sharetrader
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  1. #1
    Long Member
    Join Date
    Jul 2013
    Posts
    348

    Angry ASB 'Market Discovery' issue

    Hi was wondering if anyone had encountered the following;

    ASB not executing citing 'Market Discovery' as their reason.

    Happened to me with both buys and sells whereby I enter an Order and they won't execute as the bid offer (usually the stock wil have a bid offer of roughly 19.5c-20c) and aren't prepared to let me sell out, the order won't place and the team call 10-15mins later saying its in breach of market discovery. Even more annoyingly whilst negotiating with them, both the bid and offer have been struck and I can no longer get in or out due to the remaining parcel size...infuriating and somewhat dodgy in my mind.

    I raised it with the compliance team at the NZX (I know why would you even bother) and they suggested It's an internal thing with ASB and not their problem.

    Anyone else encountered this? I've had a gutsful of ASB and going to switch to direct broking who atleast have a few more features for the exorbitant price paid per trade...

  2. #2
    Member
    Join Date
    May 2014
    Posts
    32

    Default

    I'm assuming this happens when the last close price is a fair way from the price you're trying to match.

  3. #3
    Long Member
    Join Date
    Jul 2013
    Posts
    348

    Default

    sorry should've mentioned, last close price was 20c, and the last traded price for the day was 19.5c in the above example.

  4. #4
    Member
    Join Date
    Dec 2007
    Location
    Christchurch
    Posts
    239

    Default

    I've had recent issues with ASB - margin lending fees. I've posted in the 'Investment Strategies section, so might have been better in this section.

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