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workingdad
21-06-2017, 04:19 PM
Got an email from ASB securities today, all customers will lose the rights and ability to see market data live unless they have had a trade in the preceding 90 days. A lot of the time this wont be an issue for me but at times it could be an issue and as such I have no intention of being a part of a trading service that doesn't supply live data of not only SP but buy/sell orders......

Can anyone make any recommendations as ASB is all I have ever used.

Thanks

JBmurc
21-06-2017, 06:09 PM
Yes tight asses and their commissions are a rip-off paid $55 NZD today for what I would pay max $29 AUD with ANZ

couta1
21-06-2017, 07:04 PM
Got an email from ASB securities today, all customers will lose the rights and ability to see market data live unless they have had a trade in the preceding 90 days. A lot of the time this wont be an issue for me but at times it could be an issue and as such I have no intention of being a part of a trading service that doesn't supply live data of not only SP but buy/sell orders......

Can anyone make any recommendations as ASB is all I have ever used.

Thanks ANZ have the same 90 day rule, costs them money to provide live data and their logic is, why should they provide that service to customers that spend next to nothing with them as opposed to the more frequent traders.

workingdad
21-06-2017, 08:09 PM
ANZ have the same 90 day rule, costs them money to provide live data and their logic is, why should they provide that service to customers that spend next to nothing with them as opposed to the more frequent traders.

Perhaps passing that on rather than ruling out the ability to see live rates. It's only more recently things are on the quiet front for me, market toppy in my opinion so sitting on the sidelines for a bit other than some AIR which is tempting to sell at moment. I think I've paid my fair share of fees over the last 12 months.... just disappointed in the change they are adopting.

JeremyALD
21-06-2017, 10:30 PM
I've spent $1000s in commissions with ASB but as it stands I'm not planning on buying or selling for a little while as I've filled my portfolio and this change is bollocks. I get they want to stop people using their service without paying fees, but surely they could identify the main bank ASB customers like myself who use all their services and trade fairly frequently. If they stop my live data I'll leave and it was a terribly written email.

Hoop
21-06-2017, 10:55 PM
I think the blame is mis-directed...We (shareholders) should be venting our concerns to ComCom about inhibiting monopolistic behaviour from the NZX...Over the top online contract pricing and too high data charging is affecting trading and share analysis to the point that it's chasing NZ investors away to overseas markets...

Jay
22-06-2017, 06:49 AM
I agree Hoop, surely a little less in fees would be made up in more trades overall and as you say not chasing NZ investors away

kiwitrev
22-06-2017, 07:38 AM
Got an email from ASB securities today, all customers will lose the rights and ability to see market data live unless they have had a trade in the preceding 90 days. A lot of the time this wont be an issue for me but at times it could be an issue and as such I have no intention of being a part of a trading service that doesn't supply live data of not only SP but buy/sell orders......

Can anyone make any recommendations as ASB is all I have ever used.

Thanks

I sent them an e-mail complaining about this, not a level playing field. Havn't they heard about the cost of doing business.

blackcap
22-06-2017, 07:38 AM
I think the blame is mis-directed...We (shareholders) should be venting our concerns to ComCom about inhibiting monopolistic behaviour from the NZX...Over the top online contract pricing and too high data charging is affecting trading and share analysis to the point that it's chasing NZ investors away to overseas markets...

Indeed Hoop, that is where the problem lies. I know back in the day Direct Broking were being charged an arm and a leg to provide live data to their clients and that is why they had to pass this on, or at least make sure you do some trades, otherwise it would just bollocks them. Everytime someone refreshes a "depth" screen it cost the broker (via the NZX).
As far as ASB go... they know they have you by the short and curly's... there is no one in NZ that is cheaper.. well there is ANZ who are on par, but I think the requirement is now that you must have a bank account with them to open a broking account... so ASB know you are not going to leave regardless. But the 90 day rule is not to annoy, it really is out of necessity.

blackcap
22-06-2017, 07:39 AM
I sent them an e-mail complaining about this, not a level playing field. Havn't they heard about the cost of doing business.

The cost of doing businees is when the NZX charges them everytime a client looks at live data....

workingdad
22-06-2017, 08:47 AM
Indeed Hoop, that is where the problem lies. I know back in the day Direct Broking were being charged an arm and a leg to provide live data to their clients and that is why they had to pass this on, or at least make sure you do some trades, otherwise it would just bollocks them. Everytime someone refreshes a "depth" screen it cost the broker (via the NZX).
As far as ASB go... they know they have you by the short and curly's... there is no one in NZ that is cheaper.. well there is ANZ who are on par, but I think the requirement is now that you must have a bank account with them to open a broking account... so ASB know you are not going to leave regardless. But the 90 day rule is not to annoy, it really is out of necessity.

I have no issue taking my accounts and cash to ANZ if there is benefit from a trading perspective, no problem there. ASB have the right to pass costs on but the issue is they are putting in place a rule that results in not being able to see live data at times and this is wrong. There should be an alternative such as a flat annual fee or something similar for those not trading regularly.

I agree with the cost of doing business posts too, they make plenty of money out of me in other aspects both in the money I have in term deposits and over the period of a mortgage.

ASB are usually better to their customers than this and its not the first time in the last year I have felt their customer services are taking a back seat to rather significant profits......

winner69
22-06-2017, 08:54 AM
Maybe the biggest cost to them re live data are those who don't buy or sell very often but seem to be looking at depth every minute of the day to see how things are going.

RGR367
22-06-2017, 08:59 AM
I still have to receive that email and/or letter. But hopefully not as I'm already using them via margin lending account.

Beagle
22-06-2017, 09:22 AM
I'm going to go out on a limb here and say fair enough. All it takes to get access to unlimited depth information, (as many enquiries as you like over three months each one of which cost them some money) is one miserly trade costing $30. ANZ have had this policy for many many years and obviously ASB securities have to protect themselves from the possibility of freeloaders. Not many things in life are truly free...

Jay
22-06-2017, 09:46 AM
Agree too Mr Beagle
But as mentioned, perhaps the NZX should look at their overall fee structure, how do other "brokers" in Aus for example only charge $10-15 a trade or less -yes it is only trading, no advice/research etc, but can get depth I presume?? and therefore then why can't ANZ or ASB lower their fees on internet trading, comes back to the NZX again and what they charge??

workingdad
22-06-2017, 10:13 AM
I'm going to go out on a limb here and say fair enough. All it takes to get access to unlimited depth information, (as many enquiries as you like over three months each one of which cost them some money) is one miserly trade costing $30. ANZ have had this policy for many many years and obviously ASB securities have to protect themselves from the possibility of freeloaders. Not many things in life are truly free...

So putting in a buy for 1 share and the work that goes with it for ASB securities is better use of their time than just charging those not using it in that three month period a one off charge?

My complaint is not paying for its use which I have no issue with, its that there is no alternative being offered and regardless of what others are doing, I joined up with ASB based on the live data and trading without it is crazy. In the last 12 months I have had too many trades to count but only one in the last 3 months and haven't even logged into asb securities since selling some AIR in March but plan on putting a stoploss in for the remaining AIR I have. I don't think they are being reasonable in not offering an alternative.

JeremyALD
22-06-2017, 11:44 AM
I think the point that annoys me is I could make 30 trades in one quarter then none the next and lose live data. If all my stocks are doing well Im not necessarily inclined to make a trade. Their email also didn't explain why they were making the change which now as you've outlined above makes more sense to me. Their communication's strategy for this was really poor, especially for those customers who do all their trading / banking with ASB.

macduffy
22-06-2017, 01:10 PM
I don't think that the broker/market arms of the banks take any account of banking relationships of their customers with their parent banks. Should, but don't.

:ohmy:

ratkin
24-06-2017, 11:15 AM
Slightly annoying as will no longer be able to look at market depth, except delayed by 20 minutes. Still can see live quotes when putting an order in, or pretending to, so can see live quote.

Thing is though it is people who trade actively that need upto the second data, and they will not fall foul of the 90 day limit anyway. For the rest who hardly ever trade it will not really make any difference either. 20 minutes hardly a game changer for investors

Robomo
14-08-2017, 02:04 PM
ANZ have the same 90 day rule, costs them money to provide live data and their logic is, why should they provide that service to customers that spend next to nothing with them as opposed to the more frequent traders.

Poor email from ASB, just a notice of reduced customer service. No explanation.
Presumably ASB pay a set fee for live quotes and it doesn't matter how many customers they then pass it onto. Maybe I'm wrong, but I can only guess if ASB don't bother to tell me. It's not likely to bother me but if there is a period of time without trades for 3 months I would be very annoyed if it was cut off considering the many hundreds of dollars they have earned from me this year alone. As well, having a margin account means that I get charged a lump sum regardless of how many or few trades I make although it does get waived if more than $400 is paid in in fees.

Joshuatree
11-09-2017, 01:11 PM
Anyone else shut out from the ASB fastnet classic trading website, blimen frustrating:scared:

kiwitrev
11-09-2017, 01:22 PM
Anyone else shut out from the ASB fastnet classic trading website, blimen frustrating:scared:

all morning

Joshuatree
11-09-2017, 01:31 PM
Not acceptable; they have glitches quite a lot; but this one takes the take.
kiwitrev I've just got in now.:mellow::sleep::drool:

Ace
19-09-2017, 09:02 AM
So will these cost savings from showing delayed market data be reflected in brokerage fees? especially if you sell less frequently although have larger volumes? Even if you buy and sell lets say 100-200k worth of shares netting hundreds in brokerage per trade, but it's been 91 days so you won't get live market data compared to someone who only netted ASB $30 in brokerage but within the last 90 days? Hardly seems fair on those who buy or sell less, and or have larger volumes.

The rationale is the long term buyers and sellers won't need live market feed, although it seems like their services to them is being diminished or 'throttled' per se with no specific benefit to the customer, hard to see how it's asb "want[ing] to ensure we continue to offer a cost-effective platform for all our customers." when there is no indication that cost-savings will be passed onto the consumer.

RGR367
19-09-2017, 06:18 PM
Not sure how my account is differently set from you guys but I was told that the way live data is presented will not affect me. Is it maybe because I got ML with them?

Investor
22-09-2017, 08:51 PM
Not sure how my account is differently set from you guys but I was told that the way live data is presented will not affect me. Is it maybe because I got ML with them?

I would say that you are probably correct. You are generating enough value to ASB for them to keep you aboard.


So will these cost savings from showing delayed market data be reflected in brokerage fees? especially if you sell less frequently although have larger volumes? Even if you buy and sell lets say 100-200k worth of shares netting hundreds in brokerage per trade, but it's been 91 days so you won't get live market data compared to someone who only netted ASB $30 in brokerage but within the last 90 days? Hardly seems fair on those who buy or sell less, and or have larger volumes.

The rationale is the long term buyers and sellers won't need live market feed, although it seems like their services to them is being diminished or 'throttled' per se with no specific benefit to the customer, hard to see how it's asb "want[ing] to ensure we continue to offer a cost-effective platform for all our customers." when there is no indication that cost-savings will be passed onto the consumer.

You may be hard-pressed to find a private business which is going to reduce costs for the sole purpose of passing that cost on to consumers. I think the fees and services they are providing are reasonable and as per the below quote from their announcement you can still access live pricing data when placing an order:

"For all customers, market data and market depth in the ‘place an order’ process is always live during market hours so you have the latest stock pricing information to help inform your trading decisions."

Well Endowed
02-10-2017, 09:15 AM
pretty disappointed with ASB really, I feel that it should be averaged over the full year. I've done around 20 trades on one account I oversee, but been a quiet few months. Today they have cut off the depth tab from the ASB interface. I do have another account which I have only done 4 trades on this year, that were conveniently spaced out in 3mthly blocks, and still has live data.

To me this makes little sense - presumably punish the one customer that is potentially a better income earner, and provide free data to a fair weather guy?

Investor
02-10-2017, 07:28 PM
pretty disappointed with ASB really, I feel that it should be averaged over the full year. I've done around 20 trades on one account I oversee, but been a quiet few months. Today they have cut off the depth tab from the ASB interface. I do have another account which I have only done 4 trades on this year, that were conveniently spaced out in 3mthly blocks, and still has live data.

To me this makes little sense - presumably punish the one customer that is potentially a better income earner, and provide free data to a fair weather guy?

As they pointed out it is because it costs them to supply this. Without such a system, people can join the share trading service for free and have access to live market data without completing any trading. If they were to restrict it to customer value, that would be less fair. As they have stated, you still get live information on the order page.

Well Endowed
03-10-2017, 09:21 AM
I kind of feel like the $600AUD I have already paid in brokerage in april/may should probably cover this for the year, and good business practice might be to average this over a 6-12mth window, I completely agree with disallowing freeloading.

But then again I dislike ASB ever since they declined to fill an order citing an orderly market movement clause that it would move the shareprice too much (>5%) on a reasonably illiquid stock (might trade $10k p/day av), so I had to go through another provider to place the buy order, which was circa $5k trade...bizarre.

skeet
05-10-2017, 04:09 PM
Where has the option to view depth gone? Just placed first trade in months and can't see it, tbh I can't every remember where I use to access it but find it quite helpful

Well Endowed
06-10-2017, 11:42 AM
if you haven't placed a trade in 3mths, they cut live data off - and all visibility of depth too. don't even give you delayed depth...

Food4Thought
06-10-2017, 01:01 PM
if you haven't placed a trade in 3mths, they cut live data off - and all visibility of depth too. don't even give you delayed depth...


Same issue I had today. I made up a post. My thoughts are reserved on Free Loading, of course, ASB incurs charges etc. I agree about the average yearly buy/sell and also the business they wish to generate.

Their interest rates dropped back dramatically, and I know this causes an exodus of funds from their banking service. WHy keep 10k + cash with them if the return is better elsewhere and perhaps also stays nationally (HBL, Credit unions etc).

Will write to ASB. I don't see this as an incentive to keep long-term customers happy and promote their service. I know I gave them plenty of money in the past from fees charged when placing a buy or sell. IMO this can't be an encouraging move for a thriving share industry.

I thought they would want to promote use of their service. To me it seems like a backward step.

skeet
08-10-2017, 11:59 AM
if you haven't placed a trade in 3mths, they cut live data off - and all visibility of depth too. don't even give you delayed depth...

Thanks, noticed I could view it after a trade.

Ace
07-12-2017, 11:13 AM
Same issue I had today. I made up a post. My thoughts are reserved on Free Loading, of course, ASB incurs charges etc. I agree about the average yearly buy/sell and also the business they wish to generate.

Their interest rates dropped back dramatically, and I know this causes an exodus of funds from their banking service. WHy keep 10k + cash with them if the return is better elsewhere and perhaps also stays nationally (HBL, Credit unions etc).

Will write to ASB. I don't see this as an incentive to keep long-term customers happy and promote their service. I know I gave them plenty of money in the past from fees charged when placing a buy or sell. IMO this can't be an encouraging move for a thriving share industry.

I thought they would want to promote use of their service. To me it seems like a backward step.

Did they get back to you?

Joshuatree
07-12-2017, 11:49 AM
Anyone else finding The ASB platform so slow its not worth using, today?

kiwitrev
07-12-2017, 11:52 AM
Anyone else finding The ASB platform so slow its not worth using, today?

Yep. Very frustrating. What I find difficult to understand is why don't they try and improve their PR and put out some sort of statement when they have issues, not just let everyone fume.

Joshuatree
07-12-2017, 12:15 PM
I rang them and nicely told them the situ and hey presto its fast and snappy now.

Logen Ninefingers
07-12-2017, 01:22 PM
Well I'm trying to use it and it's completely &*$#@# today!!!!

kiwitrev
07-12-2017, 01:27 PM
I rang them and nicely told them the situ and hey presto its fast and snappy now.

Hi JT
Well it's custard again. Based on your call to them it's concerning they don't even know what's going on with their own system.

Logen Ninefingers
07-12-2017, 01:33 PM
You click on individual stocks and nothing happens.....totally&*$#@#. I see they have maintenance scheduled for tonight....the site is always undergoing maintenance & seems to be out of action or glitching about 35% of the time. I think the people that we phone have been told to deny all knowledge of problems to make customers think its a 'user issue', rather than admit their site is fritzing.

Joshuatree
07-12-2017, 01:44 PM
Yes im having same probs atm Logen. Your turn to ring them :0.Key is to be nice about it, constructive feedback..

Logen Ninefingers
07-12-2017, 01:54 PM
Their IT team is looking at it apparently....

kiwitrev
07-12-2017, 02:11 PM
Their IT team is looking at it apparently....

This is a significant portion of their business, don't they care enough to permanently fix it or is it a devious way of forcing punters to phone in orders at a higher fee rate

dragonz
24-01-2018, 11:05 AM
Got an email from ASB securities today, all customers will lose the rights and ability to see market data live unless they have had a trade in the preceding 90 days. A lot of the time this wont be an issue for me but at times it could be an issue and as such I have no intention of being a part of a trading service that doesn't supply live data of not only SP but buy/sell orders......

Can anyone make any recommendations as ASB is all I have ever used.

Thanks

Hi Do they inform you first before you lose those rights?

toucan22
24-01-2018, 11:18 AM
Hi Do they inform you first before you lose those rights?
No. Just lost mine. Now to see buy/sell orders have to initiate a buy or sell order, go down to step 4 and click on view depth to see whats going on. A bit of a pain!

dragonz
24-01-2018, 11:30 AM
No. Just lost mine. Now to see buy/sell orders have to initiate a buy or sell order, go down to step 4 and click on view depth to see whats going on. A bit of a pain!

Thats a pain but at least you still have access to depth if you need to buy/sell.

ratkin
27-01-2018, 06:18 AM
It is unlikely that many of those interested in market depth have not made at least One trade in the last Three months. It not exactly demanding criteria.