The announced ticker was EICPV–but eTrade has it as EICPP.
The OTC grey market ticker has been assigned to the new Eagle Point Income Co (EIC) 5% term preferreds.
The ticker is EICPV
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11/14/2024
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Picked up a good amount on Schwab around $25.01 early in the day
$25.19 at Fido
Schwab currently quotes this security under both symbols. Not sure how long this will last. Tried to get a quote late Tuesday, but no dice. I haven’t had too many problems with Schwab over the years, but the slow merger with TD has caused some technical issues, I believe. My local Schwab office now has 2 customer windows, one for TD, one for Schwab. I have the same situation, oddly, with my bank accounts at BB&T, which is slowly taking SunTrust into the blender to create Truist. Most of these banking / brokerage mergers suffer from a myriad of technical issues. It’s a problem, but generally not an insurmountable one, in my view at least. Your mileage may vary.
Group shout and complaints work:
Please take the time to call (best) your brokerage, or at least email to the trade desk (not as effective). Wait for the trade desk and do whatever level of haranguing you feel comfortable with to drive home the idea that your are DISSATISFIED and are considering going to a more RESPONSIVE platform. These are ideas they HEAR.
Oftentimes they also send a “How was your experience at XYZ yesterday with our broker Kyle”. Fill it is specifically and let them know others you ‘know’ got represented in a FAIR way for their investment funds.
I have to say that my experience at IBKR with CN buys of IPOs has been no bs whatsoever. I do not have US securities there, but need the accounts insurance coverage thru other brokerages. I do NOT think that things are going to get better at TD/Schwab, esp after seeing their “call your advisor” ads on playoffs last night. They are after volume with the compliant, fearful and docile “imbecile-savers”. Mandatory 401ks too? Wall Street’s Dream!
This is rotten bs and like all money issues it is about CONTROL and INSIDERS at the front of the line. That is what the secondary market, mutual funds , CEFs and ETFs have always been about.
I was able to enter an order for EICPV after the close of the market yesterday at Schwab. The order was accepted. However, it was cancelled at 9:34am as the symbol changed to EICPP. I have asked Schwab to look into this since their acceptance of the order should give them responsibility to carry the order across the change in ticker.
You can now buy at Fidelity. 10:02am
Bid 24.97. Ask 25.00
Fidelity shows it, as EICPP but will not allow the trade $24.60
Same at TDA, shows as EICPP, no bid/ask. $24.60 but trade rejected,
rule 15c2-11
TD allows to enter order but charges an extra fee of $6.95
Schwab charges no additional fee.
Fidelity does not allow to enter order.
Now a bid/ask at TDA $24.80/$24.95 but trade still rejected.
I was able to buy at Schwab using ticker EICPP this morning.
The symbol is now coming up as EICPP on ETrade as of 7:30 EST this AM.
$24.60
At Schwab – Symbol (EICPV) return a partial quote (24.60) and show increasing volume, but no bid / ask. Online order will not go through. Bond desk is “investigating”. Seems like this scenario has played out many times in the past. Just need to be patient and hope the price does not go up significantly.
Technically its a grey market issue and may be affected by that wonderful new SEC rule until it goes onto a listed exchange.
OTC MKTs shows it as pink current- not a problem there.