ANZ Securities to Direct Broking

[Arbroath]

Initial impression is the DB service looks inferior...20min delayed pricing for NZX & ASX instead of the old live pricing.

Announcements lodged to NZX not showing an hour later on DB.

Is this the normal DB level of service? If so we've been sold a pup by ANZ

[Beagle]

I can't get through to them on the phone ? What has happened to the proceeds of my sale of securities on Friday last week as its not showing in my trading balance at FCNZ ?
Anyone else got this problem ?

[777]

And pre market opening trading not showing up settlement price. You have to work it out yourself.

Those that use ASB, do they show live pricing?

[minimoke]

Theres a thread on Sharetrader Back office section on this change

[silu]

Initial impression is the DB service looks inferior...20min delayed pricing for NZX & ASX instead of the old live pricing.

Announcements lodged to NZX not showing an hour later on DB.

Is this the normal DB level of service? If so we've been sold a pup by ANZ

Uh oh. Not having access to live pricing is a major downer. Is that standard forever?
May as well look changing to ASB Securities as they are my new bank now anyway. They have live pricing right?

[777]

IIRC the watch lists were always 20 minutes delayed but if signed in the depth had live quotes. Is this correct?



Well I just put a sell order in (one that won't be met) to test system. It showed up less than a minute later on the depth page. So that part is OK.

[couta1]

Uh oh. Not having access to live pricing is a major downer. Is that standard forever?
May as well look changing to ASB Securities as they are my new bank now anyway. They have live pricing right? They won't have any customers in that case, you can't trade without live pricing.

[bull....]

asb dont have live matched pricing pre market either so now nobody offers retail investors it . funny as its standard overseas brokers

[silu]

They won't have any customers in that case, you can't trade without live pricing.

Truth. My thinking is still kinda foggy this morning.

[bull....]

Theres a thread on Sharetrader Back office section on this change

agree to many non nzx share stuff on this needs to tidied up having trouble finding stock codes for some nzx shares

[GR8DAY]

10.15 and still no trades showing.........this had better not be the DB "normal" ???

[couta1]

10.15 and still no trades showing.........this had better not be the DB "normal" ??? What a shocker, no live depth, phone's not being answered.

[777]

Bombard them with emails. The site is as good as useless. ASB must be better or else their clients would have moved to ANZ Securities.

[minimoke]

10.15 and still no trades showing.........this had better not be the DB "normal" ???They say at least a 20 minute delay. Wel, at 10:22 still nothing on ATM showing.

[Waiuta]

There are miscalculations on all the fixed interest securities extensions listed in my portfolio! One is even showing a $90K profit!!!!!

[777]

They say at least a 20 minute delay. Wel, at 10:22 still nothing on ATM showing.

I am starting to think there are problems and this is not going to be the norm. Let's hope so.

[dubya]

About the only positive I can see so far is that they are paying 2% for cash on call in their Cash Managemrnt Account compared to the 1.25% ANZ Securities were paying.

[GR8DAY]

What a shocker, no live depth, phone's not being answered.



..................grrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr rrrrrrrr!!!!!!!!!! (Im going fishing)

[777]

About the only positive I can see so far is that they are paying 2% for cash on call in their Cash Managemrnt Account compared to the 1.25% ANZ Securities were paying.

NZD
up to 14,999.99 1.25% p.a.
15,000.00 to 49,999.99 1.50% p.a.
50,000.00 to 199,999.99 2.00% p.a.
200,000.00+ 2.00% p.a.

[GR8DAY]

Direct broken!!!!!!!!!!

[McGinty]

Direct broken!!!!!!!!!!

Classic...love it :D

[JoeGrogan]

I can't get through to them on the phone ? What has happened to the proceeds of my sale of securities on Friday last week as its not showing in my trading balance at FCNZ ?
Anyone else got this problem ?

I have the same problem. Sold some shares on friday arvo and it's not showing in my portfolio, or even in the cash movements.

[Beagle]

I have the same problem. Sold some shares on friday arvo and it's not showing in my portfolio, or even in the cash movements.

Thanks, spoke with Couta1 by phone a few minutes ago and he has the same issue.
Direct Broken...sums it up perfectly lol
Suppose its a bit better than Halifax online but not by much at this point. They need to fix this mess quickly.

[littletramp]

Is the director Claire Barber of the holding company owners of Direct Broking, the same Claire Barber that is the Chief Digital Officer for Spark? Profile suggests that "she is responsible for designing and delivering products and services experiences that their customers value". Direct Broking must have gone elsewhere for their setup?

[hogie]

Anyways I think the interface looks much more sleek and clean :) That's one positive :P

[JoeGrogan]

Thanks, spoke with Couta1 by phone a few minutes ago and he has the same issue.
Direct Broken...sums it up perfectly lol
Suppose its a bit better than Halifax online but not by much at this point. They need to fix this mess quickly.

yeah i presume they are just having some teething problems. ANZ was even having issues with live depth every so often not to long ago. However, if there isn't going to be live depth on FNZC i will be moving everything to my Australian brokerage service.

[couta1]

Emails bouncing back also.

[minimoke]

Starting to se some life now. Announcements coming through. so is pre-open. Maybe there clock is on daylight saving time

[Beagle]

Starting to se some life now. Announcements coming through. so is pre-open. Maybe there clock is on daylight saving time

:lol: :lol: Direct Broken and now this....Another classic !

[777]

Starting to se some life now. Announcements coming through. so is pre-open. Maybe there clock is on daylight saving time


But look at the match prices. They don't relate to the depth figures.

However things are happening.

[Arbroath]

Looks like they are fixing the "teething issues". You'd think with months to sort this they would have done a better job of making it seamless - not a great first impression.

[minimoke]

I'm thinking it is steam powered. More coal has been thrown on and its building up a head. Trades now about a minute delayed.

[dubya]

NZD
up to 14,999.99 1.25% p.a.
15,000.00 to 49,999.99 1.50% p.a.
50,000.00 to 199,999.99 2.00% p.a.
200,000.00+ 2.00% p.a.

Good to see there is some staggering compared to the flat ANZ Sec rate.

[Dorkus]

The money in my OMCA trading account last week is gone, it hasn't been transferred to my registered bank account...

I rang them and they won't answer the phone. Not a very good start.

[couta1]

Up and running for trades but comms still down.

[McGinty]

Up and running for trades but comms still down.

I just rang, 4 - 5 rings then got cut off, then got called back 1 min after by one of the team.

[peat]

IIRC the watch lists were always 20 minutes delayed but if signed in the depth had live quotes. Is this correct?




Correct - it appears to still operate like this.

[QOH]

Im finding the colours a lot less black and harder to read.

[couta1]

Depth is still delayed by 5-10 mins.

[777]

Depth is still delayed by 5-10 mins.

I just watched trades go through at the actual time and as I posted earlier, my sell order showed up within a minute.

[couta1]

I just watched trades go through at the actual time and as I posted earlier, my sell order showed up within a minute. Its okay now but hasn't been for most of the day on the NZX.

[Carpenterjoe]

The money in my OMCA trading account last week is gone, it hasn't been transferred to my registered bank account...

I rang them and they won't answer the phone. Not a very good start.

Yip same,

Show me my money, please.

[peat]

Hopefully they will quickly sort out any issues people have
On the plus side is ShareClarity which looks like it will offer some useful facts and statistics as well as analysis. My quick look into it so far indicates they operate on a DCF value basis.

[Jerry]

I got them on the phone early, after that they were probably deluged. Problems with many, but not all, bonds (priced as number times the coupon). This morning still all over the shop. Some stocks missing from portfolio, and downloading the portfolio gives some havey-cavey numbers on the Growth column. :scared:

[777]

Price matching not working again this morning.

[Beagle]

Got them on the phone this morning. Share sales from Friday last week will be paid out overnight today. He wasn't sure whether it was too one's bank account or one's new cash management account with Direct Broking. Will check my bank account and cash management account tomorrow and not fret over it in the meantime.

[McGinty]

Got them on the phone this morning. Share sales from Friday last week will be paid out overnight today. He wasn't sure whether it was too one's bank account or one's new cash management account with Direct Broking. Will check my bank account and cash management account tomorrow and not fret over it in the meantime.

Have received my Trades from last Thursday into my CMT account this morning

[bonne vie]

Why cant their comms team atleast advise on their home page or email what fixes are underway. Atleast we would know they have acknowledged the issue e.g price matching. Save alot of telephone calls.

[Beagle]

Have received my Trades from last Thursday into my CMT account this morning

Thanks. Friday's trades should come through tomorrow then. Bit of a drama this change eh. Bet ya it was a LOT more drama for the team involved...poor buggers.

[couta1]

Why cant their comms team atleast advise on their home page or email what fixes are underway. Atleast we would know they have acknowledged the issue e.g price matching. Save alot of telephone calls. I don't see a Noticeboard on the site anymore but thats all they needed to do was to put an apology notice up outlining the issues they are having and any other important info like money settlement timeframe and all would be sweetish, none of us like to be treated like mushrooms.

[Bjauck]

I don't see a Noticeboard on the site anymore but thats all they needed to do was to put an apology notice up outlining the issues they are having and any other important info like money settlement timeframe and all would be sweetish, none of us like to be treated like mushrooms. Yep more information would be great with a “site news” and a noticeboard feature.

Also I normally access the site on my iPad. It doesn’t display as well as the old ANZ - there is no left hand margin- I.e the text is displayed right to the edge of the screen, without a left margin. It is surprisingly uncomfortable to look at!

[QOH]

Yep more information would be great with a “site news” and a noticeboard feature.

Also I normally access the site on my iPad. It doesn’t display as well as the old ANZ - there is no left hand margin- I.e the text is displayed right to the edge of the screen, without a left margin. It is surprisingly uncomfortable to look at!

Yes I agree its much harder to read on ipad, wish they would make it darker too or a different font

[Oliver Mander]

is anyone else having trouble accessing UK share quotes on the new site? My UK watchlists are not updating....

[GR8DAY]

Anyone had luck downloading the FNZC App to register? I forgot to move a personal ANZ account over (not our joint acc) so have been advised to download app.....but guess what? IT AINT EVEN UP AND RUNNING YET......so that's pretty poor advice ah! Direct (still) Broken.

[GR8DAY]

ps..........agree colours are "wishy washy" and need to made bolder. These 61yr old eyes aint what they used to be! (though sadly I am noticing a lot of RED all over my portfolio ATM!)

[whatsup]

Web site , FAR TOO SLOW for my liking when compared to the ANZ-D B site, GRRRRRRRRR !, management if you are reading this and I believe you do please do something about it, we want speed umongst other things, !!!

[JoeGrogan]

Got them on the phone this morning. Share sales from Friday last week will be paid out overnight today. He wasn't sure whether it was too one's bank account or one's new cash management account with Direct Broking. Will check my bank account and cash management account tomorrow and not fret over it in the meantime.

Thanks for the information, haven’t been able to get them on the phone.

[couta1]

Web site , FAR TOO SLOW for my liking when compared to the ANZ-D B site, GRRRRRRRRR !, management if you are reading this and I believe you do please do something about it, we want speed umongst other things, !!! Yes painfully slow even with more operators on hand.Lol

[Dorkus]

The money from my OMCA turned up in my bank account overnight - I hadn't selected the option to have it transferred to the new CMT account so they default to putting it in my nominated bank account.

[Beagle]

Funds in my CMA now. I like the new 2.0% interest rate.

[dubya]

I like the new 2.0% interest rate.

Yes me too. I think when everything settles down this site will work out to be far better all round than the ANZ Securities one.

[777]

Remember the rate is dependant on account balance.

[Ggcc]

Yes me too. I think when everything settles down this site will work out to be far better all round than the ANZ Securities one.
Until what we feel is going well with directbroking, ends up being sold to another outfit and we end up learning another platform. It is human nature to dislike change when you personally feel things are going well.

[Vaygor1]

My Depth info has disappeared. I trust it is a teething problem. Anyone else lost Depth?

[minimoke]

My Depth info has disappeared. I trust it is a teething problem. Anyone else lost Depth?No - have it here

[Onion]

we end up learning another platform. It is human nature to dislike change when you personally feel things are going well.

I don't see that there hasn't been any learning to do in the transition from ANZ to DB.

It is the same "platform" as ANZ Securities. The few minor colour and font changes are just different paint on the same animal. Menus are the same, layout is the same, the depth is the same, watchlists are the same (they even brought the watchlist content over).

[Onion]

I got a dividend payment notice yesterday and the dividend has gone to the ANZ Securities account. I wonder where and when that will pop up somewhere useful? Hopefully they have a process in place to redirect funds to the correct DB Cash Management account.

I had believed that the relevant instructions were going to be sent to Link and Computershare.

I was able to change the instructions on Link (you can apply across all holdings easily).

I logged in to Computershare last night and found that dividend instructions were all set to "Cheque" (previously all went to my ANZ Securities account). And there is no way that I found to specify the DB CMT as the destination. I've lodged a question so should hear something back today.

[peat]

It is the same "platform" as ANZ Securities. The few minor colour and font changes are just different paint on the same animal. Menus are the same, layout is the same, the depth is the same, watchlists are the same (they even brought the watchlist content over).

exactly. its totally the same setup.

[Vaygor1]

No - have it here

Thanks MM. My Depth is back now. Maybe the option to select Depth on the dropdown list disappears outside trading hours. Can't see that happening.. maybe just a glitch at the time I tried then (3am NZ time, 10pm the day before in my current time zone).

[777]

Thanks MM. My Depth is back now. Maybe the option to select Depth on the dropdown list disappears outside trading hours. Can't see that happening.. maybe just a glitch at the time I tried then (3am NZ time, 10pm the day before in my current time zone).

Depth disappeared over the weekends before with ANZ securities. Answer was that the feed from NZX must have been stopped from NZX end. Perhaps the same is happening during the night.

Australian shares were not affected.

[Onion]

I logged in to Computershare last night and found that dividend instructions were all set to "Cheque" (previously all went to my ANZ Securities account). And there is no way that I found to specify the DB CMT as the destination. I've lodged a question so should hear something back today.

Computershare sent me a "Direct Credit Notification" to fill out and send back to them. the form accommodates the necessary Cash Management Account Reference Number. It would appear that the instruction will apply to all holdings.

[Ggcc]

Anyone having trouble uploading passport on the DirectBroking app

[minimoke]

Anyone having trouble uploading passport on the DirectBroking app
What App ?

[Ggcc]

What App ?
for setting up the new accounts. it is on the App Store.

[Onion]

I got a dividend payment notice yesterday and the dividend has gone to the ANZ Securities account. I wonder where and when that will pop up somewhere useful? Hopefully they have a process in place to redirect funds to the correct DB Cash Management account.

They DO have a process to direct payments to the correct DB CMT account.

My dividend went to ANZ Securities on the 12th (I got a remittance advice yesterday), they paid it to DB and it has turned up in my DB CMT today (13th).

So to avoid payments being delayed by a day then you should change your dividend payment instructions at Link & Computershare.

[777]

Direct credited my account yesterday morning and it is now 10am and it is not showing up in my account. Bit hard to trade if insufficient funds available.

[stones]

Likewise. I also note if however you wish to trade without sufficient funds in your account they will charge a "standard internet charge" which is....What!!!

[777]

Deposit appeared about 1130. Hopefully this will improve. You also miss out on a days interest. I wonder who gets that?

The non CMA rates are here

https://www.directbroking.co.nz/DirectTrade/static/ourrates.aspx#Fm1

[littletramp]

Just rang to arrange a transfer from Australian dollar account to NZ account and told they cannot do this after 11.30am. Makes it hard to sell Oz shares and buy NZ with the same funds on same day. Just wondering if this is the common experience. Surely they can transfer funds throughout the day. It looks like they use one exchange rate daily and bulk transfer funds in batches, rather than individual transactions.

[Scrunch]

Deposit appeared about 1130. Hopefully this will improve. You also miss out on a days interest. I wonder who gets that?

The non CMA rates are here

https://www.directbroking.co.nz/DirectTrade/static/ourrates.aspx#Fm1

This used to happen to me a bit with and securities also. It's a feature of clearing any monies through a single account, not one bank account per customer as ASB appears to do

[waikare]

I got a dividend payment notice yesterday and the dividend has gone to the ANZ Securities account. I wonder where and when that will pop up somewhere useful? Hopefully they have a process in place to redirect funds to the correct DB Cash Management account.

I had believed that the relevant instructions were going to be sent to Link and Computershare.

I was able to change the instructions on Link (you can apply across all holdings easily).

I logged in to Computershare last night and found that dividend instructions were all set to "Cheque" (previously all went to my ANZ Securities account). And there is no way that I found to specify the DB CMT as the destination. I've lodged a question so should hear something back today.

I stand corrected: but I recall receiving a email advising DB that would contact Link and Computershare on our behalf and update the banking details, unless we chose to make other arrangements. This did not happen, I had to do it myself. Rather shoddy service.

[777]

My Depth info has disappeared. I trust it is a teething problem. Anyone else lost Depth?

Now that the weekend is here there is no depth showing on NZ shares. Operating the same as ANZ Securities.

[Jerry]

Does anyone know a good reason why we plebeian punters are only allowed to see share pricing after 20 mins? On whatever platform you choose it's all the same.

[forest]

This change to DB with the new cash management account is terrible. Deposits do not got any references of what dividend is being deposited or settlement are being made. This will be an administration nightmare. What an amateur outfit. Does anybody else find this frustrating?

[777]

This change to DB with the new cash management account is terrible. Deposits do not got any references of what dividend is being deposited or settlement are being made. This will be an administration nightmare. What an amateur outfit. Does anybody else find this frustrating?

Go to "My Accounts" and check your "Direct Broking Retail Client Account" as deposits get put through there before they get to your call account.

[777]

Does anyone know a good reason why we plebeian punters are only allowed to see share pricing after 20 mins? On whatever platform you choose it's all the same.

The depth gives real time quotes but the watch lists and portfolio are delayed 20 mins (actually 22 mins). this is the same as it was on ANZ Securities.

[waikare]

Go to "My Accounts" and check your "Direct Broking Retail Client Account" as deposits get put through there before they get to your call account.

Thanks 777 I see my RYM dividend from Friday in there, when do they transfer the funds in DB?

[777]

Thanks 777 I see my RYM dividend from Friday in there, when do they transfer the funds in DB?

I would think it would be in and out on the same day. The transfer is dated.

[bottomfeeder]

Deposited $100 last wednesday to ensure account details were correct. Credited to account ok the next day. Then put in $10k on Thursday. Today is Monday still not credited. I rang and it was suggested that I email with details. Did that still no reply. Now $10k is not an amount you can get complacement about. Maybe no big deal to FNZC, but you would think that they would get it right. Perhaps they dont want my business. Just where are my funds. Dont they reconcile the account at the end of each day, also dont seem to place much value on getting it right. Looks like they have lost my business.

[waikare]

Deposited $100 last wednesday to ensure account details were correct. Credited to account ok the next day. Then put in $10k on Thursday. Today is Monday still not credited. I rang and it was suggested that I email with details. Did that still no reply. Now $10k is not an amount you can get complacement about. Maybe no big deal to FNZC, but you would think that they would get it right. Perhaps they dont want my business. Just where are my funds. Dont they reconcile the account at the end of each day, also dont seem to place much value on getting it right. Looks like they have lost my business.

Also not impressed, well so far anyway, have not responded to my emails (2) that I sent Sun / Mon.

[ddrone]

Recommendations on another platform. I've looked at ASB before but didn't think much of it.

[Jerry]

Yes the delay of 20 min is the same as it was on ANZ site, and it is the same on the NZX site etc, but I would like to know why.

[winner69]

Yes the delay of 20 min is the same as it was on ANZ site, and it is the same on the NZX site etc, but I would like to know why.

Because we are plebs jerry and shouldn't need such info .....unless you want to pay for it

[forest]

Go to "My Accounts" and check your "Direct Broking Retail Client Account" as deposits get put through there before they get to your call account.

You are right 777, that is what happened. Do you think it is possible to get the dividend directly deposited in the call account? Seem to be so much easier for reconciliation.

[777]

Yes the delay of 20 min is the same as it was on ANZ site, and it is the same on the NZX site etc, but I would like to know why.


Cost......

It is always money. In fact if you do not do much business I think you also lose the live time on the depth page.

[blackcap]

Yes the delay of 20 min is the same as it was on ANZ site, and it is the same on the NZX site etc, but I would like to know why.

Every time you click on depth, the broker providing the service pays a fee to the NZX. Back in the day 3 cents was quoted. That adds up very quickly. I am guessing it may be less than that now. But if you have to pay 3 cents for every click and some active traders click on depth more than 100 times per day then that is already $3.
Maybe someone can confirm what the costs are that the brokers face these days providing this data?

[iceman]

Yes the delay of 20 min is the same as it was on ANZ site, and it is the same on the NZX site etc, but I would like to know why.

The 20 mins delay is when you're looking at the Watchlist or Portfolio. But if you click on an individual share and look at the depth you get it up to date. Same as ANZ Securities before.

[Beagle]

Every time you click on depth, the broker providing the service pays a fee to the NZX. Back in the day 3 cents was quoted. That adds up very quickly. I am guessing it may be less than that now. But if you have to pay 3 cents for every click and some active traders click on depth more than 100 times per day then that is already $3.
Maybe someone can confirm what the costs are that the brokers face these days providing this data?

A few years back I heard it was 2 cents a click for depth but its probably changed since then.

[forest]

I like to think that FCNZ takes enough interest in their newly purchased DB business that they will explain the hick ups this change from ANZ is creating.
If they not communicating and sorting this out soon then that is very telling of what to expect in time to come. It is not as if they did not have time to prepare for the change over date.

A very annoyed (not by choice DB client).

[couta1]

I like to think that FCNZ takes enough interest in their newly purchased DB business that they will explain the hick ups this change from ANZ is creating.
If they not communicating and sorting this out soon then that is very telling of what to expect in time to come. It is not as if they did not have time to prepare for the change over date.

A very annoyed (not by choice DB client). There's a lot of things to sort out but their communication has been atrocious, I noticed in the Herald article in the weekend the new boss stated that initially they are going to focus on their existing clients before focusing on expanding, well that's not happening, there isn't even a basic notice board for starters.

[777]

From my observations they don't handle this part of the business until late morning which is unacceptable if you want to trade at opening time. We have got used to ANZ Sec having the it all sorted out early enough to use it.

[Carpenterjoe]

hmmmm two business days to transfer funds from my bank account to DB. The reason i am having to do this, because DB couldn't manage to credit my account at the same time they transferred my holdings. Now exchange rates have changed, also i wonder how much they keep when i get to put it back into the original currency. I hate change.

Might hit refresh on the depth 2500000000 times, then change platforms.

[waikare]

I am one of those unhappy customers. For reason unknown DB changed my ANZ bank account No, to payment by "cheque". Still waiting for my HLG dividend that was payable on Monday, no doubt the cheque is in the post, and when I'll receive that, goodness knows. If the cheque in not in Fridays mail at the latest, the first chance I'll get to bank it will be 14 Jan when I return from the crib. Its one of my bigger divvies, hold 8600 of HLG. Still waiting for DB to respond to two earlier emails.

[bull....]

think you all need to realise if you trade thru db your like the poor cousins who live in some parts of sth auckland compared to the full service clients from remeura who will always be looked after first.

[Onion]

I am one of those unhappy customers. For reason unknown DB changed my ANZ bank account No, to payment by "cheque". Still waiting for my HLG dividend that was payable on Monday, no doubt the cheque is in the post, and when I'll receive that, goodness knows. If the cheque in not in Fridays mail at the latest, the first chance I'll get to bank it will be 14 Jan when I return from the crib. Its one of my bigger divvies, hold 8600 of HLG. Still waiting for DB to respond to two earlier emails.

My guess is that they didn't have the authority to change the payment instructions (at Computershare) to direct payments to the FNZC/DB account so defaulted back to cheque payments.

I got my MFT dividend by cheque the other day -- the first cheque I have touched in years. Like you my HLG dividend too is coming by cheque according to Computershare.

Make sure you log in to Computershare and Link and give them new instructions. With Link you can change for all holdings online. With Computershare they will send you a form to fill out, sign and send back (can be emailed).

[peat]

I dont under stand why FNZC have any say at all over where your dividends go. Isnt that all done at the registry and by your own command.

[minimoke]

Well that seems efficient. Transferred money from my ANZ personal account to the Direct Broking Account at 4.00pm yesterday. It sitting in my DB account now.

Now just have to figure out how to get it into the Call account.

Edit One. Hmm, not so efficient. I put in a Buy order and its not seeing my account balance.

Edit two. So I called the 0800 number. Call picked up within 30 seconds. They explained the funds will transfer over in a wee while. Check back in half an hour. Did so. Funds there so now placed an order to see if I can pick up a few more OCA. Order placed within about 5 minutes.

Always a bit of a test trying something new. Can't complain. Service as good as I would expect.

[Onion]

I dont under stand why FNZC have any say at all over where your dividends go. Isnt that all done at the registry and by your own command.

No problem at all if your dividends go to your own bank account.

It is only a problem if the registries were directing dividends at your ANZ Securities cash management account (which doesn't exist now). If you want to direct your dividends to the Direct Broking CMT now you need to tell the registries where to put your $$$.

[peat]

i see thx Onion.

[alex f]

I bank transferred a large amount last night in to the cash management account, its in there, but I cant trade with it.
Its as if they are treating it as uncleared funds. Never had an issue with ANZ or DB before that.
I notice much of the information on the site hasn't been updated...FAQ can I open a trading account if I don't bank with the ANZ?
And the NZX feed is choppy laggy and dated.

[minimoke]

I bank transferred a large amount last night in to the cash management account, its in there, but I cant trade with it.
Its as if they are treating it as uncleared funds. Never had an issue with ANZ or DB before that.
.see my post above

[alex f]

I'm having the same issue.
If I place an order they charge full fees (.8% or so)............ although my funds are in their system. opps just seen your reply,

Seems to have sorted it self out now 11.30 am after emailing them an hour ago

[alex f]

They are useless, I put in a specific share number order on SYM at $8.50 and the order appeared at $8.45.
I modified it to $8.51 and sure enough the $8.45 disappeared.
Then the 10 minute delay meant only half the order was completed as some one else grabbed the shares I was after

[couta1]

They are useless, I put in a specific share number order on SYM at $8.50 and the order appeared at $8.45.
I modified it to $8.51 and sure enough the $8.45 disappeared.
Then the 10 minute delay meant only half the order was completed as some one else grabbed the shares I was after Yep, more people on the desk yet slower, they can also hold back your order if they think they have a chance of matching it in house and often they can't so then put it on the market.

[minimoke]

They are useless, I put in a specific share number order on SYM at $8.50 and the order appeared at $8.45.

Are you sure it was your order. I placed one on OCA and details went through as I placed them.

[Beagle]

This discretionary nonsense is a radical departure from how ANZ securities used to be run and I think FCNZ are leaving themselves open in terms of some of their actions being potentially actionable, although I am pretty sure deep in the fine print of their client service agreement somewhere they have reserved the right to use whatever discretion they see fit with any order.

Twice I have placed orders with a limit whereby an immediate fill was possible and they have used discretion such that the order fill was materially slower, in one case over 4 hours slower than it could have been. In both cases I printed out a copy of my order instructions and a copy of the subsequent depth showing how they had processed my order so I had evidence if I needed to take action against them for losses incurred due to their discretion. In both cases my orders were filled at no loss to me, one at 1 cent higher so I was $200 better off but that's not the point...an instruction to act is exactly that not as instruction for them to use their discretion as and when they see fit. My point is I made myself ready with printed copies of information with documentary evidence for a dispute with them if I had of suffered loss and recommend others follow suit.

All that said, FCNZ needs to be aware that there is widespread resentment for how they are actioning orders...how do we go about expressing that, that is a key question ?
Shall I start a poll asking if people want immediate order execution if the order is capable of same or want FCNZ to exercise discretion ?
I could then e.mail Fiona McKenzie with a link to that poll ?
Good idea ?

[forest]

This discretionary nonsense is a radical departure from how ANZ securities used to be run and I think FCNZ are leaving themselves open in terms of some of their actions being potentially actionable, although I am pretty sure deep in the fine print of their client service agreement somewhere they have reserved the right to use whatever discretion they see fit with any order.

Twice I have placed orders with a limit whereby an immediate fill was possible and they have used discretion such that the order fill was materially slower, in one case over 4 hours slower than it could have been. In both cases I printed out a copy of my order instructions and a copy of the subsequent depth showing how they had processed my order so I had evidence if I needed to take action against them for losses incurred due to their discretion. In both cases my orders were filled at no loss to me, one at 1 cent higher so I was $200 better off but that's not the point...an instruction to act is exactly that not as instruction for them to use their discretion as and when they see fit. My point is I made myself ready with printed copies of information with documentary evidence for a dispute with them if I had of suffered loss and recommend others follow suit.

All that said, FCNZ needs to be aware that there is widespread resentment for how they are actioning orders...how do we go about expressing that, that is a key question ?
Shall I start a poll asking if people want immediate order execution if the order is capable of same or want FCNZ to exercise discretion ?
I could then e.mail Fiona McKenzie with a link to that poll ?
Good idea ?

Great plan.

[Beagle]

Thanks for the encourage encouragement forest. If someone could remind me what Fiona's email address is I'll get on to this.

[JoeGrogan]

This discretionary nonsense is a radical departure from how ANZ securities used to be run and I think FCNZ are leaving themselves open in terms of some of their actions being potentially actionable, although I am pretty sure deep in the fine print of their client service agreement somewhere they have reserved the right to use whatever discretion they see fit with any order.

Twice I have placed orders with a limit whereby an immediate fill was possible and they have used discretion such that the order fill was materially slower, in one case over 4 hours slower than it could have been. In both cases I printed out a copy of my order instructions and a copy of the subsequent depth showing how they had processed my order so I had evidence if I needed to take action against them for losses incurred due to their discretion. In both cases my orders were filled at no loss to me, one at 1 cent higher so I was $200 better off but that's not the point...an instruction to act is exactly that not as instruction for them to use their discretion as and when they see fit. My point is I made myself ready with printed copies of information with documentary evidence for a dispute with them if I had of suffered loss and recommend others follow suit.

All that said, FCNZ needs to be aware that there is widespread resentment for how they are actioning orders...how do we go about expressing that, that is a key question ?
Shall I start a poll asking if people want immediate order execution if the order is capable of same or want FCNZ to exercise discretion ?
I could then e.mail Fiona McKenzie with a link to that poll ?
Good idea ?

What is the justification for having FCNZ be able to exercise discretion?

I have found myself placing orders over the phone this week because of orders not executing on time. I predominately day trade so being able to execute orders in a timely fashion is pretty key.

[Beagle]

What is the justification for having FCNZ be able to exercise discretion?

I have found myself placing orders over the phone this week because of orders not executing on time. I predominately day trade so being able to execute orders in a timely fashion is pretty key.

I suggest you ask them !

[minimoke]

I predominately day trade so being able to execute orders in a timely fashion is pretty key.I dont day trade so when I place my OCA order this morning it got filled n a timely fashion. Only delay were the slow pokes who didn't, initially want to match my buy bid. But give them a bit of time and they saw the light and so order completed in full within a few hours. As they came to market I could see my order being filled as first cab off the rank each time.

[mcdongle]

Is it not in their terms and conditions?

[Onion]

Yep, more people on the desk yet slower, they can also hold back your order if they think they have a chance of matching it in house and often they can't so then put it on the market.

I'm shocked if your assertion is correct. I've always thought that my orders went straight to the market (presumably once some validity checks had been made). I'm used to seeing my trades appear in the depth and subsequently in the "Recent Trades" list.

The NZX have been trying to increase transparency to the NZX and if trades don't go to the market it would appear counter to NZX's intentions.

http://www.scoop.co.nz/stories/BU1808/S00230/nzx-to-exclude-off-market-deals-from-minimum-threshold.htm:


NZX today said it will introduce a $50,000 minimum crossing size for trading on the main board and NZAX markets, but that off-market trades can be made below that level "provided they result in 'price improvement' for both sides of the trade

[mcdongle]

i.Bringing Orders To Market – NZX Markets3.9. You authorise FNZC to exercise judgment and discretion in respect of all of your orders and placing those orders tomarket. We may (as we consider appropriate):3.9.1 accumulate or bundle orders coming to market;3.9.2 delay execution of your orders; or3.9.3 delay orders to facilitate Crossings.3.10. For the purposes of the accumulating or bundling of your orders, we confirm this may include bundling with PrincipalOrders or including Prescribed Person Orders in circumstances where, in our opinion, there is benefit to you in doingso.3.11. You may override this authority by clear instruction in respect of any particular order, and we will act on your specificinstructions, subject to the NZX Rules.

[stoploss]

In simple terms share price quote is .98-1.00 30000 on bid 100000 on offer .shares have dived from 1-20 level .I goto sell 10,000@ .98 as a stoploss . Meantime some Big Dig is lapping them up and inputs an order to purchase 100,000 @ 1.00 simultaneously . The broker improves my 10k to .99 by matching and the works on either trying for more at 99 or buying balance @ 1.00 . Problem occurs if someone else lifts the 100k or a takeover happens at 1.15 at same time they miss it .... One unhappy Mutt ........
( reply to Joegrogan )

[peat]

My first trade since DB took over today
it took two minutes for an order to be placed on the board - Im happy with that.

[Beagle]

i.Bringing Orders To Market – NZX Markets3.9. You authorise FNZC to exercise judgment and discretion in respect of all of your orders and placing those orders tomarket. We may (as we consider appropriate):3.9.1 accumulate or bundle orders coming to market;3.9.2 delay execution of your orders; or3.9.3 delay orders to facilitate Crossings.3.10. For the purposes of the accumulating or bundling of your orders, we confirm this may include bundling with PrincipalOrders or including Prescribed Person Orders in circumstances where, in our opinion, there is benefit to you in doingso.3.11. You may override this authority by clear instruction in respect of any particular order, and we will act on your specificinstructions, subject to the NZX Rules.

As expected, more wriggle room that a ferret in a bear's cave. Still very annoying though.

[minimoke]

My first trade since DB took over today
it took two minutes for an order to be placed on the board - Im happy with that.I'm taking our easy first trades with DB as a positive market signal.

(Disc - ever the optimist!)

[peat]

As expected, more wriggle room that a ferret in a bear's cave. Still very annoying though.

but it would appear that you can remove their discretionary option (although this would require a phone call I guess - given I haven't seen a box tick option online)

[waikare]

My guess is that they didn't have the authority to change the payment instructions (at Computershare) to direct payments to the FNZC/DB account so defaulted back to cheque payments.

I got my MFT dividend by cheque the other day -- the first cheque I have touched in years. Like you my HLG dividend too is coming by cheque according to Computershare.

Make sure you log in to Computershare and Link and give them new instructions. With Link you can change for all holdings online. With Computershare they will send you a form to fill out, sign and send back (can be emailed).


DB replied yesterday to my email I sent on Sat. part of the reply reads as follows "We have contacted the share registries on Friday, so we are waiting on them to update the bank account details for existing clients. As you have discovered they have not yet acted on this instruction when you called on Saturday."


Received my HLG cheque yesterday, I managed to change my banking details on line with Computershare, but to cover all bases I will also complete the for they sent with the cheque.

[alex f]

The nz trades seem to be 20 minutes behind, these are A2 so they are very heavily traded.
Yet the ASX trades on DB are only seconds away from the real time. Is it the nzx or db?

[carrom74]

The nz trades seem to be 20 minutes behind, these are A2 so they are very heavily traded.
Yet the ASX trades on DB are only seconds away from the real time. Is it the nzx or db?

If you look at the depth then it appears to be "real time".

ASX has both the quotes and the depth in real-time.

[GR8DAY]

Had an issue with trading OGC (au)......couldnt place the order so tried to ring thru for assistance on the 0800 number. Hung on hung on.... no answer (fair enough considering ) so left a message. Recieved a return call within 5 minutes and problem solved over the phone. Very happy with that response as Im sure the teething problems will be continue for a while yet?

[Onion]

They seem to be listening. There is a banner message displayed this morning with an apology. They are presumably trying hard to rectify some of the teething issues.


Latest Update - We apologise to clients that have received unexpected dividends via cheque from the registries during the last few weeks. This was due to the transitional change. If you have nominated to have dividends paid to your OMCA previously, we have updated the registries and you will receive dividends into your CMT from now on.

Speaking of dividends -- I presumably got someone else's divi [temporarily] by mistake -- some money appeared in my CMT last week and then was reversed out this week. No way of knowing what it was because of the generic narrative they are using "SETTLEMENT BY SE_CASH_MGT_DEPOSIT" and "SETTLEMENT BY SE_CASH_MGT_WITHDRAWAL".

[jmsnz]

Speaking of dividends -- I presumably got someone else's divi [temporarily] by mistake -- some money appeared in my CMT last week and then was reversed out this week. No way of knowing what it was because of the generic narrative they are using "SETTLEMENT BY SE_CASH_MGT_DEPOSIT" and "SETTLEMENT BY SE_CASH_MGT_WITHDRAWAL".

Yes, I got one of those. I now see some dividend deposits that I recognise and some I don't, so I suspect there are still putting money into the wrong accounts on occasion. I also had a cheque turn up which I thought was a bit odd, but at least it was correct.

[iceman]

From DB this morning: Latest Update - We apologise to clients that have received unexpected dividends via cheque from the registries during the last few weeks. This was due to the transitional change. If you have nominated to have dividends paid to your OMCA previously, we have updated the registries and you will receive dividends into your CMT from now on.

[777]

They seem to be listening. There is a banner message displayed this morning with an apology. They are presumably trying hard to rectify some of the teething issues.



Speaking of dividends -- I presumably got someone else's divi [temporarily] by mistake -- some money appeared in my CMT last week and then was reversed out this week. No way of knowing what it was because of the generic narrative they are using "SETTLEMENT BY SE_CASH_MGT_DEPOSIT" and "SETTLEMENT BY SE_CASH_MGT_WITHDRAWAL".

That is correct because that is where the settlement is from. Take a look at your Retail Client account at the top of your balances page and the details should be there.

[Onion]

That is correct because that is where the settlement is from. Take a look at your Retail Client account at the top of your balances page and the details should be there.

Thanks -- yes the details are there.

They must have paid me my VHP dividend instead of sending it to the DRP -- they have then unpaid me!

[GTM 3442]

I miss the old Fixed Interest ratecard page.

It gave you a goodly amount of context. Far more than a simple list of securities.

I wish they'd bring it back.