Forum Archive Index - February 2000

[Sarah Corkill <Sarah.Corkill@directbroking.co.nz>]

Dear Robert,

Under NZSE Rules and Regulations Brokers are allowed to 'cross' stock
between the hours of 3.30pm and 4.00pm (the 1/2 hour after the market
closes)
There is nothing dodgey or illegal about this.  Quite frequently the market
may just close too early so a phone call is what is required to get the
transaction comleted and reported to the market.

As an example, you ring your broker @ 3.27pm and want to buy 5t FLP @ 1.20
as you are convinced they are going to go up tomorrow and want them at 1.20.
The market closes as your order is about to be transacted  Your broker gets
on the phone and rings the broker at the top of the cue to sell FLP @ 1.20
and asks if her client can have them.  The answer is yes so the transaction
is reported to the market @ 3.35pm. Everyone is happy and nothing untoward
is going on.

Hope this makes it alittle bit clearer.....

Kind regards,

Sarah Corkill
Direct Broking





-----Original Message-----
From: Robert Nottage [mailto:robnottage@yahoo.com]
Sent: Wednesday, 2 February 2000 15:58
To: sharechat@sharechat.co.nz
Subject: [sharechat] "Extra buys" of AQL after closing time


I noticed today (on the DFM site)that after AQL closed
at 0.18 for the day, there were two "extra" buys
recorded at 3.34pm of 10,000 shares at 17.9, and at
3.43pm of 8514 shares at 17.8. 
I thought that when the stock market closed at 3.30pm,
no more shares could be bought.  Is it just the
brokers balancing up their books or are we operating a
really loose stock exchange in NZ?
Can anyone shed any light, or shall we pass this one
on to the Securities Commission?
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