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  1. #1
    Senior Member
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    Default ASB securities new terms

    Got an email from ASB securities today, all customers will lose the rights and ability to see market data live unless they have had a trade in the preceding 90 days. A lot of the time this wont be an issue for me but at times it could be an issue and as such I have no intention of being a part of a trading service that doesn't supply live data of not only SP but buy/sell orders......

    Can anyone make any recommendations as ASB is all I have ever used.

    Thanks

  2. #2
    FEAR n GREED JBmurc's Avatar
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    Sep 2002
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    Yes tight asses and their commissions are a rip-off paid $55 NZD today for what I would pay max $29 AUD with ANZ
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

  3. #3
    Banned
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    Nov 2013
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    Quote Originally Posted by workingdad View Post
    Got an email from ASB securities today, all customers will lose the rights and ability to see market data live unless they have had a trade in the preceding 90 days. A lot of the time this wont be an issue for me but at times it could be an issue and as such I have no intention of being a part of a trading service that doesn't supply live data of not only SP but buy/sell orders......

    Can anyone make any recommendations as ASB is all I have ever used.

    Thanks
    ANZ have the same 90 day rule, costs them money to provide live data and their logic is, why should they provide that service to customers that spend next to nothing with them as opposed to the more frequent traders.

  4. #4
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    Quote Originally Posted by couta1 View Post
    ANZ have the same 90 day rule, costs them money to provide live data and their logic is, why should they provide that service to customers that spend next to nothing with them as opposed to the more frequent traders.
    Perhaps passing that on rather than ruling out the ability to see live rates. It's only more recently things are on the quiet front for me, market toppy in my opinion so sitting on the sidelines for a bit other than some AIR which is tempting to sell at moment. I think I've paid my fair share of fees over the last 12 months.... just disappointed in the change they are adopting.

  5. #5
    Senior Member
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    Sep 2016
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    I've spent $1000s in commissions with ASB but as it stands I'm not planning on buying or selling for a little while as I've filled my portfolio and this change is bollocks. I get they want to stop people using their service without paying fees, but surely they could identify the main bank ASB customers like myself who use all their services and trade fairly frequently. If they stop my live data I'll leave and it was a terribly written email.

  6. #6
    Guru
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    Apr 2007
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    Hamilton New Zealand.
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    I think the blame is mis-directed...We (shareholders) should be venting our concerns to ComCom about inhibiting monopolistic behaviour from the NZX...Over the top online contract pricing and too high data charging is affecting trading and share analysis to the point that it's chasing NZ investors away to overseas markets...

  7. #7
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    Mar 2001
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    Auckland, , New Zealand.
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    I agree Hoop, surely a little less in fees would be made up in more trades overall and as you say not chasing NZ investors away

  8. #8
    Member
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    Mar 2010
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    Quote Originally Posted by workingdad View Post
    Got an email from ASB securities today, all customers will lose the rights and ability to see market data live unless they have had a trade in the preceding 90 days. A lot of the time this wont be an issue for me but at times it could be an issue and as such I have no intention of being a part of a trading service that doesn't supply live data of not only SP but buy/sell orders......

    Can anyone make any recommendations as ASB is all I have ever used.

    Thanks
    I sent them an e-mail complaining about this, not a level playing field. Havn't they heard about the cost of doing business.

  9. #9
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    Apr 2003
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    Wellington, New Zealand
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    Quote Originally Posted by Hoop View Post
    I think the blame is mis-directed...We (shareholders) should be venting our concerns to ComCom about inhibiting monopolistic behaviour from the NZX...Over the top online contract pricing and too high data charging is affecting trading and share analysis to the point that it's chasing NZ investors away to overseas markets...
    Indeed Hoop, that is where the problem lies. I know back in the day Direct Broking were being charged an arm and a leg to provide live data to their clients and that is why they had to pass this on, or at least make sure you do some trades, otherwise it would just bollocks them. Everytime someone refreshes a "depth" screen it cost the broker (via the NZX).
    As far as ASB go... they know they have you by the short and curly's... there is no one in NZ that is cheaper.. well there is ANZ who are on par, but I think the requirement is now that you must have a bank account with them to open a broking account... so ASB know you are not going to leave regardless. But the 90 day rule is not to annoy, it really is out of necessity.

  10. #10
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    Quote Originally Posted by kiwitrev View Post
    I sent them an e-mail complaining about this, not a level playing field. Havn't they heard about the cost of doing business.
    The cost of doing businees is when the NZX charges them everytime a client looks at live data....

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