Direct Broking Stuff Ups

[SilverBack]

What a joke is Direct Broking. All day they have failed to put up ASX announcements on the Quote and News screens. This morning well after the ASX open, I sent an email to them about some missing announcements and was told that that they had an outage with the ASX feed and had fixed it before the market opened. Lies and more lies. The screen shot that I sent to them proved it. I am still finding ASX shares that I track with news missing, even at this hour of the day.

This is not the first time that Direct Broking has stuffed up with various kinds of problems with the ASX feed. In fact it is far too frequent and has been pretty bad since they took over from ANZ Securities.

Then they say that Issuer Sponsored transactions will not be supported going forward. Once they do that I will be forced to quit them, and the way it is going - good riddance. However, I would prefer to stay if they can also improve their reliability.

[BobbyMorocco]

What a joke is Direct Broking. All day they have failed to put up ASX announcements on the Quote and News screens. This morning well after the ASX open, I sent an email to them about some missing announcements and was told that that they had an outage with the ASX feed and had fixed it before the market opened. Lies and more lies. The screen shot that I sent to them proved it. I am still finding ASX shares that I track with news missing, even at this hour of the day.

This is not the first time that Direct Broking has stuffed up with various kinds of problems with the ASX feed. In fact it is far too frequent and has been pretty bad since they took over from ANZ Securities.

Then they say that Issuer Sponsored transactions will not be supported going forward. Once they do that I will be forced to quit them, and the way it is going - good riddance. However, I would prefer to stay if they can also improve their reliability.

I noticed that this morning too and I agree, ever since the changeover there have been way too many stuff ups for my liking. I didn't know they weren't going to support issuer sponsored transactions going forward. What an inconvenience that is! Another inconvenience for me is that they still don't allow you to set up a stop loss for ASX listed shares. At least I don't think they do?

So where are we going to move to SilverBack? Anyone got any recommendations for online brokers that support issuer sponsored transactions, allow stop losses to be set up on ASX listed shares and hopefully has less problems than Direct Broking?

[SilverBack]

I noticed that this morning too and I agree, ever since the changeover there have been way too many stuff ups for my liking. I didn't know they weren't going to support issuer sponsored transactions going forward. What an inconvenience that is! Another inconvenience for me is that they still don't allow you to set up a stop loss for ASX listed shares. At least I don't think they do?

So where are we going to move to SilverBack? Anyone got any recommendations for online brokers that support issuer sponsored transactions, allow stop losses to be set up on ASX listed shares and hopefully has less problems than Direct Broking?

The problem is, so far as I can determine, no other online broker in NZ supports issuer sponsored buys either. ASB Securities let you sell ISP shares if you ring them to place the order but buys are through Chess. OM Finance only do Chess and their rates are higher. ASB let you do a Stop Loss sell, I have not checked out OMF. ASB do not give a recent history of transactions whereas Direct Broking do, and I find that very helpful sometimes.

[BobbyMorocco]

The problem is, so far as I can determine, no other online broker in NZ supports issuer sponsored buys either. ASB Securities let you sell ISP shares if you ring them to place the order but buys are through Chess. OM Finance only do Chess and their rates are higher. ASB let you do a Stop Loss sell, I have not checked out OMF. ASB do not give a recent history of transactions whereas Direct Broking do, and I find that very helpful sometimes.

Mhmmm it seems they all have their advantages and disadvantages. I'd be happy enough to stick with Direct Broking for now but not being able to set up a stop loss for ASX listed stocks does my head in! I'm going to look into opening an account with Interactive Brokers for my ASX trades. I'll save money on commission by using Interactive Brokers and it seems easy enough to open an account with them.

[BobbyMorocco]

More stuff ups with Direct Broking today. This morning I cancelled a buy order of mine. It took them over five minutes to make the change and in that time my order was filled. So now I have some shares that I decided I didn't want to purchase.... and of course now that I've purchased the price is going down!

How long do you think is a reasonable time for them to take action on a cancelled order?

[silverblizzard888]

Tried buy ASX orders in the platform took 5-10 minutes and on sales took 15 minutes, extremely slow to get done. By far the slowest platform I've used and as mentioned can;t have that if prices are moving in seconds.

[BobbyMorocco]

Yeah the sooner I switch from them the better! Currently down more than 10% so I'm not impressed. I expect I'll be underwater for a few days or so but it is volatile though so it still could close higher at the end of the day. Here's hoping it turns out to be a good thing.

[peat]

More stuff ups with Direct Broking today. This morning I cancelled a buy order of mine. It took them over five minutes to make the change and in that time my order was filled. So now I have some shares that I decided I didn't want to purchase.... and of course now that I've purchased the price is going down!

How long do you think is a reasonable time for them to take action on a cancelled order?

Its hard to say, depending on how busy things are, but I personally don't think 10-15 minutes would be too unreasonable.
It doesn't seem fair to me for you to blame them for being 10% down. If you didn't want them you should have sold immediately and taken the hit. Any loss greater than that is the result of your decision to hold.

[777]

Its hard to say, depending on how busy things are, but I personally don't think 10-15 minutes would be too unreasonable.
It doesn't seem fair to me for you to blame them for being 10% down. If you didn't want them you should have sold immediately and taken the hit. Any loss greater than that is the result of your decision to hold.



It is an online system and action should be immediate without any manual input required.

The problem with Direct Broking is it is now a poor cousin to it's full service brokerage. Thus we are the poor second cousins and treated accordingly.

There is room for another independent online broker in NZ with no affiliation to a brokerage.

I would be organising a meeting with DB if I was BobbyMorroco.

[stoploss]

Peat 10-15 minutes to get an order to market is a disgrace . A pigeon would be faster ... do you think the traders at CS Aubergine or whatever the name is would accept this from counterpartys ?
I also thought it was an exchange rule if given an order to take it to market , a 15 minute delay could be a dollar in a stock like ATM .

[Baa_Baa]

It is an online system and action should be immediate without any manual input required.

Unfortunately it’s not though, just like ASB, it is an online order placement system, not much different from a fax or phone except brokerage is less, but the trades are all placed manually on-market. You are not transacting on market or with the market maker. Still, 10-15 minutes is ridiculous and unacceptable. Bobby’s problems would be largely solved by shifting to ASB Securities, albeit still just a order placement online, at least he could put a trigger on ASX trades!

[RTM]

I needed to get a form signed and some shares bought on the unlisted exchange today.
They actioned that really quickly and efficiently. I was pleasantly surprised by the speed of their response.
Credit where credit is due.

[BobbyMorocco]

Its hard to say, depending on how busy things are, but I personally don't think 10-15 minutes would be too unreasonable.
It doesn't seem fair to me for you to blame them for being 10% down. If you didn't want them you should have sold immediately and taken the hit. Any loss greater than that is the result of your decision to hold.

Hey peat of course I realise that once the transaction had gone through it then became my responsibility to decide what to do from that moment on. In that moment I decided to hold and I accept the consequences from that decision. It should be noted though that the stock was down 10% only minutes after my order was filled, so it's highly unlikely I would have been able to avoid any damage on this one. As I said it was volatile and when I saw the wave of sellers flood the market I tried to act as quickly as possible to get out of the way but DB wasn't up to speed on this one and I got smashed! Is it not reasonable for me to be feeling slightly aggrieved over the fact that I've taken the hit for something that could have been avoided if DB had acted a little more quickly?

The issue I have is with the time it took for them to act on my instructions. This is why I asked the question on here to see what other people deemed to be reasonable because I thought that it was possibly my expectations that needed adjusting. My expectations are such that I believe they took too long to act on my instructions. Sometimes they act within a minute and I deem that to be reasonable and other times they take 5-15 minutes and I deem that to be unreasonable. I see that there is a range of opinions on this but as silverblizzard mentioned when prices move so quickly the difference between them acting in a couple of minutes and them acting in 5+ minutes can be huge!

Perhaps I just have to consider myself a little unlucky that things didn't happen quickly enough this time around.

I'm guessing from people's comments that ASB Securities is thought to be faster?

[BobbyMorocco]

Also in today's trading I managed to pick up one share worth 5c when I put in an order close to the closing auction. Always good to find a Contract Note stating that you've just paid $29 in brokerage for one share worth 5c. That's only 580x more than what the shareholding is worth. Seems reasonable to me.

I'm guessing that was the doing of some bot that decided it was a good day to mess with me? :t_down:

[NZSilver]

Is there a cheaper broker than directbroking, gets high if over 15k transaction

[peat]

I needed to get a form signed and some shares bought on the unlisted exchange today.
They actioned that really quickly and efficiently. I was pleasantly surprised by the speed of their response.
Credit where credit is due.

PAZ ?
...flavour of the month.

[bottomfeeder]

Also in today's trading I managed to pick up one share worth 5c when I put in an order close to the closing auction. Always good to find a Contract Note stating that you've just paid $29 in brokerage for one share worth 5c. That's only 580x more than what the shareholding is worth. Seems reasonable to me.

I'm guessing that was the doing of some bot that decided it was a good day to mess with me? :t_down:

I hate that odd lot trading, something needs to be done as a policy by the exchanges. Odd lot brokerage should be free, until a major part of the order is filled.