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No point getting hung up on Nickel’s FCA comment. The sentence was ambiguous. He used the word ‘maybe’ which implies a hypothetical statement. It can also be read as a statement of fact. But the ambiguity means there wouldn’t be a case to bring. Move on.

I wonder how long before cuddo reverts to using ‘Hero or Zero’ again...

Just curious, does anyone know how the trades are that are time stamped after the closing auction are executed ?

Renard is correct. As I posted last week I wrote to FCA asking why sometimes the declaration appeared 2 days later rather than regulatory 1 day. Here was there response;

In response to your questions we can explain as follows. Article 9 of the SSR requires a person who has a net short position of over 0.20% in the issued share capital of an issuer to notify to the FCA of that position no later than 3:30 pm on the trading day following the day on which the position was reached. Only net short positions over 0.5% are included in our public spreadsheet while those below 0.5% remain private and are not disclosed. Article 9 also requires that, once a net short position is reported to us the FCA must authenticate the source of any notification prior to the publication. Therefore, we have to verify the information received such as the identity of the notifier and additional checks on the data itself. This process is not immediate and can take some time. As the public spreadsheet is uploaded on our website at around 3:30 pm each day, on occasion not all of the net short positions disclosed to us on a given day will appear in that day’s publication. Therefore on occasion the publication of certain notifications may be take place more than 24 hours from the date of submission to us.

On the FCA website there’s no change in shorts dated 6th. So no change today.

No change in shorts today.

Renard, can’t believe they didn’t do an rns for my 5 accounts ;-)

I know it’s 1.9m accounts, was just being approx. But no idea how many overall unique customers they have but would suggest it’s closer to a million.

Just a minor point. I don’t think they say they have 2 million customers - they say they have 2 million accounts. I have 5 accounts with Metro.

Bulent, as far as I can read not a single poster today comes across as wanting the share price to drop. None of them remotely come across as shorters (not that I wouldn’t welcome their opinion).

Maucha, there’s nothing formal about a trading update. We’re going on the fact this time last year there was a trading update at 7am on the 3rd business day in November so we’re hoping for one the same time this year. It hasn’t happened today (third business date of Nov) but hoping for one shortly if they’re consistent with their reporting.

On a positive note, the 2028 metro bond is slowly going up in price. That does indicate increasing confidence (from a low base though).

Dogger, Malu is giving you good advice as he/she has done already on a number of occasions. Take it!

Not sure if any large volumes today and tomorrow could just be rollover trades. So might be indicative of regular end of month activity (or not of course).

Renard, I thought the rns said he was a non exec director till end of Dec. So he’s still on the board I suppose.

Just in case any of you are interested, I had asked the FCA why some changes in short positions are only reported two days after the change rather than the one day I expected. To my surprise they actually replied and gave a clear reason.

In response to your questions we can explain as follows. Article 9 of the SSR requires a person who has a net short position of over 0.20% in the issued share capital of an issuer to notify to the FCA of that position no later than 3:30 pm on the trading day following the day on which the position was reached. Only net short positions over 0.5% are included in our public spreadsheet while those below 0.5% remain private and are not disclosed. Article 9 also requires that, once a net short position is reported to us the FCA must authenticate the source of any notification prior to the publication. Therefore, we have to verify the information received such as the identity of the notifier and additional checks on the data itself. This process is not immediate and can take some time. As the public spreadsheet is uploaded on our website at around 3:30 pm each day, on occasion not all of the net short positions disclosed to us on a given day will appear in that day’s publication. Therefore on occasion the publication of certain notifications may be take place more than 24 hours from the date of submission to us.

If this year is like last year then we might expect a brief trading update rns around next Tuesday (3rd business day in Nov); also notification of any extension to the share buyback program in the same rns.

Maverick, I suppose one of the challenges they face is they can’t grow much more / quickly without raising more capital / MREL. So they have new stores but with limited scope to lend to new customers (increase assets) although they can be more selective in the loans they make (to reduce RWA). At the same time they have to attract deposits at an attractive rate to lower loan / deposit ratio.

As an aside, I just mailed fca to ask why I keep seeing short declarations appear 2 days after the change rather than regulatory 1 day.

Dnd, value all views.

Rat, it’s not particularly bad and not particularly good. I think media may focus on £213 net deposit outflows in September and reduced nim in q3 which they project to deteriorate further in q4. Also a change of strategy to growth which they can’t tell us about for four months.

None of it is too bad tho. I don’t expect shorters to have a reason to close though yet. They may do a small increase tomorrow just to push sentiment a bit and see where it falls.

But the results don’t project a bank in crisis at all. I’d project the price will settle around the current level in a few days (after short term fall) and without additional news stay fairly flat for the rest of the year.

Ps it’ll also be interesting to see if the chairman’s statement tonight is by vernon or the new guy.