Direct broking / NZX

[alex f]

Incredibly slow today took almost an hour for the trade to become active and go through (nothing to do with my offer price)
Is this happening with all brokers?

[ratkin]

Has been happening with ASB on busy down days

[forest]

Direct Broking service seem to be deteriorating.
Answer phone talks about technical issues but it has been slow for many months now.:(

[Waikaka]

Sharesies has slowed right down. Had a market price order price up for about an hour and none filled. Plenty of depth when I check through ASB.

Must be hectic at NZX.

[bottomfeeder]

Yeah just about impossible to know and trade with such a volatile market.

[waterboy]

Yeah just about impossible to know and trade with such a volatile market.

Does anyone else that markets should shut down in these situations or at least have 5% limit downs as we are seeing an enormous destruction of paper wealth in a very short time frame. this goes on to effect banks, peoples confidence, business confidence etc. Why not shut it down and not create such destruction, if we did that we would recover much faster after it is all over.:ohmy:

[blackcap]

Does anyone else that markets should shut down in these situations or at least have 5% limit downs as we are seeing an enormous destruction of paper wealth in a very short time frame. this goes on to effect banks, peoples confidence, business confidence etc. Why not shut it down and not create such destruction, if we did that we would recover much faster after it is all over.:ohmy:

Or not. Closing markets will just make the panic that much more exacerbated once markets are opened again and that will create a run. You need the markets to remain open otherwise confidence will disappear and all semblance of normality will be gone.

[bottomfeeder]

Either way if the websites aren't up to date in a timely manner you could lose big time. Its just impossible if you don't know what are up to date SP.

[arc]

This is the difference between "Public-Level" access and "Broker-level-access".

[Oberon]

Took me 20 minutes to have a buy order acknowledged and another 20 to amend. I was lucky to get the order filled. Now, looking for a quick exit on a profitable trade, price has hit my sell order twice but the order is still sitting there at 'placed' after - you guessed it - 20 minutes. Now the price is going back down. Waste of time amending as you'll be waiting half an hour before they take any action.

Some amazing volatility to trade. Not much good if this is the level of responsiveness. They're obviously swamped with all the volume... I would have thought much of this process would have been automated.

FFS.

[Caesius]

Incredibly show getting orders through. I placed an order into significant sell depth, it sat there for 15 minutes with no action (didn't even appear on buy depth, while other smaller trades were going through). Then that depth evaporated after 20 minutes and I've had to increase by bid price! But I can see that has not been actioned either (just over 10 minutes now, with ~10x sell volume available).

This is insane. Calling them just rings through. I know it's a difficult situation but if they aren't able to get orders through in a reasonable timeframe (while other brokers obviously are), then should they not admit this and send people to other brokers for the time being?

Am I being too harsh?

[stoploss]

Incredibly show getting orders through. I placed an order into significant sell depth, it sat there for 15 minutes with no action (didn't even appear on buy depth, while other smaller trades were going through). Then that depth evaporated after 20 minutes and I've had to increase by bid price! But I can see that has not been actioned either (just over 10 minutes now, with ~10x sell volume available).

This is insane. Calling them just rings through. I know it's a difficult situation but if they aren't able to get orders through in a reasonable timeframe (while other brokers obviously are), then should they not admit this and send people to other brokers for the time being?

Am I being too harsh?

They need to spend some money and upgrade the system .....should just give you direct market access ( DMA ) .

[Caesius]

20 minutes now, sell depth still 3 times my order, but my order hasn't even appeared on BUY side at any price.

[cymonger]

I lost about 20k because of this issue the other day. That's the end of my day trading. They simply don't execute orders, even when you're sitting there looking your buy and sell price right in the face. So frustrating. Cost me a ton of money,

[Caesius]

I lost about 20k because of this issue the other day. That's the end of my day trading. They simply don't execute orders, even when you're sitting there looking your buy and sell price right in the face. So frustrating. Cost me a ton of money,

Sorry to hear :/

I know in the past when this has happened (pre COVID times) they've sometimes said they are "walking the price up/down" to get a better price, however, I'd rather they just placed the bloody order because it has occasionally (not every time) cost me the trade.

Are there an NZ brokers that will just place your order as long as there's depth?

EDIT: Now the phone won't connect, just get the telco "We're having some issues right now". I acknowledge everyone's struggling (including Jarden/DB) due to the lockdown situation, but what if someone were trying to offload shares into buy depth because they desperatly needed the cash? I know there are other brokers but that doesn't solve their immediate problem.

[skid]

Everything appears to be slow these days...there were times we couldnt even get through to a private number....banks etc a write off

[forest]

Incredibly show getting orders through. I placed an order into significant sell depth, it sat there for 15 minutes with no action (didn't even appear on buy depth, while other smaller trades were going through). Then that depth evaporated after 20 minutes and I've had to increase by bid price! But I can see that has not been actioned either (just over 10 minutes now, with ~10x sell volume available).

This is insane. Calling them just rings through. I know it's a difficult situation but if they aren't able to get orders through in a reasonable timeframe (while other brokers obviously are), then should they not admit this and send people to other brokers for the time being?

Am I being too harsh?

Caesius I do not think you to hash at all. I have the same bad experiences at times and lack of prompt action of orders can be very expensive. DB talks about exceptional busy times but delays happen regularly.
If the problems are with the NZX as DB sometimes claim than the NZX should be closed at times they can not cope with volume.
If the problem is with DB, I like to see reimbursement of financial loss.
DB not answering phone calls is definitely a DB problem. I have also noticed that if ph calls get answered the friendliness which was there in the past has evaporated. Sad to see DB deteriorating lately. :(

[peat]

My view is that if you want to be a day trader you really need to have click and done transaction facility. Its not necessarily DB's responsibility to provide that and certainly in times of stress this is just what happens.
Live with it or find another way is my comment.

am I being too harsh?
Maybe but I'm just working with how it is

[Caesius]

My view is that if you want to be a day trader you really need to have click and done transaction facility. Its not necessarily DB's responsibility to provide that and certainly in times of stress this is just what happens.
Live with it or find another way is my comment.


I see your viewpoint. However I don't want to be a day trader I just want my *at market* order placed within 45 minutes (and counting). I don't think most people expect that you'll be unable to buy/sell at market when there are times of stress when you sign up with DB; times like these is often when you rely on being able to do just that! Perhaps they should make it more clear that it is not their platform is really for those with a long-term (at least 1 month) orders.

Out of interest, what are these other ways? Genuinely curious.

[forest]

My view is that if you want to be a day trader you really need to have click and done transaction facility. Its not necessarily DB's responsibility to provide that and certainly in times of stress this is just what happens.
Live with it or find another way is my comment.

Firstly I am not a day trader however I find it frustrating when orders do not get prompt attention.
Secondly all I expect of DB to supply a prompt service which I know can be supplied.
Why do I know they can supply a prompt service, because they manage to do that for many years in the past.
They also used to manage answering phone calls in a friendly and timely manner.

I am not familiar with click and done transaction facility but will look into this. Thanks for the suggestion Peat.

[dameofdiv]

Today is definitely unusually slow..been waiting for my buy order for the last 50 mins. I don't day trade but have been slowly buying these few days, and today is longer than usual :sleep:

[BIRMANBOY]

Frustrating of course but totally understandable if you think about it. Of course thinking about it is obviously not your strong point LOL. Ramping up from normal volume to these volumes as well as huge increase of number of changed/edited buy/sell prices is going to stretch even good platforms. This is an unusual situation so expecting the same service is just an unreasonable and (obviously) unreachable expectation. Allow extra time and also give yourself more flexibility with prices is my suggestion. No point in getting pi**ed off about it ..everyone in same boat.
Firstly I am not a day trader however I find it frustrating when orders do not get prompt attention.
Secondly all I expect of DB to supply a prompt service which I know can be supplied.
Why do I know they can supply a prompt service, because they manage to do that for many years in the past.
They also used to manage answering phone calls in a friendly and timely manner.

I am not familiar with click and done transaction facility but will look into this. Thanks for the suggestion Peat.

[martinchnz1]

They just advised me on average 45mins at the moment.

[Beagle]

Coutts wanted me to post that even with the volume he does, which is huge, and he is supposed to get priority because of that, he's not. 45-50 minutes is common at present.

Its the same wherever you go though. Yesterday I tried to get a new computer for the family at Noel Leeming for the shutdown so everyone can be online and happy.
The local store was almost completely cleaned out. What was left was overpriced. Found one Mrs B liked....sorry we don't have a new one in a box. Okay, we'll take the floor model. Sorry, can't do that, someone has stolen the mouse. Okay, we'll accept a generic wireless mouse instead. Can't do that, we're not allowed to sell you an incomplete product, its store policy. Really...they just couldn't have cared less and really didn't want to be there. Went to Harvey Norman instead. Found the same computer at a higher price. They had no interest in price matching, no new stock of that computer and no discount for taking the floor model that might have been on display for many many months. What can you do but suck it up and tolerate it ? That's the new environment we're living in now.

Got to be grateful for any service you can get, no matter how slow it is or how much better it would have been in "normal times" Remember, all staff would rather be at home preparing for the lockdown that giving you service no matter how slow or poor it is. Think of Direct Broking in the manner of a checkout at a supermarket. Do you expect normal queue's or long queue's at present at a supermarket ?

[Arthur]

It must be costing them a fortune in lost brokerage.

[Caesius]

Coutts wanted me to post that even with the volume he does, which is huge, and he is supposed to get priority because of that, he's not. 45-50 minutes is common at present.

Its the same wherever you go though. Yesterday I tried to get a new computer for the family at Noel Leeming for the shutdown so everyone can be online and happy.
The local store was almost completely cleaned out. What was left was overpriced. Found one Mrs B liked....sorry we don't have a new one in a box. Okay, we'll take the floor model. Sorry, can't do that, someone has stolen the mouse. Okay, we'll accept a generic wireless mouse instead. Can't do that, we're not allowed to sell you an incomplete product, its store policy. Really...they just couldn't have cared less and really didn't want to be there. Went to Harvey Norman instead. Found the same computer at a higher price. They had no interest in price matching, no new stock of that computer and no discount for taking the floor model that might have been on display for many many months. What can you do but suck it up and tolerate it ? That's the new environment we're living in now.

Got to be grateful for any service you can get, no matter how slow it is or how much better it would have been in "normal times" Remember, all staff would rather be at home preparing for the lockdown that giving you service no matter how slow or poor it is. Think of Direct Broking in the manner of a checkout at a supermarket. Do you expect normal queue's or long queue's at present at a supermarket ?

Yeah fair enough. I've calmed down a bit now, and get that we are lucky to be able to still trade. Although I will say, having worked in a real-time industry, I see no technology-related reason why trades shouldn't go through at times like this, so I suspect it's the human element that is the bottleneck.

Does anyone who used CMC Markets or similar know if their platfrom has similar 30 min + delays?

[peat]

Does anyone who used CMC Markets or similar know if their platfrom has similar 30 min + delays?

Click and done
they provide liquidity in the securities they offer
which is mostly a good thing but not always when they spike the prices and hit your stop. Prices are obviously related to the market but you do have to accept that it is not the market, but their market.

[forest]

Frustrating of course but totally understandable if you think about it. Of course thinking about it is obviously not your strong point LOL. Ramping up from normal volume to these volumes as well as huge increase of number of changed/edited buy/sell prices is going to stretch even good platforms. This is an unusual situation so expecting the same service is just an unreasonable and (obviously) unreachable expectation. Allow extra time and also give yourself more flexibility with prices is my suggestion. No point in getting pi**ed off about it ..everyone in same boat.

Ok Birmanboy, I agree we can give DB some slake and tolerate that their service is not as prompt the last 2 days compared with 2 months ago. The present pandemic is one out of the box.
What I find less acceptable is that DB service has been noticeable worse 2 months ago compared with 2 years ago.
This was long before the coronavirus had an effect on the trading volume on our market.

[Oberon]

Best bet is to take a punt on where you think the price will hit and get your order in early. Today, for example, I put a buy order in for A2 @ 16.50 not long after market opening. SP soared well above that until ASX opened, sold off and cut down to my order like a hot knife. So today, I got lucky. I amended my order twice and turnaround was about 5-10 minutes so I *had* thought they'd sorted things out at their end, but from what I'm seeing here it seems I really did get lucky.

So, that's what I've chosen to do. If my order hits, it hits. If not, better luck next time. I'm day trading, mind you, so my strategy doesn't address the very frustrating issue of trying to make an honest exit on a LTH with a SP rocketing down and no one at home at the other end to put your order through. As for the trades you see being processed ahead of you, they won't be retail.

[JBmurc]

ANZ share invest is a joke currently on the ASX place order still waiting hour later to see it placed ... was fine early on open but must be overloaded at present and forget about ringing the helpline it just doesn't connect you through but keeps telling you the same options

[bottomfeeder]

What a joke. I put a sell order in for sale of AMP shares. It was just taking forever to hit the trading floor. As in this market, it is so volatile and things are changing so quick, you need to be on top of things. Anyway the ASX price moved, I checked the NZX, still not on the depth, so I cancelled the order, then a minute later I get a partial sale with brokerage, and the balance of the order cancelled. I just can't deal with this crsp anymore. For cancelled orders, they should stop it if it was partially filled.

I am fast getting sick of DB

[JohnnyTheHorse]

It is exceptionally bad right now. Another thing to note is that even once you've waited your 30 mins for them to process the order, when the status changes to "Limit Order" it often takes another 5-10 mins to actually hit the market.

[bottomfeeder]

Could be a good market for trading due to its volatility, but with the delays in the orders getting to the depth, it is just impossible. Just cant seem to win anyway.

[blackcap]

Could be a good market for trading due to its volatility, but with the delays in the orders getting to the depth, it is just impossible. Just cant seem to win anyway.

Use sharesies. Easy to set up and their orders to to market directly. For larger orders it might be more costly but they will be going to market a lot faster. They do have a limited stock range at the moment though but at least 100.

[Timesurfer]

ASB are currently trading with significant delays. Just cost me a bomb by not placing my order.

[Jim]

Direct-broking was very quick when placing my mistaken buy order instead of a sell on a FPH at $30 a share at the critical closing hour. I only found out when the market closed at 6pm. I should have used my desktop instead of my smart phone to place the order-expensive mistake. SILLY MISTAKE

[Cyclical]

Use sharesies. Easy to set up and their orders to to market directly. For larger orders it might be more costly but they will be going to market a lot faster. They do have a limited stock range at the moment though but at least 100.

Blackcap, I usually use ASB, but also haven't been impressed with the slowness of the platform when things have been busy over the last week, After reading a review of Sharsies, I signed up and loaded the wallet before realising that the shares aren't assigned to your CSN, which I'm not comfortable with, and that they want to charge you $10/month (I know, I'm tight) to view market depth. But from your experience, would you recommend them?

[clip]

Why not pay sharesies $1.5 a month to trade, and keep using asbsecurities at no fee to view market depth? That's what I'm doing and definitely saving on fees

[blackcap]

Blackcap, I usually use ASB, but also haven't been impressed with the slowness of the platform when things have been busy over the last week, After reading a review of Sharsies, I signed up and loaded the wallet before realising that the shares aren't assigned to your CSN, which I'm not comfortable with, and that they want to charge you $10/month (I know, I'm tight) to view market depth. But from your experience, would you recommend them?

Till now I have had no problem with them. I use DB for depth. It only costs $30 per annum to have an account with Sharesies. They are new, I met the founders about 2 years ago and had a good discussion with them. I believe they are genuine. Yes there is no CSN, but shares are held in trust. THey are looking at giving voting rights (in the pipeline) and also the possibility of being able to transfer to CSN. That would be a game changer for me. IN these times when the traditional brokers are taking 30 mins to process orders then Sharesies is paramount if you are a trader.
Other than that, they have limitations, as you can only trade about 100 stocks at this point in time but they are looking to expand that as well.
I really like the concept though, they appeal to my inner teenage self as you can invest into the market with any $ amount and not be penalised by a prohibitive minimum brokerage.

[Cyclical]

Till now I have had no problem with them. I use DB for depth. It only costs $30 per annum to have an account with Sharesies. They are new, I met the founders about 2 years ago and had a good discussion with them. I believe they are genuine. Yes there is no CSN, but shares are held in trust. THey are looking at giving voting rights (in the pipeline) and also the possibility of being able to transfer to CSN. That would be a game changer for me. IN these times when the traditional brokers are taking 30 mins to process orders then Sharesies is paramount if you are a trader.
Other than that, they have limitations, as you can only trade about 100 stocks at this point in time but they are looking to expand that as well.
I really like the concept though, they appeal to my inner teenage self as you can invest into the market with any $ amount and not be penalised by a prohibitive minimum brokerage.

Ok, thanks, maybe I'll throw some money back in the wallet.

[Cyclical]

Why not pay sharesies $1.5 a month to trade, and keep using asbsecurities at no fee to view market depth? That's what I'm doing and definitely saving on fees

Yeah, that's what I was planning to do, it's just when I discovered Sharsies wanted to charge for that, plus the concerns around CSN, it annoyed me and put me off the concept. But i think I'll revisit it.

[clip]

Yeah, that's what I was planning to do, it's just when I discovered Sharsies wanted to charge for that, plus the concerns around CSN, it annoyed me and put me off the concept. But i think I'll revisit it.

Had an email from them today - you can now register interest for early access to transfer shares into/out of exchanges, $5 per transfer.

"Good news for those who want to transfer existing New Zealand Stock Exchange (NZX) shares into (and out of) Sharesies—you can now register for early access here! (https://sharesies.intercom-clicks.com/via/e?ob=47cQ00pMWfXl2PKKIqz3gfB5F8RqrXnZc5yDyjAcwNe9b %2FmYAZW1ZfypdXU8hd%2FEAJ6V1CkGujkljyX89nv1Wg%3D%3 D&h=8fc6c52b55e212d99b3dbcb235c6fc9310c73615-n1goyeo2_26414306394&l=3c888f768d1c7fc42ce93c1b12bd335ad76cdbb2-2936664) https://ci4.googleusercontent.com/proxy/YI7nf1o35xnhXP9bWjyE_x8zGO11YEY-fjUhprKJw2r_61MHL4qyMFtV8M0fYHM9LjnWnKHF6E-paI8zpHQ8aGvzYDsp2DoWBgAVgr16LwMZ-kxdEDaK=s0-d-e1-ft#https://sharesies.intercom-mail.com/images/emojis/v2/72x72/1f389.png"

[blackcap]

Had an email from them today - you can now register interest for early access to transfer shares into/out of exchanges, $5 per transfer.

"Good news for those who want to transfer existing New Zealand Stock Exchange (NZX) shares into (and out of) Sharesies—you can now register for early access here! (https://sharesies.intercom-clicks.com/via/e?ob=47cQ00pMWfXl2PKKIqz3gfB5F8RqrXnZc5yDyjAcwNe9b %2FmYAZW1ZfypdXU8hd%2FEAJ6V1CkGujkljyX89nv1Wg%3D%3 D&h=8fc6c52b55e212d99b3dbcb235c6fc9310c73615-n1goyeo2_26414306394&l=3c888f768d1c7fc42ce93c1b12bd335ad76cdbb2-2936664) https://ci4.googleusercontent.com/proxy/YI7nf1o35xnhXP9bWjyE_x8zGO11YEY-fjUhprKJw2r_61MHL4qyMFtV8M0fYHM9LjnWnKHF6E-paI8zpHQ8aGvzYDsp2DoWBgAVgr16LwMZ-kxdEDaK=s0-d-e1-ft#https://sharesies.intercom-mail.com/images/emojis/v2/72x72/1f389.png"

That makes them even more palatable. So if an important vote is up and coming, you can transfer out and vote via CSN. Good move Sharesies.

[bottomfeeder]

Yeah DB is trying, but the market is so volatile right now, we need that depth and up to date info. Put in a sell order today and order was declined , not sufficient stock under csn, WTF

[oldtech]

Trying to buy through ASB, and have been having problems also. Right now I have an order which has been showing "On market" for about 15 minutes - I KNOW damn well that my buy price is matching a sell price but still it sits there.

** Ah-ha - just gone through **

[JohnnyTheHorse]

Use sharesies. Easy to set up and their orders to to market directly. For larger orders it might be more costly but they will be going to market a lot faster. They do have a limited stock range at the moment though but at least 100.

Thanks for the heads up on this blackcap. Easy to use, reasonable fees, but most importantly orders are processed instantly.

[Entrep]

Isn't Sharesies cheapest on large orders?

ASB - $15 on trades up to $1,000, $30 on trades > $1,000 - <$10,000 and 0.30%
Sharesies - $15 on trades to $3K and then 0.1%

Any idea if SHaresies allow trusts? I have been waiting for a response from them since last week now

[peat]

Any idea if SHaresies allow trusts? I have been waiting for a response from them since last week now

As long as it is a simple kids trust for their benefit.

T+C here (https://intercom.help/sharesies/en/articles/2223760-kids-account-terms-of-service)

[Entrep]

As long as it is a simple kids trust for their benefit.

T+C here (https://intercom.help/sharesies/en/articles/2223760-kids-account-terms-of-service)

Thanks, won't work for me though. It's crazy I can setup a US or other brokerage account in my family trust name over the internet in a few days. ASB and Direct Broking want originals or verified hardcopies of EVERYTHING. Joke.

[peat]

Thanks, won't work for me though. It's crazy I can setup a US or other brokerage account in my family trust name over the internet in a few days. ASB and Direct Broking want originals or verified hardcopies of EVERYTHING. Joke.

its regulations, don't blame the businesses.
though Hatch were pretty simple, but it was just in my name.

[Entrep]

its regulations, don't blame the businesses.
though Hatch were pretty simple, but it was just in my name.

I know the regulations well and it's just that ASB or DB haven't bothered to update their forms or procedures. Hatch is easy for trusts for example.

[Cyclical]

Ok, I'm back to using Sharesies, but I'm not impressed that you can't queue up anymore than two orders per stock :-/

[Cyclical]

Another limitation of Sharesies... I had a low buy price in to add to my existing holding. Then went to add in a high sell price and I get "You can’t buy and sell at the same time". FFS, there goes that strategy. There are some things to really like a bout the platform, countered by some really frustrating things.