to use than any other exchange or mechanism.
Will other users know who is placing bids and offers?
No, participants will be anonymous.
Will users be able to set their own prices?
Yes. You can either join a current price or set your own subject to certain criteria (for example, price bands will be in place to prevent listing errors).
If I join an existing price how will I know that my bid or offer will be fairly treated?
Trades will be matched automatically based on price and date/time priority via our in-house matching mechanism. It’s in our interests for you to get as quick a trade as possible so you will have the confidence to keep using the LiveTrade platform.
If a trade is matched between two third-parties, do they have to deal directly with each other?
No. In order to maintain the anonymity of users, once trades are matched BI will stand in the middle to handle settlement and will take the risk of default by buyer or seller. BI will put in place strict management processes to ensure that all parties are as protected as possible. We will also set a maximum number of cases per wine/per user to prevent orders that BI would not be able to cover if the counterparty defaults on the trade.
If BI aren’t making one side of a trade, what’s in it for you?
In order to take advantage of this new service, buyers and sellers will both pay an additional 2% BI margin. However, we will be looking to bring the spreads in even further than the current 5-10% to counteract this and with the competition provided by other LiveTrade Pro users, we believe the prices will be even more attractive.
What are the other costs?
Buyers and sellers will be responsible for costs associated with movements to and from our Octavian warehouse. Where sellers cannot provide a photograph for stock they are listing, the seller may incur a photography fee if a picture is deemed necessary to satisfy the expectations of the buyer.
All terms and conditions can be viewed here.
LiveTrade Pro – How does it work?
The easiest way to learn about how to trade on LiveTrade Pro is to watch our tutorial video here. However here are some instructions if you prefer.
How do I add wines to the ‘Watch List’?
If you want to keep a watch on particular wines that are not in your portfolio, you can add them to your Watch List. Simply click on the ‘All Wines’ tab and search for your chosen wine, then click the star symbol next to the vintage. These wines are then visible as a separate list under the ‘Watch List’ tab.
How do I create an order?
When you have identified the wine you want to deal on, start by clicking on the ‘Trade’ button. This will bring up the order book and trading form which lists current bids and offers and the different case sizes available to buy and sell.
First select your chosen action: you can buy or sell at the best screen price, or make your own bid or offer. If you’re taking the screen price just select Buy or Sell and choose the pack size and quantity. If you have a specific time frame in mind for availability or delivery, choose from the drop down before confirming your delivery instructions.
If you’re making a bid or offer, adjust the price as required and add the number of cases you wish to buy or sell, along with the delivery instructions. The screen will show your total price plus or minus the 2% BI margin.
When you’re happy with everything, click the instruction button in the bottom right hand corner and you’re done.
If you’ve bought or sold from one of the bids or offers listed in the order book, your trade will be confirmed automatically. You will receive an order confirmation by email, and the trade will appear under the ‘My Trades’ tab in the LTPro menu. You will then receive an invoice or purchase order from the relevant BI team member.
If you have listed a new bid or offer it will show in a darker colour on the order book and it will appear under the ‘My Bids/Offers’ tab in the LTPro menu. You will receive a confirmation of your bid or offer by email.
When the trade is matched and executed you will receive a trade confirmation by email and the trade will appear under the ‘My Trades’ tab in the LTPro menu. You will then receive an invoice or purchase order from the relevant BI team member.
Can I cancel or amend a bid or offer once I’ve placed it?
If the order has not been matched and a trade executed, you can cancel it by clicking on the ‘My Bids/Offers’ tab and selecting ‘Cancel’.
Likewise whilst a bid or offer is still live (and has not been matched) you can amend it by clicking on the ‘My Bids/Offers’ tab and selecting ‘Edit’. Here you can adjust both the size and value of your bid or offer.
This tab will also give you the opportunity to see the history of a bid/offer, showing when the order was created and any changes made.
Can I choose to see prices in EUR per bottle?
Yes. Go to the ‘My Account’ link in the top menu and select ‘My Profile’ from the drop-down menu. Select the ‘Account Preferences’ tab and click ‘Edit Preferences’. Here you can put a tick in the box next to ‘Display EUR/bottle price’ and hit ‘Save Preferences’ at the foot of the page. You will see a confirmation message that your preferences have been updated and next time you visit the LiveTrade Pro screen, your prices will be in EUR per bottle.
Can I place an order over the phone?
If you prefer not to use the online platform you can call your local office and discuss your requirements with a member of our team. You’ll find the contacts list here.
Alternatively, click on the Jivochat box at the bottom of your screen and ask your question. A member of the LiveTrade team will respond to you as soon as possible. Please note the LiveTrade team operate UK hours from 08:00 to 18:00 GMT.