sharetrader
Page 21 of 52 FirstFirst ... 1117181920212223242531 ... LastLast
Results 201 to 210 of 519

Thread: Direct Broking

  1. #201
    Advanced Member
    Join Date
    Apr 2008
    Location
    Kerikeri
    Posts
    2,468

    Default

    Quote Originally Posted by bottomfeeder View Post
    Had a call fron DB. Its definitely sharsies that is ruining the market. I just dont understand how sharsies members make their money. The certainly dont pay minimum brokerage, they seem to be under some sort of dubscription and percentage. So if they want WBC, they just say I want $40 worth. It probably costs them a dollar. Just a big nuisance. Because sharsies is a nominee holder, they have a marketable parcel with balance of the holding. If this keeps going on I will have to think if you cant beat them join them. And aha, DB sats there are a lot of other people getting annoyed the same as I am.
    Thanks for update BF. I regularly look at the DB site to see the value of my portfolio. If the last price is based on sale of very very few shares....then am I really seeing reality ? I can't be sure. Maybe you can answer this.....are the very small transactions in general very close to the price of larger transactions ?
    If not...then what I am looking at is potentially fiction....right ?

  2. #202
    Banned
    Join Date
    Nov 2013
    Posts
    8,516

    Default

    Quote Originally Posted by couta1 View Post
    Blame sharesies.
    As I was saying last week. Lol

  3. #203
    Senior Member
    Join Date
    Oct 2016
    Posts
    1,069

    Default

    The prices are all over the place, they dont seem to care whether the price is close to market value, they just buy and sell on the quoted buy and sell prices no matter what they are. There is no minimum brokerage, and work on a subscription of $30 per year, plus a portfolio fee of they say .34%.

    The only thing is that I would rather have the shares in my name.

    I am sure if the NZX lets sharesies continue in its present form, it will signal the end of minimum brokerage. I am finding it difficult to put in a buy or sell order that may only be fullfilled by an odd lot trade. This is partucularly true if there is a substantial shift in the sp. That is you may not always be able to buy or sell at the best possible value.

    The other thing that worries me about signing up to sharesies is if the nzx does something, sharesies will have to up their brokerage to everyone to either convert their holdings or realise their investments. Just how safe are they. Oops just got a reply from the nzx, will let you know.
    Last edited by bottomfeeder; 07-10-2019 at 03:36 PM. Reason: Typos

  4. #204
    Legend peat's Avatar
    Join Date
    Aug 2004
    Location
    Whanganui, New Zealand.
    Posts
    6,435

    Default

    there is a Sharesies thread somewhere bottomfeeder.
    as you say they are a nominee holder.

    Thanks for obtaining confirmation (from DB) that this odd lot type issue is a result of Sharesies discount broking.
    It does make depth essential for any trader.
    Would it solve the problem if the broker said they wouldn't accept odd lot orders. Odd lots are ok, in reason but these are pushing the boundaries of what is allowed under regulations in my opinion. eg misleading the market and I'm sure there are other rules that touch on them.
    Also doesn't the 'complete an order' minimum brokerage principle suggest they would still be paying high brokerage if putting in bids at extreme prices for small parcels.
    There is still a whiff of something in this situation if you ask me. Not that I am super fussed by it but yeh it strikes me as odd.
    For clarity, nothing I say is advice....

  5. #205
    Advanced Member
    Join Date
    Apr 2008
    Location
    Kerikeri
    Posts
    2,468

    Default

    I think what I am hearing from BF is this.
    I could place a buy order for say $20K of something at a lowish price.
    I might get a very small number of shares filled on this order at the lowish price.
    The complete order might never fill....and I would be hit with the full commission.
    Is this correct ?
    Hmmmm….yes....this does concern me. I've done the above before and got a few surprises sometime later in the month when the price does drop and the order fills. Usually its been OK. I've never had an order partially fill, although some have taken a while. Note to self: Need to take care and understand this. Fortunately, at the moment I am neither buying or selling.
    Does the NZX want / need this ?
    How does the ASX manage this ?
    Last edited by RTM; 07-10-2019 at 01:34 PM. Reason: Addition

  6. #206
    Senior Member
    Join Date
    Oct 2016
    Posts
    1,069

    Default

    Yes I think most brokers didnt mind because they were getting minimum brokerage on any odd lot trade that was not fully filled. It is only when "adult" traders start to complain and revolt that someone will do something about it. Either odd lots will have to trade on a separate board or a no brokerage on odd lot trades. The NZX said odd lots do not affect market statistics, so why should they affect brokerage.

    I am sick of it. It is costing me money. It cost me on MPG where I was sitting at 38 cent order for 20,000 and bought one share for 38 cents plus $30 brokerage. I had to increase my buy price to 39 cents and it cost me an extra $200 just because of the principle that I didnt want one MPG share at $30-38 or thereabouts. Not the first time either. I may be looking for a new broker, depends how this pans out.

    I note there is a sharesies thread, but the answer to thus has to be a different minimum brokerage approach from Direct Broking.

  7. #207
    Member
    Join Date
    Dec 2010
    Posts
    330

    Default

    Quote Originally Posted by bottomfeeder View Post
    Yes I think most brokers didnt mind because they were getting minimum brokerage on any odd lot trade that was not fully filled. It is only when "adult" traders start to complain and revolt that someone will do something about it. Either odd lots will have to trade on a separate board or a no brokerage on odd lot trades. The NZX said odd lots do not affect market statistics, so why should they affect brokerage.

    I am sick of it. It is costing me money. It cost me on MPG where I was sitting at 38 cent order for 20,000 and bought one share for 38 cents plus $30 brokerage. I had to increase my buy price to 39 cents and it cost me an extra $200 just because of the principle that I didnt want one MPG share at $30-38 or thereabouts. Not the first time either. I may be looking for a new broker, depends how this pans out.

    I note there is a sharesies thread, but the answer to thus has to be a different minimum brokerage approach from Direct Broking.
    Hey bottomfeeder,
    Just want to clarify, are you saying you're getting charged $30 brokerage multiple times for every odd lot trade?
    That doesn't sound right. I'd say it's a problem with Direct Broking.
    For ASB Securities, recently when I sold one parcel of shares, it was traded with 10 different lots, but I only got charged $30 once.
    Last edited by JayRiggs; 07-10-2019 at 02:25 PM. Reason: fix grammar

  8. #208
    Senior Member
    Join Date
    Oct 2016
    Posts
    1,069

    Default

    No only one $30, but for one share. If I complete the order, it OK and all good. But if you are top of the queue on a buy or sell order on a market moving against you you will only end up with one share plus the cost of min brokerage. The order may well expire thereafter. Then you may have bought one share of the most unprofitable trade you have ever had. The more of these anomalies that occur, the more pressure will be put on DB for a free brokerage on odd lots.

  9. #209
    Member
    Join Date
    Dec 2010
    Posts
    330

    Default

    Quote Originally Posted by bottomfeeder View Post
    No only one $30, but for one share. If I complete the order, it OK and all good. But if you are top of the queue on a buy or sell order on a market moving against you you will only end up with one share plus the cost of min brokerage. The order may well expire thereafter. Then you may have bought one share of the most unprofitable trade you have ever had. The more of these anomalies that occur, the more pressure will be put on DB for a free brokerage on odd lots.
    Oh yeap I get you. I was thinking the same thing as you.
    When I saw one trade going through for $100, then $5 a few mins later, I thought.... crap what if the price goes down and I can't sell the rest of my parcel???
    Eventually my parcel got sold in 10 different lots, but I woulda been peeved off had my trade never completed.

  10. #210
    Banned
    Join Date
    Nov 2013
    Posts
    8,516

    Default

    My issue with Sharesies is that they highjack the live depth chart while all their orders fill upon market open, for trading this is a big negative that the NZX need to sort out pronto.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •