sharetrader
Page 1 of 2 12 LastLast
Results 1 to 10 of 17
  1. #1
    Banned
    Join Date
    Nov 2016
    Posts
    173

    Default Direct Broking Stuff Ups

    What a joke is Direct Broking. All day they have failed to put up ASX announcements on the Quote and News screens. This morning well after the ASX open, I sent an email to them about some missing announcements and was told that that they had an outage with the ASX feed and had fixed it before the market opened. Lies and more lies. The screen shot that I sent to them proved it. I am still finding ASX shares that I track with news missing, even at this hour of the day.

    This is not the first time that Direct Broking has stuffed up with various kinds of problems with the ASX feed. In fact it is far too frequent and has been pretty bad since they took over from ANZ Securities.

    Then they say that Issuer Sponsored transactions will not be supported going forward. Once they do that I will be forced to quit them, and the way it is going - good riddance. However, I would prefer to stay if they can also improve their reliability.

  2. #2
    Member
    Join Date
    Mar 2013
    Location
    On the road 24/7/365
    Posts
    96

    Default

    Quote Originally Posted by SilverBack View Post
    What a joke is Direct Broking. All day they have failed to put up ASX announcements on the Quote and News screens. This morning well after the ASX open, I sent an email to them about some missing announcements and was told that that they had an outage with the ASX feed and had fixed it before the market opened. Lies and more lies. The screen shot that I sent to them proved it. I am still finding ASX shares that I track with news missing, even at this hour of the day.

    This is not the first time that Direct Broking has stuffed up with various kinds of problems with the ASX feed. In fact it is far too frequent and has been pretty bad since they took over from ANZ Securities.

    Then they say that Issuer Sponsored transactions will not be supported going forward. Once they do that I will be forced to quit them, and the way it is going - good riddance. However, I would prefer to stay if they can also improve their reliability.
    I noticed that this morning too and I agree, ever since the changeover there have been way too many stuff ups for my liking. I didn't know they weren't going to support issuer sponsored transactions going forward. What an inconvenience that is! Another inconvenience for me is that they still don't allow you to set up a stop loss for ASX listed shares. At least I don't think they do?

    So where are we going to move to SilverBack? Anyone got any recommendations for online brokers that support issuer sponsored transactions, allow stop losses to be set up on ASX listed shares and hopefully has less problems than Direct Broking?

  3. #3
    Banned
    Join Date
    Nov 2016
    Posts
    173

    Default

    Quote Originally Posted by BobbyMorocco View Post
    I noticed that this morning too and I agree, ever since the changeover there have been way too many stuff ups for my liking. I didn't know they weren't going to support issuer sponsored transactions going forward. What an inconvenience that is! Another inconvenience for me is that they still don't allow you to set up a stop loss for ASX listed shares. At least I don't think they do?

    So where are we going to move to SilverBack? Anyone got any recommendations for online brokers that support issuer sponsored transactions, allow stop losses to be set up on ASX listed shares and hopefully has less problems than Direct Broking?
    The problem is, so far as I can determine, no other online broker in NZ supports issuer sponsored buys either. ASB Securities let you sell ISP shares if you ring them to place the order but buys are through Chess. OM Finance only do Chess and their rates are higher. ASB let you do a Stop Loss sell, I have not checked out OMF. ASB do not give a recent history of transactions whereas Direct Broking do, and I find that very helpful sometimes.

  4. #4
    Member
    Join Date
    Mar 2013
    Location
    On the road 24/7/365
    Posts
    96

    Default

    Quote Originally Posted by SilverBack View Post
    The problem is, so far as I can determine, no other online broker in NZ supports issuer sponsored buys either. ASB Securities let you sell ISP shares if you ring them to place the order but buys are through Chess. OM Finance only do Chess and their rates are higher. ASB let you do a Stop Loss sell, I have not checked out OMF. ASB do not give a recent history of transactions whereas Direct Broking do, and I find that very helpful sometimes.
    Mhmmm it seems they all have their advantages and disadvantages. I'd be happy enough to stick with Direct Broking for now but not being able to set up a stop loss for ASX listed stocks does my head in! I'm going to look into opening an account with Interactive Brokers for my ASX trades. I'll save money on commission by using Interactive Brokers and it seems easy enough to open an account with them.

  5. #5
    Member
    Join Date
    Mar 2013
    Location
    On the road 24/7/365
    Posts
    96

    Default

    More stuff ups with Direct Broking today. This morning I cancelled a buy order of mine. It took them over five minutes to make the change and in that time my order was filled. So now I have some shares that I decided I didn't want to purchase.... and of course now that I've purchased the price is going down!

    How long do you think is a reasonable time for them to take action on a cancelled order?

  6. #6
    2019 NZ Stock Picking Winner silverblizzard888's Avatar
    Join Date
    Oct 2013
    Posts
    1,132

    Default

    Tried buy ASX orders in the platform took 5-10 minutes and on sales took 15 minutes, extremely slow to get done. By far the slowest platform I've used and as mentioned can;t have that if prices are moving in seconds.
    Last edited by silverblizzard888; 01-08-2019 at 01:04 PM.

  7. #7
    Member
    Join Date
    Mar 2013
    Location
    On the road 24/7/365
    Posts
    96

    Default

    Yeah the sooner I switch from them the better! Currently down more than 10% so I'm not impressed. I expect I'll be underwater for a few days or so but it is volatile though so it still could close higher at the end of the day. Here's hoping it turns out to be a good thing.

  8. #8
    Legend peat's Avatar
    Join Date
    Aug 2004
    Location
    Whanganui, New Zealand.
    Posts
    6,435

    Default

    Quote Originally Posted by BobbyMorocco View Post
    More stuff ups with Direct Broking today. This morning I cancelled a buy order of mine. It took them over five minutes to make the change and in that time my order was filled. So now I have some shares that I decided I didn't want to purchase.... and of course now that I've purchased the price is going down!

    How long do you think is a reasonable time for them to take action on a cancelled order?
    Its hard to say, depending on how busy things are, but I personally don't think 10-15 minutes would be too unreasonable.
    It doesn't seem fair to me for you to blame them for being 10% down. If you didn't want them you should have sold immediately and taken the hit. Any loss greater than that is the result of your decision to hold.
    For clarity, nothing I say is advice....

  9. #9
    Guru
    Join Date
    Feb 2005
    Location
    Auckland, , New Zealand.
    Posts
    3,227

    Default

    Quote Originally Posted by peat View Post
    Its hard to say, depending on how busy things are, but I personally don't think 10-15 minutes would be too unreasonable.
    It doesn't seem fair to me for you to blame them for being 10% down. If you didn't want them you should have sold immediately and taken the hit. Any loss greater than that is the result of your decision to hold.


    It is an online system and action should be immediate without any manual input required.

    The problem with Direct Broking is it is now a poor cousin to it's full service brokerage. Thus we are the poor second cousins and treated accordingly.

    There is room for another independent online broker in NZ with no affiliation to a brokerage.

    I would be organising a meeting with DB if I was BobbyMorroco.

  10. #10
    Advanced Member
    Join Date
    Feb 2011
    Location
    Wellington
    Posts
    2,451

    Default

    Peat 10-15 minutes to get an order to market is a disgrace . A pigeon would be faster ... do you think the traders at CS Aubergine or whatever the name is would accept this from counterpartys ?
    I also thought it was an exchange rule if given an order to take it to market , a 15 minute delay could be a dollar in a stock like ATM .
    Last edited by stoploss; 01-08-2019 at 05:47 PM.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •