sharesies.nz

[turnip]

Are now offering live market depth for the price of $10 per month. That seems very reasonable.

Not the cheapest though. ASB give access to market depth for three months after making a trade, minimum borkerage is $15/trade, so you could get access to market depth for effectively $5/month by making one small trade every three months.

[justakiwi]

From this week’s Sharesies newsletter:

Last week was a record breaking week—with 9,700 new investors joining Sharesies, and a whopping $81M being traded via Sharesies into funds and companies!
In the next couple of months, we’ll be adding US shares to Sharesies—giving you more access, and more options to grow your wealth! We can’t give you an exact launch date just yet, but we’ll be sharing more details with you as we go. To get early access, register your interest on the Sharesies website.

Sharesies is possibly having a bigger impact than we think.

[BIRMANBOY]

Long term view would seem to be that all of the new investors can only help the NZ share market. Advantages would be obvious...makes for more liquidity across the board as well as allowing access to another form of investment rather than just Term Deposits, kiwi saver and lotto tickets. Also many of the new entrants will continue on and become bigger investors as time goes by. More investors help drive up prices which benefits existing holders. Short term problems obviously for the NZX adjusting technology to cope with new growth but one assumes that will be overcome sooner rather than later. I think its great that there is another generation of investors created here. When you think about an investor just using a couple of hundred dollars it may seem a bit futile to a seasoned investor, but when you view it as a cumulative exercise and also consider the number of investors, it looks completely different. Go Sharesies.

[Beagle]

Got an email with new site for DB going live next month. Those happy to be the Guinea pigs and test drive it get one free trade.
I'm happy to play possum from time to time but I'm happy to let others iron out the flaws and play Guinea pig.

On the Sharsies thing, yeah I think its great that this makes investing affordable and enables newcomers to get into a wide range of investments but its not for me, I like my investments in my name with absolute and total control over them.

[ratkin]

Lots of snobbery/ hate towards sharsies on this forum.

Have not used the platform myself yet but I see they are going to offer US shares. Does anyone know if these will be subject to FIF rules? or does the fact you do not actually own the shares mean it will be exempt?

[peat]

Lots of snobbery/ hate towards sharsies on this forum.

Have not used the platform myself yet but I see they are going to offer US shares. Does anyone know if these will be subject to FIF rules? or does the fact you do not actually own the shares mean it will be exempt?

I'd expect so wouldnt you, beneficial interest even if it is as you say.
I agree I do have a certain resentment to Sharesies but am using it as an experiment. Its pretty ok. No depth would be the worst thing though you can buy that now at $10/mth.

You know I think the reason I resent it is because I didnt think it could be done, and now that it has I am jealous I never had it haha.

[SBQ]

Lots of snobbery/ hate towards sharsies on this forum.

Have not used the platform myself yet but I see they are going to offer US shares. Does anyone know if these will be subject to FIF rules? or does the fact you do not actually own the shares mean it will be exempt?

Another outfit is called Hatch that is already offering trading in US equities.

Some years ago I went to a local NZ Shareholder Assn here in Christchurch. They had a representative talk about their Sharsies business. I asked specifically about FIF and what happens and who is responsible about reporting etc. The presenter did not really answer my question so I assumed they did not know. Something tells me is it's entirely up to the client to report to IRD under FIF once they go over that $50K NZD threshold. Sharesies and Hatch only do the minimum requirement such as W8BEN reporting requirements etc.

[blackcap]

Another outfit is called Hatch that is already offering trading in US equities.

Some years ago I went to a local NZ Shareholder Assn here in Christchurch. They had a representative talk about their Sharsies business. I asked specifically about FIF and what happens and who is responsible about reporting etc. The presenter did not really answer my question so I assumed they did not know. Something tells me is it's entirely up to the client to report to IRD under FIF once they go over that $50K NZD threshold. Sharesies and Hatch only do the minimum requirement such as W8BEN reporting requirements etc.

I think you will find you are correct. Sharesies and Hatch are no more no less like Direct Broking and ASB. Just a facilitator of a trade. It is up to the client to report to the IRD. Always has been the case. I think there are many new investors in NZ who have no idea what FIF is or even what trading profits are.

[ratkin]

I think you will find you are correct. Sharesies and Hatch are no more no less like Direct Broking and ASB. Just a facilitator of a trade. It is up to the client to report to the IRD. Always has been the case. I think there are many new investors in NZ who have no idea what FIF is or even what trading profits are.

To be fair FIF is a diabolical invention that needs a massive overhaul. This 50k limit is ridiculous as is the big long list of what is, and is not exempt, it one big confusing mess.

[blackcap]

To be fair FIF is a diabolical invention that needs a massive overhaul. This 50k limit is ridiculous as is the big long list of what is, and is not exempt, it one big confusing mess.

Totally agree. If they made the limit $1m it would make more sense. At that level you have the economies of scale to hire an accountant/software to work it all out for you. Anything under that is a joke.