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Thread: Direct Broking

  1. #21
    Marketing Manager, Direct Broking Ltd
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    Default sweet

    thanks for letting me know

  2. #22
    SRV is a God STRAT's Avatar
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    Default

    Im starting to feel like one of the team

  3. #23
    SRV is a God STRAT's Avatar
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    Default

    Quote Originally Posted by STRAT View Post
    Im starting to feel like one of the team
    How about a staff discount?

  4. #24
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    Wink

    Hey strat, I telephoned DB about the same time you posted your message yesterday, after waiting for most of the 1st hour ASX trading for the site to 'come right'- The dealer I spoke to at that stage wasn't aware of the problem, but checked, agreed, & said he'd get it right. (Good guy Johnny) Now I think I may have been first, so if you get a staff discount I want one too! They do a pretty good job at DB, guess yesterday could have unearthed some system issues!

  5. #25
    SRV is a God STRAT's Avatar
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    Quote Originally Posted by doon View Post
    Hey strat, I telephoned DB about the same time you posted your message yesterday, after waiting for most of the 1st hour ASX trading for the site to 'come right'- The dealer I spoke to at that stage wasn't aware of the problem, but checked, agreed, & said he'd get it right. (Good guy Johnny) Now I think I may have been first, so if you get a staff discount I want one too! They do a pretty good job at DB, guess yesterday could have unearthed some system issues!
    Ive always found them good too other than the odd server problem or what ever it is/was. Im surprised when you called they were unaware though
    I guess that makes you and I the DB guinea pig and the DB lab rat

  6. #26
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    Default

    I am getting sick of the these outages and slow motion DB website.......not updating my buy/sell orders and not showing partial trades "VERY soon" after they occur.

    DB have to lift their IT game here!

    Hawke.
    “For me life is continuously being hungry. The meaning of life is not simply to exist, to survive, but to move ahead, to go up, to achieve, to Win.”

  7. #27
    Marketing Manager, Direct Broking Ltd
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    Default thanks

    the feedback is appreciated. We are working on a permanant fix as previously advised. Because the data feeds aren't completely under our control it take a bit more time than we would like . But yes we will be lifting our game on this and some other critical bits to follow.

  8. #28
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    Default

    Hi Julian,

    Thanks for responding to we -the DB Clients.

    I trade regulary (credit client by net and phone) and have paid thousands in brokerage fees your way- and I am pretty happy with most of the service I have got from your company- infact great service! The Website is the main concern recently.

    Two other areas I would appreciate answers on please-

    1. I trade ASX companies a lot- I am concerned at the exchange rate spreads I have seen. When trading the same company especially within hours/same day the buy and sell AU forex rates seem very wide (Eating up profits on slim trades).
    This only leaves me with the impression that either DB or your bankers/owners (ANZ??) are rampantly profiteering from Clients foriegn trades.
    Given that the NZD is one of the most highly traded world currencies (given our small size) -Surely there is plenty of currency liquidity to pass to clients the good service of very tight Buy/sell forex rates? This would encourage more trading- If you announced the tightest Forex margins around -I am sure!
    A past broker showed the live BUY/SELL rates for AU forex/share trades - THIS would be a be a good aspect to view live.
    I am not interested is using and AU dollar account.


    2. Please confirm to all here that in the event of major financial meltdown- that all client funds are guaranteed by your owners -ANZ? As best a guarantee as a major bank can make anyway.
    This given many here are past Access Brokerage clients and we were hung out to dry for some time while we had funds frozen and and uncertain- untill the BNZ were guilted into repayment of funds.

    Full answers are much appreciated in advance and I am sure will be closely followed by hundreds of your cleints here.

    Kind Regards,
    Hawke.
    Last edited by Hawke; 24-01-2008 at 06:52 PM.
    “For me life is continuously being hungry. The meaning of life is not simply to exist, to survive, but to move ahead, to go up, to achieve, to Win.”

  9. #29
    Marketing Manager, Direct Broking Ltd
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    Default Hi Hawke,

    Hey thanks for the business.

    First up, our parent company allows DBL to operate very separately from their own marketing, products and pricing teams. They are very good owners actually, allowing us to retain separate structures and governance. They want to retain the ability to push boundaries - talking to you in a public forum.

    1. Our spread is set from two principal factors - to be competitive and to alleviate currency risk. And then hopefully, there is some profit at the end.
    - We monitor what our broker competitors charge and I can happily say we are cheaper and try to maintain this position.
    - With currency risk; our spread isn’t completely live but the price updated frequently throughout the day which means there is currency risk for us; the highest being on T+3 payment options which only DBL provides. Fluctuations over 3 days can be wild with the NZD so we are exposed in a positive or negative way on any trade. We can and do get affected in the negative but on balance the current spread allows us to hedge against that from becoming an issue.
    - And yes we do try to make a profit from it. That is why we are here.
    So without some form of AUD currency account I don’t have room to help you here but at least you know our honest position on it.

    2. ANZ does not guarantee the funds as a bank deposit.
    - Never has, never will.
    - We do have separate governance; operate under exchange rules and different laws of the land from the bank. There is investment risk which is for you and your advisors to judge. Please read the investment statements available here. https://www.directbroking.co.nz/dire...unt_180907.pdf.
    - Is it relatively more or less than any other broker account? Again, for you or your advisors to judge . We're purely executionary, not advisory, which allows us to be a cheaper option for you to trade.

    So your initial comment does beg the question that we have been discussing at DBL for a while.

    For the average day trader, what sort of package would you like to see from us?

  10. #30
    Marketing Manager, Direct Broking Ltd
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    Default Saturday outage

    Just to let everyone know there will be an website outage for upgrades tomorrow (Saturday) around noon to help alleviate speed issues. Should take about an hour.

  11. #31
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    Default

    " With currency risk; our spread isn’t completely live but the price updated frequently throughout the day which means there is currency risk for us; the highest being on T+3 payment options which only DBL provides. Fluctuations over 3 days can be wild with the NZD so we are exposed in a positive or negative way on any trade. We can and do get affected in the negative but on balance the current spread allows us to hedge against that from becoming an issue.
    - And yes we do try to make a profit from it. That is why we are here."

    Julian if the currency risk is increased due to T+3 then why the need for T+3? I would be more than happy to have all transactions actioned on the day of trade.

    Thank you for keeping us up to date.

  12. #32
    Marketing Manager, Direct Broking Ltd
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    Default t+3

    T+3 is the market default settlement period. Changing it requires agreements between brokers and adds to the cost of doing business (extra administration) which we would pass on.

    And our extending payment until settlement is a unique and popular feature of our service. We would upset more customers than we would make happy. The majority rules as we can't be discount and tailored at the same time.

    So between the two, it's a very difficult nut to crack.

  13. #33
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    Default

    777 Use a macquarie call account in aussie dollars then you can then do the payments when exchange rates especially if you do payments and withdrawals through Direct Broking I use this sometimes by buying shares in aussie dollars from an australian account and selling in nz dollars other times I just make withdrawals through Direct Broking This is much better than an online transaction through from ANZ aust to ANZ nz
    Possum The Cat

  14. #34
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    Default

    JulianG is there a buy AND sell rate shown somewhere on the site? I see one rate (under Rates tab I think) but am never sure how this applies to buy and sells of foreign currency. I understand a mid point is used? Is this what is shown on the rates sheet?
    Last edited by Jess9; 25-01-2008 at 12:43 PM.

  15. #35
    Marketing Manager, Direct Broking Ltd
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    Default spread

    Sorry it's taken a bit of time to get this straight.

    I see everyone's point, we need to figure out how to communicate the trade rate (yes it's worked off the midpoint at the time). But the issue is that the rate you see when you book the trade, may not be the rate you get when the trade takes place. In terms of deterimental effects, that could go both ways. You find out the actual rate on the contract note as you know. I think we need to work out how to do this but it's more complicated than an instant answer. I've sent it to the right people to work on a solution, including speeding up the trades going into the market so the entire chain works.

    In the meantime, if you need to know the rate at that minute you should ring.

  16. #36
    SRV is a God STRAT's Avatar
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    Great pro active effort Julian. Telecom could learn a lot from you.

    My question/request is of a more simple nature. Is it possible to set up the personal portfolio page on your site to allow clients to add stocks? Currently we can only delete them which means a company with a name change ( ASX ) does not get updated rendering the page incomplete and no longer useful.

  17. #37
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    Default

    Thanks JulianG, much appreciated.

    J9

  18. #38
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    Default

    Quote Originally Posted by STRAT View Post
    Great pro active effort Julian. Telecom could learn a lot from you.

    My question/request is of a more simple nature. Is it possible to set up the personal portfolio page on your site to allow clients to add stocks? Currently we can only delete them which means a company with a name change ( ASX ) does not get updated rendering the page incomplete and no longer useful.
    STRAT - Can't you just use the "New Movement" button at the top right of the portfolio screen?

  19. #39
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    Default

    Hi Julian

    I can no longer access the DB website.

    I long on and get this.

    "We need you to choose a new password before you can continue. This is either because this is the first time you have signed on or your password was reset by Direct Broking."

    When I try a new password the stupid website won't accept it.

    Why even bother resetting clients password?
    The "upgrade" is a disaster!
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

    The information you have is not the information you want.
    The information you want is not the information you need.
    The information you need is not the information you can obtain.
    The informaton you can obtain costs more than you want to pay.

  20. #40
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    Default

    I have three DB accounts and they all log on OK so not all clients affected.

    Note though that the call account interest has dropped a couple of points to 7.4%.

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