Direct Broking

[kerryo]

The usual nzx problem

They are delaying the close while they try to fix it.

[BlackPeter]

Around 10 years ago I used DB, back then from memory it was pretty much them or an ASB based platform? Any thoughts on the best platform to use these days? I'll mostly be investing in NZ companies, but also interested in US ones and ETFs. Cheers.

As usual, it depends what you really want to do. Investing small amounts of money - look for Sharesies. If you are looking for a DIY platform to trade NZ and Australian shares (and if your typical parcel is at least several $1000 worth), then there are in NZ to the best of my knowledge still only DB and ASB around. Never used ASB, but based on the occasional comments from ASB users do I think DB is the more flexibel and customer friendly one. Pricing seems to be similar.

I am using DB a lot, and while I found the ownership change from ANZ to Jarden from a customer perspective highly frustrating (a lot of legal paperwork in a very constrained time frame with a quite lacking user interface for something which should not really impact at all on customers), they are from my point of view typically a quite attentive and professional team working in the best interest of their clients.

Obviously - if you want a full service broker, there are other options.

[kerryo]

They are delaying the close while they try to fix it.

Well that didn't work, they have now reverted to the pre close pricing at 4.41pm and closed down.

[Mickey]

Yesterday, it took 28 minutes from the time I amended my sell price until my remaining sell order was completed, even though the depth was showing there were plenty of buy orders available at my sell price during that whole time. Previously, I missed out at least 3 times to sell due to my sell order changes not going through. This never used to happen when ANZ was running the platform even during high volume days and so I'm not sure what is happening. It does seem to have been worse since Sharsies has arrived on the scene and flooding the market with their multiple small orders (maybe.....)

[BlackPeter]

Yesterday, it took 28 minutes from the time I amended my sell price until my remaining sell order was completed, even though the depth was showing there were plenty of buy orders available at my sell price during that whole time. Previously, I missed out at least 3 times to sell due to my sell order changes not going through. This never used to happen when ANZ was running the platform even during high volume days and so I'm not sure what is happening. It does seem to have been worse since Sharsies has arrived on the scene and flooding the market with their multiple small orders (maybe.....)

It might be appropriate to cut them currently a bit of slack. I understand they have roughly 4 times the normal volume - and they as well are all working from home.

But hey - if you know of some broker doing a better job in these difficult times than they are, just tell us about it ...

[Carpenterjoe]

Yesterday, it took 28 minutes from the time I amended my sell price until my remaining sell order was completed, even though the depth was showing there were plenty of buy orders available at my sell price during that whole time. Previously, I missed out at least 3 times to sell due to my sell order changes not going through. This never used to happen when ANZ was running the platform even during high volume days and so I'm not sure what is happening. It does seem to have been worse since Sharsies has arrived on the scene and flooding the market with their multiple small orders (maybe.....)

Direct broking will decide when to put your shares to the market, sometimes they make me more money by controlling this.(I hate this function). Try finding the history button in the orders area, there should be a time stamp of your order, call them up and quiz them on why the time stamp and market price have not matched. I think by them controlling orders it produces a false market, they can to a degree control the market.

Good luck, but definitely call them

[Cyclical]

Yesterday, it took 28 minutes from the time I amended my sell price until my remaining sell order was completed, even though the depth was showing there were plenty of buy orders available at my sell price during that whole time. Previously, I missed out at least 3 times to sell due to my sell order changes not going through. This never used to happen when ANZ was running the platform even during high volume days and so I'm not sure what is happening. It does seem to have been worse since Sharsies has arrived on the scene and flooding the market with their multiple small orders (maybe.....)

I had the same issue with Sharesies yesterday, but on the other side of the ledger...very frustrating when the stock in question is moving pretty quick in the wrong direction. But it seems to me that all 3 platforms have these issues, so I wonder if the constraint is NZX themselves. Like you say, it could be something to do with all these small Sharesies orders slowing the processing. You'd think it would be just more CPU and RAM in this day and age.

[JohnnyTheHorse]

Trades made during opening auction aren't even showing in my account yet and I cannot place the sell orders on market. These guys are absolutely hopeless.

[clip]

Also having issues with sharesies today, couldn't get a market sell order through, cancelled which took a while and re-placed at a lower limit sell. Now the order is still processing and the price has already fallen through the floor of my limit. Great :/

[BlackPeter]

Also having issues with sharesies today, couldn't get a market sell order through, cancelled which took a while and re-placed at a lower limit sell. Now the order is still processing and the price has already fallen through the floor of my limit. Great :/

Horses for courses.

The idea with Sharesies was to give people with limited funds a CHEAP option to INVEST money in the share market.

I don't think anybody ever envisaged a tsunami of micro day traders trying to make money by buying and selling half shares and expecting their trades going through with the speed of lightning.

If you want preferred service and real time access, than better look for a full service broker, negotiate with them on a service agreement with parameters to your liking and pay for it. But then - don't complain about the bills ;