Direct Broking - fee increase

[rmbbrave]

I just got this email from Direct Broking.

Which is th cheapest online broker now?

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We would like to advise a slight brokerage rate adjustment effective Wednesday 7 February 2007.

The rate affected is the DIY Call Account Internet Rate.

The current rate is:

New Zealand Trade Value up to NZ$25,000, brokerage of NZ $29.90

Balance of trade value over NZ$25,000 0.20%

The new rate will be:

New Zealand Trade Value up to NZ$15,000, brokerage of NZ $29.90
Balance of trade value over NZ$15,000 0.20%

Please note: All orders (partial and full) placed into the markets provided by NZX prior to Wednesday 7 February 2007 will attract the current brokerage rate. All new orders and modifications to old orders placed into the markets provided by NZX on or after Wednesday 7 February 2007 will attract the new rate.


All other rates remain the same. If you have any questions in regards to this adjustment please feel free to call our Faster Dealers on 0800 805 777


Kind regards


Nigel Wynn
Managing Director
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[rmbbrave]

This what ASB charges

http://www.asbsecurities.co.nz/section871.asp?

Brokerage rates - online share trading services

0.3% with a minimum of NZ$30(includes the NZX Trade fee of $4.50 incl.GST) per trade

[Toddy]

Rmbbrave

So, before a $25k trade was $29.90
Now a 25k trade is $49.90

I guess that this is the ANZ Bank influence coming on board.

I'll call them tomorrow and ask them to explain why they are now trying to screw a long term customer.

[exposed]

yes all online brokers have increased fees big time,

I WOULD SUGGEST A BROKER IN AUSTRALIA IF YOU TRADE ALOT.

very cheap now compared to nz.

[Ttops]

Hi rmb
Trades equal cost at $11467 between ASB and Direct. Direct cheaper for bigger trades ASB cheaper for smaller trades.If my maths is correct? Certainly cut back the advantage of being with Direct. A bit rougher on the traders for sure but was expected as you say Toddy once ANZ got involved.

[lager]

There is not much competition out there. Access Brokerage use to be the only 'competition'.
Good idea for someone to startup another online trading site.

Anyone out there keen?

[lager]

http://www.traderdealer.com.au/clients/fees.php
AU$33 up to AU$200K per trade.

[exposed]

So Lager $33 to 200k compared with nz brokers $600 for the same deal

WHY ARE THEY SO MUCH MORE?

beats me other than just ripping you off comes to mind

[gisborne_gold]

...and TD Ameritrade in the states US$9.99 per trade...and even that's up from the $8 per trade that Ameritrade launched with, before merging with TD Waterhouse.

[Bling_Bling]

Inflation !

You stingy buggers. My broker charges me 1%.