NZX FAILS TO PERFORM .Did you sell NOG today?

[biker]

A"Glitch" in the system means the market has failed to open on time. C'mon NZX,you can do better than this.

[Toddy]

Yeah, c'mon, I want to go to bed.

[trendy]

Seems their website is down also.

[trendy]

Any notice from the NZX on when the wild west exchange will open?

The CEO needs Firing.

[Dazza]

YOU GOTTA BE JOKIN!!!!

[Paper Tiger]

New Zealand Exchange Limited (NZX) would like to advise all market participants that the market has experienced a connectivity issue this morning. The sharemarket will start trading at 1100 NZT and will remain in Pre-Open until then

[Paper Tiger]

NZX still down:(, asx on holiday[V], nice evening here[8D].

[trendy]

OK so what's happening....[V]

[biker]

quote:Originally posted by Paper Tiger

The sharemarket will start trading at 1100 NZT and will remain in Pre-Open until then

Yea right! What a joke.

[Paper Tiger]

New Zealand Exchange Limited (NZX) would like to advise all market participants that the market is currently experiencing a connectivity issue. The market is expected to open at 11.45 this morning.

[Sky Tower]

PT where are these updates coming from ?

[Paper Tiger]

http://www.asbsecurities.co.nz/ :)

[toffee]

They need to reboot the server running DOS version 1!!!:D

[lambton]

quote:Originally posted by ENIGMA

The CEO needs Firing.


"Firing" meaning as you would a pup that shows bad traits?

[Sky Tower]

quote:Originally posted by Paper Tiger

NZX still down:(, asx on holiday[V], nice evening here[8D].


Evening? which part of the world are you in PT?

[lambton]

quote:Originally posted by Paper Tiger

http://www.asbsecurities.co.nz/ :)



Thanks for the info re ASB.
Good on ASB for sharing.
You would think the pups at NZX would have the nouse to place this info on their own website. Esp as NZX is wanting to attract small investors back into its web.
But then again that would be levelling the playing field by providing info [u]to all at once</u>. And we couldn't have that could we.

[lambton]

11.48 another deadline missed.

[limegreen]

NZX webservers running linux, not M$... but as noted in an NZPA release, and on netcraft (http://toolbar.netcraft.com/site_report?url=http://nzx.com), telecom provides connectivity. I wonder if any of this has to do with the mexican standoff between Telstra-Clear and Telecom over peering...

87 days since last reboot is not too shabby (assuming that they haven't manually tweake that to look better...)

[OutToLunch]

Finally! Some action! Go NZX... :)

[whatsup]

Oficial :Official, As its a public holiday in Australia today(Queens Birthday) the NZex has decided that the NZ Shock Exchange wont open today!

[Paper Tiger]

quote:Originally posted by Sky Tower


quote:Originally posted by Paper Tiger

NZX still down:(, asx on holiday[V], nice evening here[8D].


Evening? which part of the world are you in PT?


here (http://www.dauphin.ca/main_04_home.html) [8D], but only for tonight [V]

[trendy]

Warm there PT? Damn hot and humid here 90F ~35C has been for the week and to think we had highs of -15C in winter.

[dingdong]

The Cowboy Exchange at its best.

Maybe the meltdown was due to attempting to install an algorithm to calculate a NZCX50 capital index (ie a REAL index). The program repeatedly said:

Does not compute, Index down for the year, do not inform the public. This computer will self-destruct in five seconds".

[Paper Tiger]

quote:Originally posted by trendy

Warm there PT? Damn hot and humid here 90F ~35C has been for the week and to think we had highs of -15C in winter.

About 60F/17C here but it is humid.
Must go.

[Sky Tower]

trading halted until 12.00 due to a glitch!
is this really acceptable?

Sky Tower
Celebrating 300 wonderful posts on Sharetrader - every one a gem, well mostly :D

Lambton firing as being shown the door escorted by a security guard and with no severance pay. Should Have been done in the first week of his Tenure. This is my opinion of the NZSX CEO.

Rocking Kiwi Opinion he is driving people away. now do 90% on ASX instead of NZSX because of slack service increased fees and lack of imformation. NZSX has gone backwards since this highly paid CEO took over.

[Onthemoney]

Apparently a Telecom problem today or is there more to it. Don't they have a plan B....

[dingdong]

quote:Originally posted by ENIGMA

Rocking Kiwi Opinion he is driving people away. now do 90% on ASX instead of NZSX because of slack service increased fees and lack of imformation. NZSX has gone backwards since this highly paid CEO took over.


O Toast of the Zodiac why do you bother with the remaining 10% on the NZCX?

After Premier Weldon replaced the NZSE40 (Real) Index with his Gross Joke Index on 31 March 2004, the stock price of his company has fallen by 7%. By way of comparison, the listed ASX company has risen by 36%. This is a sign of Weldon's performance - a stock exchange that has failed to live up to expectations.

[Sky Tower]

"5 times in the last 9 months" according to One News

[dingdong]

quote:Originally posted by Sky Tower

"5 times in the last 9 months" according to One News


Was that the amount of times the NZCX has actually been working?

[bongo66]

Seems to happen mostly on Mondays...

[Onthemoney]

Bongo ask Bob Gedolf about mondays....

[biker]

How come this announcement is on the Dow Jones wire at 1055 and the NZX post their announcement at 1723,after market close.
Something stinks here.Large numbers of NOG options have been traded today on an uninformed market.(except for subscribers to the DJ news, which I assume would include most brokers and institutions.)Oh dear, small punters get screwed again.Ho hum,never mind.
It is of course good news and I'm pleased to be holding NOG/NOGOC, but I wouldn't be so happy if I'd sold after 1055 today.


DJ MARKET TALK: NZX Index Changes Have KIP, NOG Moving Up

1055 [Dow Jones] Latest index changes by New Zealand Stock Exchange may provide boost for some stocks, with Kiwi Income Properties (KIP.NZ) the big winner, entering top 10 index due to exit of Westpac's (WPT.NZ) NZ class shares. Other movers include NZ Oil & Gas (NOG.NZ), which will enter NZX-50 index along with BIL International (BRY.NZ); ING Property Trust (ING.NZ) will also go into top 50 at expense of Baycorp Advantage (BCA.NZ). Waste Management (WAM.NZ) also rising through the ranks, will go into top 15 index along with NGC Holdings (NGC.NZ). NZX says changes have been made in line with its new index methodology announced today, will take effect from July 1.
[/quote]

[Naylz]

dont the nzx have some rule about disclosure as soon as possible. shouldn't they be done for this?

[biker]

quote:Originally posted by Naylz

dont the nzx have some rule about disclosure as soon as possible. shouldn't they be done for this?

Yes, they should be done, but wont be. Nobody to do them. A law unto themselves.

[Onthemoney]

What a joke the NZX is don't they make this decision themselves, why didn't they disclose this to the market in general....

They need to be investigated. I thought the poster was joking on the NOG thread when they said NOG had been promoted to the NZX50

[dingdong]

They don't call it the Cowboy Exchange for nothing.

[Sky Tower]

Obvious weldon doesnt respond to written complaints from individuals so we could get together as a group and complain. Stength in numbers. We could call ourselves the Shareholders Association

Ok...bad name ;)

How about the ShareTraders Association? :D

[Onthemoney]

I suppose Weldon only releases the info to people that matter. Maybe he is looking for a job with the NYSE....

[Sky Tower]

I do like my idea of a Share traders Association coz the 'other' association doesn't do it for me at all

[Onthemoney]

Grow a beard and wear a brown jersey Sky Tower and it might.

[dingdong]

quote:Originally posted by Sky Tower

Obvious weldon doesnt respond to written complaints from individuals so we could get together as a group and complain.


O Towerful One there is no point complaining to Premier Weldon, he is all powerful and oppressive and is likely to chop your foot off. Just vote with your feet (should you still possess two) and invest elsewhere.

One option is the ASX but if you feel adventurous with your money I recommend you invest in some lovely rich dung deposits I have found near the Caspian.

[trendy]

NZX upholds its reputation as the wild west exchange. Always be prepared to be scalped by Weldon and his broker friends.

I've had enough of the NZX and have been moving into the ASX for my down under trading. But, you can't beat the US markets with the amazing low brokerage rates available here.

[kittydashwood]

Agree entirely with trendy. Weldon will have to improve the trading platform if he seriously wants to compete as an international market. One wonders what is the real cost of making a trade on the NZX surely the local brokerage margins are in excess of 100%.
NICE ONE GUYS

[pennstock]

Regarding Mondays breakdown, I understand that internally, Telecom is spewing about NZXs very vocal explanation for the failure – not a particularly good way to treat your major client whatever the circumstance.

Anyway, apparently the problem was with some NZX firewalls which were incorrectly configured. NZX do have a backup but that was also incorrectly configured.

One would think that if you’re running an exchange, then these fundamental things would have been tested properly?

Let’s hope it the last of these outages.

[Dazza]

trendy, too bad most of us aint living in US &gt;&lt;
im actually beginning to think if i should go and live there....

anyone know of any cheap fees to trade on US markets?

its about 50 bucks a round via national bank

[danchop]

when in rome

[kittydashwood]

Scotttrade ameritrade schwab etrade

There are millions dude google yourself a better deal.
9.95 US seems to be the standard discount rate.

[donner]

Kitty is right. There are some very good online brokerages in the US offering some pretty darn good protection against such scenarios as what happened with Access. Real time access to market trading, short selling and options available as well.

Check out Ameritrade. They have a chat function where you can "talk" to the CSR at the other end in real time to answer any questions. Then all you have to do is request the forms or fill in the online one.

[trendy]

I can recommend Scottrade and Ameritrade. Scottrade is $7 for limit or market orders. Ameritrade is $10.99 for limit or market orders. What I prefer with Ameritrade is that you can easily transfer funds electronically from your brokerage account back to your US bank account as needed. Scottrade you need to phone them or call into an office.

Both companies offer some neat features such as trailing stop loss, email trigger alerts etc. Buy triggers based on certain criteria i.d. index moves buy x % then buy y company.

[kittydashwood]

Use schwab. 9.95 per trade.

Research excellent, nice portfolio management tools, don't sing lullabyes and customer service to NZ excellent.

[Dazza]

thanks trendy and kitty for ur responses, what about setting up accounts and money transfer as such?!

i have a forieng account with national bank *USD*, how would that work?

easy to fill forms out etc etc?
toll fee calling for helps etc?

am very interested , the 7 and 10 dollar trades sounds EXCITING!

[morpork]

Its groundhog day

wtf, can't NZX put in a backup, this is bloody riduculous

Maybe they should get in touch with Indranet

[lambton]

quote:Originally posted by morpork

Its groundhog day

wtf, can't NZX put in a backup, this is bloody riduculous

Maybe they should get in touch with Indranet


And Weldon can fall on his sword.

[kittydashwood]

Hey what do you expect when dolts like minder/matrix/sharebroker/sniper work for them in IT.

Seriously considering moving to the ASX all nz investments after this morning.
Surely someone is in breach of a service contract.

[lambton]

quote:Originally posted by kittydashwood

Hey what do you expect when dolts like minder/matrix/sharebroker/sniper work for them in IT.

Seriously considering moving to the ASX all nz investments after this morning.
Surely someone is in breach of a service contract.


What continues to slut me is when the lights come back on joe public will be the last to know. Therefore NZX and its Members have "insider" advantage over the public. Securities Comm could set out some rules for "reopening" following an outage. Nice easy non threatening task for them.

[stephen]

Telecom have had a major outage that's basically split their national network in two - so in that sense, NZX is not to blame. Telecom is the proximate cause of this outage.

But having said that, the sensible operator has backup connectivity with another provider.

There had better be an announcement that they have redundant connections via Telstra soon.

And on the third hand: even if NZX were still on the air, they should shut down when there is a telco problem of this nature, to be fair to all participants. Any trader on the wrong side of Telecom's network who was shut out while others were in would be pretty pissed off.

[stephen]

http://www.nzherald.co.nz/index.cfm?c_id=1&ObjectID=10331696

The latest news.

[morpork]

How come minder or some of the crew he works for at NZX couldn't put something up on the website, disgusting lack of respect for investors

[blackcap]

cmon guys dont keep blaming the NZX. All i hear here is moan moan moan. If you want info, call your broker. Its not really that difficult. Or alternatively call the NZX if your really worried.

[diesel]

I am told some farmer drove there post hold rammer through a Telecom fibre optice cable. So much for 99.9999% availability! Nice.....

[lambton]

quote:Originally posted by blackcap

cmon guys dont keep blaming the NZX. All i hear here is moan moan moan. If you want info, call your broker. Its not really that difficult. Or alternatively call the NZX if your really worried.


It would have been nice if my broker had of called me - after all they were advised directly by the NZX. When I moaned as you call it to the NZX last week I was told they expected their broker members to communicate with their clients immediately as they did to them.
We had to rely on Joe Boy and Shiner lad to spill the beans. And its not like brokers would have a lot to do just now.

[Shiner]

Called Direct Broking and got this...

Market pre opening 1530, opening 1600, closing 1730.

Blackcap NZSX management is certainly to blame. They have been increasing Fees & Charges at a rapid rate so driving a lot of investors to buy Australian shares instead. At least with all these extra charges they should have bought a fail safe back up system. This is a sample of the very inept management the NZSX has employed in my opinion. I think some heads should roll very rapidly.

[stephen]

I disagree, ENIGMA.

The outage before this one: definitely NZX at fault, they should have redundant comm links.

With this one though, Telecom basically split the whole country in two for internet and data at about Palmerston North. There is bugger-all the NZX can do about that. If they had continued to be open, you would have had everyone from Wgtn south happily trading while anyone with Telecom phone and data links in the north would have been locked out. Somewhat unfair to market participants, I think.

Yes, NZX suck as far as their comms arrangements go, but they did the right thing here.

Stephen have you never heard of microwaves (and I don't mean the ones you cook with)or of the other fibre optic link down the railway line that Clear used to lease part of its capacity. Management is just discraceful In my opinion. Are they trying to devalue the NZSX so much that the ASX can buy it for Peanuts?

[warthog]

quote:Originally posted by stephen

I disagree, ENIGMA.

The outage before this one: definitely NZX at fault, they should have redundant comm links.

With this one though, Telecom basically split the whole country in two for internet and data at about Palmerston North. There is bugger-all the NZX can do about that. If they had continued to be open, you would have had everyone from Wgtn south happily trading while anyone with Telecom phone and data links in the north would have been locked out. Somewhat unfair to market participants, I think.

Yes, NZX suck as far as their comms arrangements go, but they did the right thing here.


What we don't know, and what is alluded to but never actually discussed, is whether Telecom will be stumping up large for this or any outage. I suspect any compensation would be tiny, basically because Telecom are a monopoly and they can damage your business within their terms of their business if you piss them off. The sooner NZ gets some real competition in the Telco space, the better for NZX and for my *DSL connection.

[Sky Tower]

Obviously have a sole communication supplier with what appears to be no backup is a very imprudent strategy.

Maybe rather than pointing the blame ALL market participants need to work together with the NZX to find a solution to these problems with the objective being as few outages as possible and when they do occur the whole market is full informed.

The online brokers and the full service brokers working with the NZX to find a solution.

Sky Tower nothing will happen untill they get rid of Weldon. He has been a disaster from the start. Error after error in my opinion. From trading mostly NZ shares and some ASX one through NZ because no Australian broker could compete with the price & service through Access Now do 95% of trading on ASX through Westpac as it is impossible through Direct to trade ASX if you are australian resident. And thanks to Weldons supposed efficiencies and increased charges Direct is not very good for NZSX either when compared with Access. Good business strategy the NZSX has got drive customers away.

[nelson]

Fair's fair, people. The fault today was traced to an outage by telecom which badly impacted on all communications between Aukland and Wellington. According to TV1, there were all kinds of disruptions including Air NZ which had to check people in manually and mobile phones which could not be connected to line lines.

Weldon and NZX can hardly be blamed for the NZX going down due to Telecom's fault!

[stephen]

5 9s reliability, eh? There ought to be be some kind of government enquiry. This is a national-level scandal.

Telecom will have to stonewall all requests for compensation, because there's a ****LOAD of potential damages out there.

ENIGMA, you're missing the point here. NZX have a crummy set-up, heads should roll, and I agree with you. But with most of NZ offline, it would be pretty unfair to keep the market open.

[Sky Tower]

I knew Ratkin was involved in this :D

From: New Zealand Herald 21.06.2005
By Bernard Orsman and Gareth Vaughan

A rat is suspected as being one of two culprits who paralysed the country’s telecoms network yesterday, closing the Stock Exchange and stopping shoppers using Eftpos machines.

The second was a Powerco contractor who "nicked" a fibre optic cable near Waverley in South Taranaki while drilling a hole to replace a power pole at 10.40am.
The "one in a million" coincidence of damage to two fibre optic cables affected more than 100,000 Telecom customers from 10.48am until 3.18pm.

The greatest disruption was in Wellington and Taranaki. Services were also lost in Auckland, Palmerston North and in the South Island.

Trading on the Stock Exchange was brought to a halt from 11.01am until 4pm. The exchange stayed open for an extra 30 minutes until 5.30pm.

Eftpos disruption hurt shoppers and retailers. The online auction site TradeMe reported a significant reduction in traffic between 11am and 3pm.

Air travellers experienced delays of 25 minutes or more when the loss of internet and email forced Air NZ to manually check-in passengers.

Telecom spokesman John Goulter said it was possible a rat was the cause of the broken fibre optic cable on a railway bridge, about 5km north of Upper Hutt. Rodent damage was a problem inside the 10cm steel ducts that carry fibre optic cables, he said.

"We haven’t ruled it [a rat] out."

Another possible cause was the cable coming adrift and being carried away in the river.

Mr Goulter said the odds of the two main fibre optic cables running up the west and east sides of the North Island failing at the same time were about one in a million.

Telecommunications Users Association chief executive Ernie Newman said Telecom rated well for network and service reliability and he did not see it as a sign of a trend.

However, brokers were annoyed, especially as it was the second Telecom fault in a week to halt trading.

One broker said stoppages added to uncertainty for the market and investors "hate uncertainty".

Stock Exchange spokeswoman Rowan MacRae would not be drawn into detail about compensation.

"Our key thing has been to focus on getting the market back up and running as quick as we can and to let international markets know what has happened here today. We will worry about the other issues later."

Retailers Association Auckland regional manager Russell Sinclair said given that many people no longer carried cash, "It certainly bites" when Eftpos went down.

Communications Minister David Cunliffe said "getting two accidents of this type at the same time is a freak occurrence".

Last week about 2000 Telecom customers were affected when a contractor accidentally cut a cable between Waihi and Whangamata. The eastern side of the Coromandel Peninsula and Great Barrier Island were affected.

[warthog]

quote:Originally posted by Sky Tower

"We haven’t ruled it [a rat] out."

Another possible cause was the cable coming adrift and being carried away in the river.


Right. So that's either a rat, or a river.

Some rat!

[Guru]

quote:Originally posted by Sky Tower

From: New Zealand Herald 21.06.2005
By Bernard Orsman and Gareth Vaughan

Rodent damage was a problem inside the 10cm steel ducts that carry fibre optic cables, he said.

You would think that with all those engineers that Telecom have, they would come up with a fail safe way of preventing rodents getting inside steel ducts. Especially when the steel ducts are carrying fibre optic cables which are the main trunk lines of communication between the country! How inept can they be?

What time is the NZSX going to stop trading today or do you think it will make it through the day.

[Caesius]

We could all have bets on it. Now there's an investment strategy...