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  1. #16
    Senior Member
    Join Date
    Mar 2006
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    Auckland, New Zealand
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    610

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    Quote Originally Posted by Chester View Post
    Just finished listening to the NZ Creditors meeting webcast.......Apparently Halifax NZ was/is solvent but is owned 70% by Halifax Australia. There is a slight possibility that Halifax NZ could be dropped from Administration and resume trading on its own, or there is also the possibility that Halifax NZ could be bought out or bought in by other investors and continue operations, or it could be dragged down by the mess that seems to be mostly in Australia. It was also suggested that investors on the TWS platform are least affected and most secure, and could be first in line to get their assets returned.....Lots of maybes and ifs but better news than our worst fears generated.
    Lets hope its this scenario for me personally as prior to the collapse i hadent traded for 2 months and held Aussie stock via Hallifax NZ but silly me thought i actually owened these shares under my name but had forgotten to question myself as to why i didnt have an SRN shareholder cert number lol - It was also suggested that investors on the TWS platform are least affected and most secure, and could be first in line to get their assets returned.....Lots of maybes and ifs but better news than our worst fears generated."
    Last edited by SCHUMACHER; 24-02-2019 at 01:03 PM.
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  2. #17
    Junior Member
    Join Date
    Feb 2019
    Posts
    3

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    Haha Schumacher, yeah I also thought that I had been buying shares in my name. I started trading through Halifax TWS in order to avoid bank fees when loading funds to My interactive Brokers account based in Hong Kong. I was buying highly speculative Canadian mining shares and was prepared for some losses. The irony is that the stocks have done pretty well and I’ve been wiped out by an Australian ‘counter party’ that I was not aware I had a relationship with - I really must start reading those user agreements!

    Anyone seen any updates on the status of TWS? My phone app now lets me place buy bids (previously close only), but I am too scared to close any sell trades as I have no idea where my funds will end up.

    I’m kinda amazed at how little news this fiasco has generated- it would seem that the Australian division has been fraudulently using client funds for trading - I believe that over $200 million in client funds are currently frozen!

  3. #18
    Gnawing on Bones Beagle's Avatar
    Join Date
    Jul 2010
    Location
    Auckland
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    12,160

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    http://www.scoop.co.nz/stories/BU190...lifax-mess.htm
    Looks like a real mess. Good luck to all involved.
    No butts, hold no mutts, (unless they're the furry variety).

  4. #19
    Junior Member
    Join Date
    Feb 2019
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    Further to my little rant above regarding dodgy dealings - the story now includes a Bentley and a 3.4 million payout to two directors the day before administration...

    http://www.sharechat.co.nz/article/0...ifax-mess.html

  5. #20
    Senior Member
    Join Date
    Apr 2008
    Location
    Kerikeri
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    821

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    What also concerns me is could this happen to other companies as well, such as FNZC, Craigs ? I guess situation is different there as the shares with say Direct Broking are held in ones own name, and not with a custodial service. So exposure would just be the cash . Does this sound correct ?

    What a mess.

  6. #21
    Junior Member
    Join Date
    Feb 2019
    Posts
    3

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    This is exactly my concern too. Is my ASB share trading account exposed to the dreaded counter-party risk should the parent Bank get into strife?

    Basically this seems to be akin to a ‘bail-in’ situation similar to that prescribed by the Open Bank Resolution where depositors become responsible for the shortfalls created a bank.

    Does anyone know of an online service that provides the equivalent of a share certificate? I think we all got rogered here by our transactions all being pooled under the Halifax account?! Any advice would be welcomed.

  7. #22
    Guru peat's Avatar
    Join Date
    Aug 2004
    Location
    Whanganui, New Zealand.
    Posts
    4,372

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    I checked out the Halifax software but wasnt impressed and so lost interest in them.

    Always get stuff you buy registered in your own name if at all possible. Sure CFD's cant be , and overseas holdings tend to be custodial but dont have to be (I think)
    For clarity, nothing I say is advice....

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