ANZ Securities to Direct Broking

[minimoke]

I bank transferred a large amount last night in to the cash management account, its in there, but I cant trade with it.
Its as if they are treating it as uncleared funds. Never had an issue with ANZ or DB before that.
.

see my post above

[alex f]

I'm having the same issue.
If I place an order they charge full fees (.8% or so)............ although my funds are in their system. opps just seen your reply,

Seems to have sorted it self out now 11.30 am after emailing them an hour ago

[alex f]

They are useless, I put in a specific share number order on SYM at $8.50 and the order appeared at $8.45.
I modified it to $8.51 and sure enough the $8.45 disappeared.
Then the 10 minute delay meant only half the order was completed as some one else grabbed the shares I was after

[couta1]

They are useless, I put in a specific share number order on SYM at $8.50 and the order appeared at $8.45.
I modified it to $8.51 and sure enough the $8.45 disappeared.
Then the 10 minute delay meant only half the order was completed as some one else grabbed the shares I was after

Yep, more people on the desk yet slower, they can also hold back your order if they think they have a chance of matching it in house and often they can't so then put it on the market.

[minimoke]

They are useless, I put in a specific share number order on SYM at $8.50 and the order appeared at $8.45.

Are you sure it was your order. I placed one on OCA and details went through as I placed them.

[Beagle]

This discretionary nonsense is a radical departure from how ANZ securities used to be run and I think FCNZ are leaving themselves open in terms of some of their actions being potentially actionable, although I am pretty sure deep in the fine print of their client service agreement somewhere they have reserved the right to use whatever discretion they see fit with any order.

Twice I have placed orders with a limit whereby an immediate fill was possible and they have used discretion such that the order fill was materially slower, in one case over 4 hours slower than it could have been. In both cases I printed out a copy of my order instructions and a copy of the subsequent depth showing how they had processed my order so I had evidence if I needed to take action against them for losses incurred due to their discretion. In both cases my orders were filled at no loss to me, one at 1 cent higher so I was $200 better off but that's not the point...an instruction to act is exactly that not as instruction for them to use their discretion as and when they see fit. My point is I made myself ready with printed copies of information with documentary evidence for a dispute with them if I had of suffered loss and recommend others follow suit.

All that said, FCNZ needs to be aware that there is widespread resentment for how they are actioning orders...how do we go about expressing that, that is a key question ?
Shall I start a poll asking if people want immediate order execution if the order is capable of same or want FCNZ to exercise discretion ?
I could then e.mail Fiona McKenzie with a link to that poll ?
Good idea ?

[forest]

This discretionary nonsense is a radical departure from how ANZ securities used to be run and I think FCNZ are leaving themselves open in terms of some of their actions being potentially actionable, although I am pretty sure deep in the fine print of their client service agreement somewhere they have reserved the right to use whatever discretion they see fit with any order.

Twice I have placed orders with a limit whereby an immediate fill was possible and they have used discretion such that the order fill was materially slower, in one case over 4 hours slower than it could have been. In both cases I printed out a copy of my order instructions and a copy of the subsequent depth showing how they had processed my order so I had evidence if I needed to take action against them for losses incurred due to their discretion. In both cases my orders were filled at no loss to me, one at 1 cent higher so I was $200 better off but that's not the point...an instruction to act is exactly that not as instruction for them to use their discretion as and when they see fit. My point is I made myself ready with printed copies of information with documentary evidence for a dispute with them if I had of suffered loss and recommend others follow suit.

All that said, FCNZ needs to be aware that there is widespread resentment for how they are actioning orders...how do we go about expressing that, that is a key question ?
Shall I start a poll asking if people want immediate order execution if the order is capable of same or want FCNZ to exercise discretion ?
I could then e.mail Fiona McKenzie with a link to that poll ?
Good idea ?

Great plan.

[Beagle]

Thanks for the encourage encouragement forest. If someone could remind me what Fiona's email address is I'll get on to this.

[JoeGrogan]

This discretionary nonsense is a radical departure from how ANZ securities used to be run and I think FCNZ are leaving themselves open in terms of some of their actions being potentially actionable, although I am pretty sure deep in the fine print of their client service agreement somewhere they have reserved the right to use whatever discretion they see fit with any order.

Twice I have placed orders with a limit whereby an immediate fill was possible and they have used discretion such that the order fill was materially slower, in one case over 4 hours slower than it could have been. In both cases I printed out a copy of my order instructions and a copy of the subsequent depth showing how they had processed my order so I had evidence if I needed to take action against them for losses incurred due to their discretion. In both cases my orders were filled at no loss to me, one at 1 cent higher so I was $200 better off but that's not the point...an instruction to act is exactly that not as instruction for them to use their discretion as and when they see fit. My point is I made myself ready with printed copies of information with documentary evidence for a dispute with them if I had of suffered loss and recommend others follow suit.

All that said, FCNZ needs to be aware that there is widespread resentment for how they are actioning orders...how do we go about expressing that, that is a key question ?
Shall I start a poll asking if people want immediate order execution if the order is capable of same or want FCNZ to exercise discretion ?
I could then e.mail Fiona McKenzie with a link to that poll ?
Good idea ?

What is the justification for having FCNZ be able to exercise discretion?

I have found myself placing orders over the phone this week because of orders not executing on time. I predominately day trade so being able to execute orders in a timely fashion is pretty key.

[Beagle]

What is the justification for having FCNZ be able to exercise discretion?

I have found myself placing orders over the phone this week because of orders not executing on time. I predominately day trade so being able to execute orders in a timely fashion is pretty key.

I suggest you ask them !