Forum Archive Index - March 2000

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

Back in February I wrote to W P Foster, MD NZSE , and Eion Edgar, chairman, re lack of market depth. Bill Foster replied within a day or two, Eion Edgar hasn't got round to it yet. I've been putting off posting the reply 'cos I don't have a scanner.......anyway here it is, any typo's are mine.

 

"Dear Sir, it is a current policy of the Exchange not to provide an electronic distribution of any pre-trade information including depth other than to member firms who trade on the Exchange.

 

We are reviewing this policy in conjunction with the introduction of direct Internet trading on the Exchange as some depth information will be needed to assist persons placing their own orders directly.

 

In the meantime, you should be aware that the information does not belong to any one member firm, since they all contribute to it collectively by submitting their own orders and orders from their clients. We have no restriction of their distribution of their own information as they wish, but it is not unreasonable to approach the distribution of information gained collectively through the function of the Exchange in a thoughtful manner, rather than simply to provide it just because some clients would like to receive it directly and do not feel they are being well serviced by their NZSE member firm. Under the Rules, Regulations and Code of Practice of the Exchange, NZSE member firms play an essential and important role as intermediaries and counterparties to the market and we are concerned to ensure that direct access by clients does not impact on the integrity of the market and its efficient operation.

 

I can assure you that there is no professional conservatism or patronisation of client competence underlying the development of the policy.

 

 

Y.f

 

W P Foster   M.D. "

 

My reaction...yeah, right....and naive or not, I do not have a particularly high opinion of people like  Eion Edgar who do not answer their mail. 

 

Is it time to consider forming an "action group" of some sort to promote our interest to the NZSE ?

 

 

Regards

 

Tony Haddon