Ishares is delisting ETFs from the London stock exchange.

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BeBH65
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Ishares is delisting ETFs from the London stock exchange.

Post by BeBH65 » Sat Sep 21, 2019 5:58 am

The Directors of iShares III plc (the “Company”) wish to advise you that, [...],
a number of Share Classes will be delisted from the LSE on 27 September 2019 (the “Delisting
Date”).

iShares Core € Govt Bond UCITS ETF EUR (Dist) iShares III plc IE00B4WXJJ64
iShares € Covered Bond UCITS ETF EUR (Dist) iShares III plc IE00B3B8Q275
iShares € Corp Bond ex-Financials 1-5yr UCITS ETF EUR (Dist) iShares III plc IE00B4L5ZY03
iShares € Aggregate Bond UCITS ETF EUR (Dist) iShares III plc IE00B3DKXQ41
iShares € Corp Bond BBB-BB UCITS ETF EUR (Dist) iShares III plc IE00BSKRK281
iShares € Govt Bond 5-7yr UCITS ETF EUR (Dist) iShares III plc IE00B4WXJG34
iShares € Govt Bond 10-15yr UCITS ETF EUR (Dist) iShares III plc IE00B4WXJH41
iShares Core Global Aggregate Bond UCITS ETF EUR Hedged (Acc) iShares III plc IE00BDBRDM35
iShares Core MSCI Europe UCITS ETF EUR (Acc) iShares III plc IE00B4K48X80
iShares € Corp Bond ex-Financials UCITS ETF EUR (Dist) iShares III plc IE00B4L5ZG21
iShares Global Inflation Linked Govt Bond UCITS ETF USD (Acc) iShares III plc IE00B3B8PX14
iShares € Govt Bond 0-1yr UCITS ETF EUR (Dist) iShares III plc IE00B3FH7618
ishares-iii-plc-en-emea-shareholders-letters.pd


edit1: updated the list of funds with the isin codes
edit2: quotes of the second doc provided by DJN:
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are
in any doubt about the action to be taken you should consult your stockbroker, bank, manager,
solicitor, accountant, relationship manager or other professional adviser immediately. This
letter is available in languages other than English and copies can be obtained at
www.ishares.com or requested by calling 08453577000 (UK number) (please refer to the
website for international phone numbers).
Some selected quotes:
The Euro (EUR) trading line for the Share Classes will be removed from the LSE only.
Existing EUR trading lines on other European exchanges will remain unaffected

Where a Share Class has a trading line in currencies other than EUR on the LSE,
those currency trading lines will remain unaffected. Removing the EUR trading
line from the LSE is not considered to be a delisting of the entire Share Class
from the LSE,
Last edited by BeBH65 on Tue Sep 24, 2019 8:07 am, edited 2 times in total.
BeBH65. (only an investment enthusiast, not a financial adviser, perform your due diligence). | Have a look at https://www.bogleheads.org/wiki/Outline_of_Non-US_domiciles

glorat
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Re: Ishares is delisting ETFs from the London stock exchange.

Post by glorat » Sat Sep 21, 2019 7:27 am

Nobody panic... These ETFs are euro listings and are still available on other European exchanges.

I.e. they only delisted the EUR flavours from only the London Stock Exchange.

(Speculation: I wonder if they are preempting any brexit risk)

Valuethinker
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Re: Ishares is delisting ETFs from the London stock exchange.

Post by Valuethinker » Sat Sep 21, 2019 8:39 am

glorat wrote:
Sat Sep 21, 2019 7:27 am
Nobody panic... These ETFs are euro listings and are still available on other European exchanges.

I.e. they only delisted the EUR flavours from only the London Stock Exchange.

(Speculation: I wonder if they are preempting any brexit risk)
Yes. Almost certainly

thibaulthib
Posts: 88
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Re: Ishares is delisting ETFs from the London stock exchange.

Post by thibaulthib » Mon Sep 23, 2019 12:39 am

Oooops! So for those owning AGGH under the LSE, it means we need to sell before the 27th september?

Onto which market can we buy once the LSE does not propose EUR ETFs bonds anymore? (Knowing that for tax reason, only LSE shall be considered as you know...)

So... What is better between Swiss or Xetra?
https://www.bogleheads.org/wiki/Buildin ... _portfolio

Thanks

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BeBH65
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Re: Ishares is delisting ETFs from the London stock exchange.

Post by BeBH65 » Mon Sep 23, 2019 3:33 am

don't overlook Amsterdam - there are a lot of ETFs trading there.
BeBH65. (only an investment enthusiast, not a financial adviser, perform your due diligence). | Have a look at https://www.bogleheads.org/wiki/Outline_of_Non-US_domiciles

thibaulthib
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Joined: Mon Nov 12, 2018 8:46 am

Re: Ishares is delisting ETFs from the London stock exchange.

Post by thibaulthib » Mon Sep 23, 2019 3:58 am

Actually, Vanguard has 2 ETF to replace the AGGH, burt unfortunately only available at the IBIS/XETRA, when using IBKR:

VAGE (Distributing): https://americas.vanguard.com/instituti ... ##overview
VAGF (Accumulating): https://americas.vanguard.com/instituti ... ##overview

All ETF fixed income outside of US: https://americas.vanguard.com/instituti ... ctType=etf
Last edited by thibaulthib on Mon Sep 23, 2019 6:52 am, edited 1 time in total.

silverex
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Re: Ishares is delisting ETFs from the London stock exchange.

Post by silverex » Mon Sep 23, 2019 6:10 am

I don't think you need to sell anything. For example, Degiro offers "stock exchange conversion" for a fee. IB probably have something similar. In fact, the other day IB service desk were assuring me that I could buy ETF position on one exchange and sell on another - I'm not sure I believe that yet.

thibaulthib
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Re: Ishares is delisting ETFs from the London stock exchange.

Post by thibaulthib » Mon Sep 23, 2019 6:52 am

silverex wrote:
Mon Sep 23, 2019 6:10 am
I don't think you need to sell anything. For example, Degiro offers "stock exchange conversion" for a fee. IB probably have something similar. In fact, the other day IB service desk were assuring me that I could buy ETF position on one exchange and sell on another - I'm not sure I believe that yet.
Well if I don't sell before the 27th, what is it going to happen?

I'm quite upset, I didn't receive any notice from IBKR mentioning that these ETFs will be delisted. I got really lucky to find this thread today!

Schlabba
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Re: Ishares is delisting ETFs from the London stock exchange.

Post by Schlabba » Mon Sep 23, 2019 6:59 am

thibaulthib wrote:
Mon Sep 23, 2019 6:52 am
silverex wrote:
Mon Sep 23, 2019 6:10 am
I don't think you need to sell anything. For example, Degiro offers "stock exchange conversion" for a fee. IB probably have something similar. In fact, the other day IB service desk were assuring me that I could buy ETF position on one exchange and sell on another - I'm not sure I believe that yet.
Well if I don't sell before the 27th, what is it going to happen?

I'm quite upset, I didn't receive any notice from IBKR mentioning that these ETFs will be delisted. I got really lucky to find this thread today!
From the pdf: ’Until you wish to sell your shares in the Share Classes, they can continue to be held by the existing central securities depository. ‘

Seems like you can hold on to them, at least for now...
IWDA: MSCI World | EMIM: MSCI Emerging Markets | AGGH: Global Aggregate Bond Hedged to €

thibaulthib
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Re: Ishares is delisting ETFs from the London stock exchange.

Post by thibaulthib » Mon Sep 23, 2019 7:34 am

That scares me, of not really knowing what is going to happen to my money held into AGGH... lol.

Why are iShares/IBKR not communicating properly to their customers about this decision?

DJN
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Re: Ishares is delisting ETFs from the London stock exchange.

Post by DJN » Mon Sep 23, 2019 11:29 pm

Hi,
this information was contained in two shareholder letters dated 29th August 2019 and 9th September respectively that were posted on the iShares website:
https://www.ishares.com/nl/particuliere ... etters.pdf
https://www.ishares.com/nl/particuliere ... etters.pdf
The relevant note contained in this letter (first one) seems to be: "Until you wish to sell your shares in the Share Classes, they can continue to be held by the existing central securities depository."
I am guessing that means that you can leave them at least for the moment without selling. But you cannot transact for any new shares.
More to come I guess.
iShares has included a contact telephone number for enquiries: 0845 357 7000
DJN
PS
there might be a few options involvded:
- Move them to Xetra, what's the fee involved?
- Sell them and buy them back through Xetra. The fees for doing this are probably the smallest but you should check if you have to pay tax on realized profits.
- Do nothing. Deos that mean that your positions are unlisted?
Yah shure

thibaulthib
Posts: 88
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Re: Ishares is delisting ETFs from the London stock exchange.

Post by thibaulthib » Tue Sep 24, 2019 5:08 am

I just called IBKR,

They proposed me to transfer AGGH to one of these 4 exhanges:

Borsa Italiana
SIX Swiss Exchange/EBS
Xetra/IBIS2
Frankurt/FWB2

They confirmed me that on the 27th September, those still holding AGGH via LSE will see their AGGH ETF automatically sold on that date. So beware about the taxation in case of profit!

I have asked them to transfer my position from AGGH LSE to EUNA XETRA, am waiting for them to tell me how much it would cost.

Schlabba
Posts: 151
Joined: Sat May 11, 2019 9:14 am

Re: Ishares is delisting ETFs from the London stock exchange.

Post by Schlabba » Tue Sep 24, 2019 6:32 am

thibaulthib wrote:
Tue Sep 24, 2019 5:08 am
I just called IBKR,

They proposed me to transfer AGGH to one of these 4 exhanges:

Borsa Italiana
SIX Swiss Exchange/EBS
Xetra/IBIS2
Frankurt/FWB2

They confirmed me that on the 27th September, those still holding AGGH via LSE will see their AGGH ETF automatically sold on that date. So beware about the taxation in case of profit!

I have asked them to transfer my position from AGGH LSE to EUNA XETRA, am waiting for them to tell me how much it would cost.
This is pretty horrible. Imagine trying not to peek at your portfolio to help you stay the course, then finding out you were out of the market against your will.

This isn’t even an old etf, this is their iShares ‘core’ series. My faith in iShares just declined a little.
IWDA: MSCI World | EMIM: MSCI Emerging Markets | AGGH: Global Aggregate Bond Hedged to €

DJN
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Re: Ishares is delisting ETFs from the London stock exchange.

Post by DJN » Tue Sep 24, 2019 6:46 am

thibaulthib wrote:
Tue Sep 24, 2019 5:08 am
They confirmed me that on the 27th September, those still holding AGGH via LSE will see their AGGH ETF automatically sold on that date. So beware about the taxation in case of profit!

I have asked them to transfer my position from AGGH LSE to EUNA XETRA, am waiting for them to tell me how much it would cost.
Hi,
I spoke to both Blackrock and to IBKR.
Blackrock said that the effect of leaving my AGGH as they are (purchased via LSE), would be that on IBKR the price will not be available for my holdings after the de-listing. They advised that my next purchase of AGGH should go through Xetra and that the full holding including the original holding should then be reported following the Xetra purchase. Blackrock will write to me and I will share that later.

IBKR seemed to agree.
DJN
Yah shure

thibaulthib
Posts: 88
Joined: Mon Nov 12, 2018 8:46 am

Re: Ishares is delisting ETFs from the London stock exchange.

Post by thibaulthib » Tue Sep 24, 2019 8:56 am

Thanks DJN.

I'm seriously pissed off too, and got lucky to find this topic 2 days ago because otherwise me and especially my parents (French, paying their taxes in France) would have been screwed by having to pay 30% of tax profit against their will!

Good that Blackrock also recommended you to transfer/purchase AGGH over XETRA too, at least it is consistent with IBKR.

DJN
Posts: 508
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Re: Ishares is delisting ETFs from the London stock exchange.

Post by DJN » Tue Sep 24, 2019 9:13 am

thibaulthib wrote:
Tue Sep 24, 2019 8:56 am
Good that Blackrock also recommended you to transfer/purchase AGGH over XETRA too, at least it is consistent with IBKR.
Hi,
thanks.
The only problem seems to be that I cannot access AGGH on the Xetra exchange on IBKR only on LSE. I will have to call them again.

One other thing is that SGLU is now showing on IBKR if anyone is interested, that is the new global government bond that can be bought in dollars and it is hedged back to dollars which I quite like.
DJN
Yah shure

thibaulthib
Posts: 88
Joined: Mon Nov 12, 2018 8:46 am

Re: Ishares is delisting ETFs from the London stock exchange.

Post by thibaulthib » Tue Sep 24, 2019 9:55 am

DJN wrote:
Tue Sep 24, 2019 9:13 am
thibaulthib wrote:
Tue Sep 24, 2019 8:56 am
Good that Blackrock also recommended you to transfer/purchase AGGH over XETRA too, at least it is consistent with IBKR.
Hi,
thanks.
The only problem seems to be that I cannot access AGGH on the Xetra exchange on IBKR only on LSE. I will have to call them again.

One other thing is that SGLU is now showing on IBKR if anyone is interested, that is the new global government bond that can be bought in dollars and it is hedged back to dollars which I quite like.
DJN
It is because you are using Smart routing, which by default is using LSE. If you connect to the TWS, you will have access to all the 4 different exchanges I have listed here above, for new purchases.

But for the transfer from LSE to Xetra, I have sent a message to the support centre for them to proceed it at the backend level.

Hope this helps.

oogZoo
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Re: Ishares is delisting ETFs from the London stock exchange.

Post by oogZoo » Tue Sep 24, 2019 10:34 am

DJN wrote:
Tue Sep 24, 2019 9:13 am
The only problem seems to be that I cannot access AGGH on the Xetra exchange on IBKR only on LSE. I will have to call them again.
At Xetra the ticker is EUNA. Better to search with ISIN (IE00BDBRDM35) because for many ETFs the ticker is different at different exchanges.

thibaulthib
Posts: 88
Joined: Mon Nov 12, 2018 8:46 am

Re: Ishares is delisting ETFs from the London stock exchange.

Post by thibaulthib » Tue Sep 24, 2019 10:37 am

oogZoo wrote:
Tue Sep 24, 2019 10:34 am
DJN wrote:
Tue Sep 24, 2019 9:13 am
The only problem seems to be that I cannot access AGGH on the Xetra exchange on IBKR only on LSE. I will have to call them again.
At Xetra the ticker is EUNA. Better to search with ISIN (IE00BDBRDM35) because for many ETFs the ticker is different at different exchanges.
Right but with IBKR, even though you type EUNA, you will not find the ETF because of smart routing... need to use TWS and not the app.

DJN
Posts: 508
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Re: Ishares is delisting ETFs from the London stock exchange.

Post by DJN » Wed Sep 25, 2019 2:06 am

oogZoo wrote:
Tue Sep 24, 2019 10:34 am
Right but with IBKR, even though you type EUNA, you will not find the ETF because of smart routing... need to use TWS and not the app.
Hi,
thanks for suggestions. I am aware of the TWS version of IBKR and this unfortunately may not solve the problem. EUNA when searched retains LSE as part of the quotation response. I don't know whether this means its on AEB or LSE? In any case I cannot access the TWS until later tonight.
I am beginning to dislike both iShares and IBKR. I await a full response from iShares on the status of the depository due to the delisting.
DJN
Yah shure

glorat
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Re: Ishares is delisting ETFs from the London stock exchange.

Post by glorat » Wed Sep 25, 2019 4:14 am

My 2c is that if I were in this unfortunate situation, I wouldn't sell until at least things are clarified.

One idea... Do a google for "Norbert's gambit" where people would buy on one exchange (in one currency) and then transfer shares to another broker on a different exchange (in another currency). People used to do this to get low cost FX currency transfer because the share+FX price spreads were narrower than retail FX. If you can do that, it seems in the realm of possibility to transfer shares to be traded in another exchange. Somehow.

thibaulthib
Posts: 88
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Re: Ishares is delisting ETFs from the London stock exchange.

Post by thibaulthib » Wed Sep 25, 2019 5:04 am

I've called IBKR again today, and now, they are not sure they can transfer the asset from AGGH (LSE) to EUNA (XETRA).

I'm loosing my patience! Three calls in 24h, and I still don't know what is really going to happen!

DJN
Posts: 508
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Re: Ishares is delisting ETFs from the London stock exchange.

Post by DJN » Wed Sep 25, 2019 5:24 am

DJN wrote:
Mon Sep 23, 2019 11:29 pm
there might be a few options involvded:
1. - Move them to Xetra, what's the fee involved?
2. - Sell them and buy them back through Xetra. The fees for doing this are probably the smallest but you should check if you have to pay tax on realized profits.
3. - Do nothing. Does that mean that your positions are unlisted?
I am going to choose the third option for the moment.
DJN
Yah shure

thibaulthib
Posts: 88
Joined: Mon Nov 12, 2018 8:46 am

Re: Ishares is delisting ETFs from the London stock exchange.

Post by thibaulthib » Wed Sep 25, 2019 9:02 am

Last info I got from IBKR:

"You can discard the info you received.

Your position is not holding on LSE, but it is multi-listed in different venues and it is tradable in EUR, so your position will not be delisted for sure and you can keep the position.
If you want to open new positions on AGGH, then the system will route it to the proper venue.

Thanks for contacting us."

DJN
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Re: Ishares is delisting ETFs from the London stock exchange.

Post by DJN » Wed Sep 25, 2019 9:07 am

Thanks for that, it makes sense. Because one assumes that they have a depository for all their AGGH fund types and don't use one tied to London. I think that it is State Street and they are located in Dublin.
I don't think that solves the IBKR problem of accessing the right ETF and choice of exchange for it?
DJN
Yah shure

thibaulthib
Posts: 88
Joined: Mon Nov 12, 2018 8:46 am

Re: Ishares is delisting ETFs from the London stock exchange.

Post by thibaulthib » Fri Sep 27, 2019 4:06 am

Hello all,

It is the D-Day. So far, AGGH seems closed from IBKR right now, even though still available when we search for the ticker on the LSE...

Second thing I noticed, we can't get any market data anymore.

Is that the same observation from you guys?

DJN
Posts: 508
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Re: Ishares is delisting ETFs from the London stock exchange.

Post by DJN » Fri Sep 27, 2019 5:35 am

Hi,
all is normal at this moment on IBKR, AGGH is showing including price movements. I can get a quotation on the LSE but I didn't try and buy any.
DJN
Yah shure

thibaulthib
Posts: 88
Joined: Mon Nov 12, 2018 8:46 am

Re: Ishares is delisting ETFs from the London stock exchange.

Post by thibaulthib » Fri Sep 27, 2019 6:43 am

DJN wrote:
Fri Sep 27, 2019 5:35 am
Hi,
all is normal at this moment on IBKR, AGGH is showing including price movements. I can get a quotation on the LSE but I didn't try and buy any.
DJN
You're lucky then! lol! Nothing on my side, the letter "C" before the daily price (which is not moving), and no market data since yesterday.

I'm concerned...

spogarf
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Re: Ishares is delisting ETFs from the London stock exchange.

Post by spogarf » Fri Sep 27, 2019 10:23 am

I just found out about this after being unable to buy more AGGH today from TWS. In fact I signed up to this forum because of this situation after having found this thread :).

I just spent close to an hour on the phone with BlackRock and IB. BlackRock was extremely nice (they even offered to call IB directly) and basically told me that I should be able to ask my broker to start trading AGGH on SIX / XETRA / Borsa Italiana. IB was completely clueless and at times quite rude, and basically told me that they do not know what's going to happen, and that they opened a ticket and they'll let me know.

Note that IB does have the other exchanges where AGGH is available listed on their website ( https://www.interactivebrokers.com/en/i ... 2&p=europe# ), but for mysterious reasons in TWS and on the other apps AGGH is only listed in London -- even now that it has been delisted.

I think I'll wait for Monday and call them again, I think the best case scenario (and hopefully the most likely) is that they just transfer everything to one of the other exchanges.

thibaulthib
Posts: 88
Joined: Mon Nov 12, 2018 8:46 am

Re: Ishares is delisting ETFs from the London stock exchange.

Post by thibaulthib » Fri Sep 27, 2019 9:19 pm

Hi All,

Good news this morning! AGGH has been transferred to IBIS2/XETRA automatically, as well as all my shares.

So I guess the topic is closed :-)

LifeofMIC
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Re: Ishares is delisting ETFs from the London stock exchange.

Post by LifeofMIC » Fri Oct 04, 2019 6:14 am

Hi

I am with Saxobank, and I just got this back from them today about AGGH, so this is not claried for this platform.
Did IBKR customers have to pay for the transfer to XETRA ?


Dear Client

Thank you for your query. With regards to it please note that the security is delisted from London stock exchange, but it is still tradeabled in German Exchange. Currently we are checking with Custodian regarding the possibility of realigning the positions from UK to German exchange.

Once we get the confirmation from Custodian, we will realign the position to German exchange and if Custodian is applying any charges for that, it will be passed on to client.
If there is any charges, we will notify client about that.
If there is no charges, we will directly move the position to German exchange.

BobETF
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Re: Ishares is delisting ETFs from the London stock exchange.

Post by BobETF » Fri Oct 04, 2019 8:49 am

On September 27, iShares reported that a number of ETFs, including iShares € Govt Bond 20yr Target Duration of the UCITS ETF EUR that I had, had been withdrawn from the London stock exchange immediately, without prior notice.

Scandalous, because you can't anticipate on it. What is being said here, that this would not be a problem because a good broker lets you trade on all stock exchanges, does not apply to Degiro in my case.

The ETF must be transferred to the stock exchange in Switzerland, and I have been waiting for that for a week now, and I have been told that this may take a few more weeks. In fact, they have no idea when they can do this.

Meanwhile, the price of the ETF is falling, and you can't do anything. In this case, outrageous from iShares, but you stand alone and receive no compensation for the price loss. If you know in advance that an ETF is going to be delisted, I would definitely take it off the stock market before you end up in this drama.

BobETF
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Joined: Fri Oct 04, 2019 8:46 am

Re: Ishares is delisting ETFs from the London stock exchange.

Post by BobETF » Mon Oct 07, 2019 12:48 pm

LifeofMIC wrote:
Fri Oct 04, 2019 6:14 am
I am with Saxobank, and I just got this back from them today about AGGH,
Have you heard anything more about transferring to Xetra? I heard from my broker Degiro today that it could take a few weeks. I am curious if it goes faster with you.

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