Best Value Broker for Fixed Interest?

[Alan3285]

Hi All,


Just wondering who you use for buying and selling fixed interest securities (and indeed equities)?

Who is the 'best' (and why)?

Who has the best price?


Thanks,

Alan.

[Ptolemy]

Hi

I haven't done a huge amount on resarch but I can tell you that ASB Secutities charge 0.7% min $35. I had looked at Equity (IRG group) and from memory they charged over 1%. You do need to talk (call) one of their fixed interest brokers - i.e. you can't do it online.

Hope that's helpful.

[Xerof]

unfortunately, the brokerage charged by most brokers is horrendous for Fixed Interest...this is partially the reason why there is such bad liquidity in these markets.

I get charged 0.35% on each trade, which I suspect is way below the average charged.

[Alan3285]

Hi Xerof,

unfortunately, the brokerage charged by most brokers is horrendous for Fixed Interest...this is partially the reason why there is such bad liquidity in these markets.

I get charged 0.35% on each trade, which I suspect is way below the average charged.

Who do you use?

Thanks,

Alan.

[Xerof]

a close personal friend, but I had to negotiate to get that rate, mate, and it is partly based on the volume I put through them.

[GTM 3442]

I use Direct, and it varies from 0.45% to 0.75% depending on sive of order, how much I've pushed through recently, that sort of thing.

[Alan3285]

I asked ASB and they are:

Phone: 0.7% with a minimum of NZ$35.00 per trade

They do internet for shares, but not fixed interest. No idea why! For that they are slightly cheaper.

Anyone found a better deal?

Alan.

[Contrarian]

Gidday
As GMT suggests go to Direct website, they have a rates page.

They charge the same rate for T + 3

I can recommend them.

[Alan3285]

Hi Contrarian,

Gidday
As GMT suggests go to Direct website, they have a rates page.

They charge the same rate for T + 3

I can recommend them.

I had a look at their rates page:

http://www.directbroking.co.nz/direc.../ourrates.aspx


It looks like they are more expensive than ASB for trades up to $6,000, but then become cheaper.


Is there any reason why we cannot do the following?

Buy 10,000 bonds through DirectBroking (say, $10,000)

Sell 4,000 of those bonds through ASB (say, $4,100)


In other words, presumably once we have a FIN number etc we can use any broker for any trade?


Thanks,

Alan.

[Contrarian]

Gidday

With your CSN & FIN you have the power, you can do as you suggest. Although I'm not sure of the logic of two sets of brokerage, I personally just use direct as they do a good job & like you say , it depends on the value of the trade.