I discovered recently that in the UK, money deposited in a cash ISA could be transferred to a stock ISA and vice versa. Of course the sum invested in cash + stock is constant (there is a yearly allowance from HMRC, as capital gains are untaxed).
So I was planing to put everything I could on cash ISA and play a few trades, typically buy some CAC ETFs a few days ago. But it appears that doing those moves usually take 30 days! This is a major inconvenience of course. My question is then, what could I buy that would approximately replicate a risk free rate like the ISA rate? Of course it has to be liquid so I can get rid of it if I find stock opportunities.
I wanted to buy risky European govies as I am OK with the default risk, but what I do not want is too much market risk.
Is there a better alternative?