Great, lets hope DB will step up to the mark improve their systems and participate in the discussion.
Printable View
They probably do not care. No money in the traditional retail client side of things anyway. So they can ignore you and hope you go away. And if they do they go great, that's another customer that makes us no money that we do not have to worry about. Maybe a bit cynical or sarcastic maybe, but I wonder if there is any money in making $30 a trade with NZ retail punters with all the costs involved. Real money to be made elsewhere of course.
So why did FNZC purchase Direct Broking off ANZ? Probably for the database of clients to be able to sell their IPO's and other products to. And after a year when brokerage may go up, plenty may leave and try ASB out for size. Not sure if I even am correct here but that is how I see it.
If there was real money to be made in NZ selling brokerage at $30 a pop there would be more operators out there. But there are not. Access could not do it back in the day and went under and Direct back in the day was not a cash cow. It did ok but that was about it.
Thats simply because CHI-X don't run pre-open and close auction processes
I had always found ANZ SEC order processing appalling, but it seems it's got even worse. I have never had a problem with ASB, as they use Straight through Order Processes, but their exchange rates are usurious
I think there are a lot on here that maybe havn't paid $30 for a trade for a long time,myself included,because they trade bigger quantities,I actually tried to get my brokerage dropped without any luck, because I did think with the antiquated system they have,and with the extra pain of not knowing for ages whether your trade has gone through or not,it was just such easy money for them.And lets remember that's in and out, of a trade.
How is that double clipping the ticket? There is a buy order, yours, and a sell order someone else's. If they match you both off in house its $30 bucks a pop or $60. If they buy yours on market and sell the other order on market its still $30 each. So not really double clipping is it.
Your assuming that both buyer and seller are DB clients yet a lot of the time they are only gaining the $30 from one side of the transaction unless both buyer and seller are DB clients.They have a far wider matching ability now with FNZC on tap and a much bigger pool of easily accessible clients for matching orders.
You right Couta and that I think works in DB clients disadvantage.
It seems when a order is placed that FNZC is trying to trade the order in house, this can give time delays maybe an hour or so.
They are creating 2 problems with that, firstly the market can move agains you. But of even more concern is the extra time spend wondering if the order has been actioned on and /if the order is completed or needs adjusting.