ANZ Securities - newbie

[t.rexjr]

Oh really. So what we seen with ATM the other day, if I do a BUY and see the price changing it would be delayed with ANZ? I don't usually do that but it's something to note.

So what is the private client account then? I have that also. I imagine one would just use the OMCA NZD right.

I like at least with ANZ how you can get quotes with US stocks and there is a BUY button online.

Yes with ANZ there is a delay so in a pressure situation like the other day with ATM that could mean your more likely to miss your price point than with ASB securities. I agree with 777. Other than that particularly slow trade I mentioned, the longest it would normally be is 3-4 minutes with money available a few minutes after that. Too slow when opperating as a trader in my opinion so I trade through ASB and my investment Portfolio is with ANZ where speed is less vital. I do find ANZs market data is better though so there are benefits. I tend to do most of my tracking on ANZ for that reason

Not quite sure what you mean by the private client account. On ANZ Securities I have the OMCA which is the settlement account and the trading account which tracks the pre-settled trades. I assume you may mean the private account they set up with ANZ bank? Remember ANZ Securities and bank are seperate things. So to get money to a third party bank it seems that you must withdraw it from your OMCA account, deposit it into your ANZ bank account then repeat the process to your other banks account. I’m not sure if you can load your other banks account in as an option direct from the OMCA. I had a look a while back and couldn’t see how youd do that so the couple of times I’ve transferred money out I’ve had to go through that crazy ordeal.

if you time it right you can get money into your other banks account that same day now that banks are processing their transaction more frequently. I know Westpac process hourly now.

Anyway, as it sounds like you’re coming from using the ASB system be prepared to be mildly frustrated with the comparative efficiency...