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Thread: Direct Broking

  1. #41
    Senior Member kizame's Avatar
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    Quote Originally Posted by Beagle View Post
    Exactly Forest. What on earth is wrong with a 12 cents share price rise on a $9.56 share, only a little over 1% when ATM the same morning was up 50 cents per share.
    Do they realise that these two companies fortunes are inextricably linked or don't they care about timely execution of orders ?
    Maybe its time to revisit the idea of dealing with ASB securities even though their brokerage rates are a bit higher...

    Agree with your last post too. Oder execution is extremely slow...not enough staff. They fully deserve to lose a significant amount of business if they continue to conduct themselves in this manner. No point emailing Fiona McKenzie their so called head of operations because she never replies or returns phone calls.
    https://www.fnzc.co.nz/direct-broking-team/
    I havn't had this but this mornings trade,should have been electronically instant,they do come up with BS excuses,last time I enquired why it took so long for orders to even appear I was told that they had to check my csn no. now common(anz sec)in this digitally enhanced age.
    I am starting to think that what happened to you was more not ruffling FNZC managed clients holdings,I don't know just a thought.

  2. #42
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by bull.... View Post
    In ensuring their trading conduct promotes and helps maintain an orderly market, NZXParticipants consider a range of circumstances relevant to the current conditions of the marketfor any financial product. Accordingly, in allowing each Order to proceed through to the market,NZX Participants must first determine (among other things): Whether the execution of that Order is consistent with the recent trading activity in therelevant financial product; andGUIDANCE NOTE – TRADING CONDUCT – MARCH 2018 6 of 32 Whether the execution of that Order will materially affect the price or market for therelevant financial product.1

    https://s3-ap-southeast-2.amazonaws....ch_2018%29.pdf


    silly nzx rules discourage trading
    Thanks for posting the link. Section 3 "Orderly Markets" On a quick review I note the examples they give refer to a 20% price increase and a 14% price decrease respectively. The example I gave above refers to a 1.25% price increase on Synlait and was well within the scope of the price the shares traded at during the previous days trading range. I would therefore conclude that Direct Broking wrongly used their discretion in the example I posted above and are in breech of their fiduciary obligation to put their clients best interests first. I felt that at the time which is why I warned them, (all calls are recorded) that if the order wasn't filled at $9.68 the risk was on them and I would expect them to honour my buy order at that price.

    I think there is a MAJOR cultural difference between FCNZ trading as Direct Broking and the former ANZ securities and I find it very annoying.
    Last edited by Beagle; 20-02-2019 at 11:58 AM.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  3. #43
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    Time for another online broker to appear.

  4. #44
    ShareTrader Legend bull....'s Avatar
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    Quote Originally Posted by Beagle View Post
    Thanks for posting the link. Section 3 "Orderly Markets" On a quick review I note the examples they give refer to a 20% price increase and a 14% price decrease respectively. The example I gave above refers to a 1.25% price increase on Synlait and was well within the scope of the price the shares traded at during the previous days trading range. I would therefore conclude that Direct Broking wrongly used their discretion in the example I posted above and are in breech of their fiduciary obligation to put their clients best interests first. I felt that at the time which is why I warned them, (all calls are recorded) that if the order wasn't filled at $9.68 the risk was on them and I would expect them to honour my buy order at that price.

    I think there is a MAJOR cultural difference between FCNZ trading as Direct Broking and the former ANZ securities and I find it very annoying.
    if you dont think they are implementing the rules satisfactory i think there is a disapline panel you can complain to who will investigate.

    i got sick and tired of this silly rules ruining my trading on nzx and after all my complaints to broker where just we follow the rules etc i decided oh well more money for overseas brokers
    Last edited by bull....; 20-02-2019 at 12:03 PM.
    one step ahead of the herd

  5. #45
    Advanced Member airedale's Avatar
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    In the past I have used Etrade on the ASX {but not for some time}. Trades were lightning fast. Orders were filled in no time. and contract notes followed very quickly.

  6. #46
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    Quote Originally Posted by forest View Post
    I would be surprised if it was NZX rules causing such extreme delays. Trades used to go to market within seconds. Read blackcap post, he is an ex DB broker employee.
    NZX rules do state you have to ensure an orderly market and cannot place bids offers that are too far removed from market etc. Not set in stone as such but some brokers adhere to these guidelines more strictly than others. Say the bid is 20 cents and offer is 50 cents and last trade was at 22 cents. Most brokers would not execute an order to buy at 50 cents.

  7. #47
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    Quote Originally Posted by kizame View Post
    I havn't had this but this mornings trade,should have been electronically instant,they do come up with BS excuses,last time I enquired why it took so long for orders to even appear I was told that they had to check my csn no. now common(anz sec)in this digitally enhanced age.
    I am starting to think that what happened to you was more not ruffling FNZC managed clients holdings,I don't know just a thought.
    They do have to check CSN if you are selling to ensure that the shares are there available to sell. But should take no longer than 30 seconds.

  8. #48
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    Quote Originally Posted by 777 View Post
    Time for another online broker to appear.
    Like Halifax ?

  9. #49
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    Quote Originally Posted by blackcap View Post
    NZX rules do state you have to ensure an orderly market and cannot place bids offers that are too far removed from market etc. Not set in stone as such but some brokers adhere to these guidelines more strictly than others. Say the bid is 20 cents and offer is 50 cents and last trade was at 22 cents. Most brokers would not execute an order to buy at 50 cents.
    Yeah, I understand that.
    I am talking about the normal spread, a few cents her or there and a share price over 10 dollars ea. RYM

  10. #50
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    Default DB, Definitely Broken

    Quote Originally Posted by 777 View Post
    Time for another online broker to appear.
    Yes, I agree.

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