Forum Archive Index - February 2000

["Tony Haddon" <haddon@ihug.co.nz>]

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10 February 2000

Mr Eion Edgar

Chairman

NZSE

c/o Forsyth Barr Ltd

Po Box 1205

Dunedin

Dear Sir,

re NZSE service

 

I am writing to express my frustration at the position taken by the NZ Stock Exchange over the provision of live market depth information by brokers to clients via the internet. Exchange management appears to believe that market depth is of no interest to retail investors.

I am a retail client of an Auckland internet broker, have been for 18 months. I am not a high net worth individual, nevertheless I am trading for a living, working from a corner of my lounge, my contract notes now fill two Eastman binders.

The notion that market depth information is of no interest to me is quaint to say the least. I believe the real reason for NZSE's reticence are : professional conservatism..."how could Joe Blow possibly know enough to be able to make use of this ", and the possibilty of employment issues with the advent of a wiser market.

The fact is, the wiser market is here, I for example can access any information I want at any time from ASX, make a decision, and act on it. As in fact I have been doing for six months now. I am progressively moving my funds across the Tasman. I am not alone.

Asking my broker for a preopen market depth snapshot via email or telephone is one thing, but actually getting it cheerfully and in timely manner is another thing, something to do with all his other trading clients clamouring as well I suppose.

Why is the exchange making such a big deal about allowing broker members to disseminate their own information as they wish ?

I implore you, as Chairman of the Board, to revisit this simple, little issue that means so much to all us little traders.

 

 

Regards

 

Tony Haddon