Waiting For ISIN's And CUSIP's Guarantee Failure To Buy

Many buyers have requested or insisted on seeing information on specific instruments before they will make their interest known.

This flawed approach to buying FAILS NEARLY EVERY TIME! Why?

Since analogies are a great way to illustrate a point, imagine that you want to ride the train (i.e.- buy an instrument).

All day long, trains keep coming and going (instruments for sale), and they are ridden (i.e.- bought), by other riders who have already presented their tickets (i.e.-been accepted as a bonafide buyer by the seller), from the ticketmaster (the trade platform manager).

The reason so many deals never make it is because you cannot wait for a train to come into the station before you decide if you want to ride it!

You first have to buy a ticket (present your LOI, CIS, Passport, LOA, etc) so the ticketmaster (the seller) can OK you to climb aboard the next train.

Once you have bought your 'ticket', you are now entitled to stand on the platform waiting for the next train (instrument) that is the right one to jump on (take down).

The trains are always coming and going, but the ticketmaster won't allow you to board an oncoming train until you have been cleared and shown your capacity to buy.

When you ask to see a specific instrument's identification, you are asking about a train that is already in the station and is in the midst of being boarded (taken down) by another buyer.

Too late! You have to be timed so that the seller has your ticket BEFORE the next train comes down the track.

Also, when the buyer wants to see ISIN and CUSIP numbers, they are again asking about a train that is about to leave the station.

If you know you are going to ride the train, get your ticket (documents) punched so you can jump on the next train coming. Be prepared.

When the train has pulled into the station is NOT the time to first get your ticket and get on board-- the train will leave the station long before you get your ticket. That's why you may have found that paper you were interested in has been sold out from under you.

Timing is everything, and being on the platform when the train comes in is the only way to buy your paper.

By Michael Weiner