SuperLife, the funds management business owned by NZX, has a 45 percent stake in Energy Mad
:laugh:
Printable View
SuperLife, the funds management business owned by NZX, has a 45 percent stake in Energy Mad
:laugh:
Other people's money - NZX could not give a stuff.
But touch the NZX's fee gouging revenue stream (like charging for information provided by other exchanges free to assist and encourage investors to participate ion the market) and watch the clowns react! The squealing will be worse than the old hag in the street corner exhorting her back door wares!
http://www.nzherald.co.nz/business/n...ectid=10494028
http://www.nzherald.co.nz/business/n...ectid=11715672
Warnings after warnings about the fallacy of backdoor listings - yet the NZX persists in encouraging them, and now with Energy Mad, even directly participating in one!
Why?
The fact that investors lose tens of millions of dollars year after year from back door listings is not a problem for the NZX - as long as the NZX makes a few hundred miserable thousand dollars via fees from them.
There is a word for such behavior - 'mercenary'.
I have a couple of apps across my phone/tablet that are not updating with NZX data, ASX data is updating
This is since Thursday- (last price was Thursday)
The apps are Yahoo finance 7, Apple app Stocks and Stockmaster real time
Alternatively, what apps do others use to monitor your shares mores especially NZ ones?
It seems that the NYSE has a different - but similar? - slant on this matter. Spotify has recently listed without disclosing via anything such as a prospectus; without any particular spread of shareholdings; purely to provide a market for "founder" shareholders. Perhaps we hope for too much from the NZX?
article in nbr suggesting its about time the nzx stood up and clamped down on off market trades , would improve there liquidity issues pretty quick .... but can you really see it happening?
NZX has stated it will implement in second half of this year but don't wait with baited breath.
Trouble is that the NZX is not about to go backwards 2 steps so that it can move forward 5 steps - it must be prepared to give some major concessions to market participants to get their co-operation. Otherwise, the brokers will shift more and more of their business to ASX. Ironical, isn't it that NZX thought it held the industry to ransom with its monopoly status but did not count on ASX emerging as a very very strong alternative!
The feathers on this goose have been well and truly plucked clean by Weldon and the previous board.
Brokers have been reinventing themselves into fund managers in the last 10 years - Craigs ($25 billion) and Forbar ($11 billion) have led the charge and their brokers are heavily incentivized to only have portfolio clients.
As you can see, 1.5% on $25 billion pays a lot of bills and a lot of fees for Craigs - $37.5m. Much more lucrative than mucking around with talking to clients!
http://www.nzherald.co.nz/business/n...ectid=12028941
The good ones get sold - forget about listing on the NZX with all of the baggage and inconvenience.
Meanwhile, NZX is busy wanting investors to back the latest backdoor job - Energy Mad.
Not sure who is mad - mad enough to see a stock go from 85c to 1c (as in MAD) or NZX trying to backdoor MAD!