Forum Archive Index - February 2000

["Damian Feuilherade" <Damian.Feuilherade@telecom.co.nz>]

This is good Tony..... is there any way we could all get some sort of petition 
going ..... I would be more than willing/happy to put my signature on a letter 
the likes of the one below.  The logistics of getting a letter around like that 
would be an issue though. Would an electronic petition hold any water? Any 
ideas out there, or should I drop this idea ????

>>> haddon@ihug.co.nz 02/10/00 11:34 >>>
____________________________________________________________________________

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



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