How does the Tifosy Exchange work?
The following steps outline a standard Tifosy Exchange process:
Step 1: The seller selects the shares or bonds they would like to list on the Tifosy Exchange by submitting a request to sell from within their portfolio, specifying the number of shares or bonds that they wish to sell and at what total price.
Step 2: All shares and bonds that are eligible to be traded will be approved for listing on the Tifosy Exchange during the next trading cycle. If an eligible request to sell is submitted within a trading cycle, the shares or bonds are listed immediately.
Step 3: Prospective buyers visit the Tifosy Exchange during a trading cycle and select the offer of shares or bonds that they are interested in acquiring.
Step 4: Interested buyers enter a direct dialogue with the seller to agree the terms of the transfer. All dialogues take place via the Tifosy platform. Once terms have been agreed, the seller notifies Tifosy, confirming the final terms.
Step 5: A transfer agreement is issued to the buyer for digital signature, along with instructions on how to add the required funds to their Tifosy Wallet.
Step 6: Once the buyer has completed their required actions, the seller receives the transfer agreement to digitally countersign and return to Tifosy as final approval of the transfer.
Step 7: Tifosy adds the shares or bonds to the buyer’s portfolio together with any relevant documentation and certificate and transfers the funds paid by the buyer to the seller’s Tifosy Wallet.
Buyers can only request to buy while the Tifosy Exchange is open. Sellers can request to sell at any time. Any transactions are a direct sale between the buyer and the seller.
A £25 Administration Fee is deducted from the seller’s wallet once funds have been transferred from the Buyer.