Forum Archive Index - July 2000

["Sarah Corkhill" <sarah.corkhill@db.com>]

Hi Warner,

NZSE Members get  market depth & quote informtion from their trading screens.
Members pay a charge per month for each trading screen and each enquiry screen 
and they
pay per trade everytime a trade is matched.  Members don 't pay for each 
individual quote or for
every piece of information they look up on one of these screens.
Members do pay for information that is displayed on their webpages if it is 
'live' quotes and
'live' company announcements.  If market depth becomes available via the 
internet then members
will have to pay to provide that servie to their clients as well.  At this 
point in time members absorb
the cost of providing live quotes to their clients and it is available 'free' 
to clients with a log in in most
cases.  If market depth information is made available via the internet then it 
will be up to each
broker whether or not they past this cost onto their clients.

Market depth is not inside information - it is information that is available to 
brokers.
Market depth is available to anyone that wants to spend any length of time in 
their brokers office viewing
an enquiry screen.  If market depth is made available via the internet what it 
will not do is enable people to see which
broker is bidding or offering the stock.  This sort of information isn't 
available on the Australian market either.
Market depth is not something that is being suppressed by the NZSE to try and 
disadvantage investors.

Remember that market depth is only an indication and not all bids and offers 
are displayed at all times.
Large orders are often left out so as not to scare the market and if you've 
ever spend alot of time watching
smaller Australian companies trading then you would have noticed large,  often 
undisclosed, orders being
added and removed without ever being filled which can be very confusing when 
trying to get a 'feel' for demand
in a particlar stock.

Kind regards,

Sarah




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