Forum Archive Index - July 2000

[Peter Hansen <peter.hansen@access-brokerage.co.nz>]

For what it's worth - Access Brokerage is a firm advocate of the open 
availability of market depth and we have made our views known to the NZSE 
on a number of occasions over the last 18 months.

It is our experience that real time quotes provide insufficient detail for 
the purposes of most experienced investors.  In fact, with no indication of 
the volume on bid or offer, quotes alone can generate unrealistic 
expectations that trades will be completed at the prevailing price.

The fact that most of our internet clients phone us to find out the depth 
of the market prior to placing a trade via the net tends to make a mockery 
of the present policy (especially given that we provide ASX depth on our 
site).

This is our view - we can't speak for other brokers.

Pete Hansen - Access Marketing Manager

-----Original Message-----
From:   Graeme Christie [SMTP:bayvu@ihug.co.nz]
Sent:   Friday, July 28, 2000 11:23 AM
To:     sharechat@sharechat.co.nz
Subject:        Re: [sharechat] Market Depth Peition + STP

The NZSE board will be under considerable pressure from brokers to maintain
their competitive advantage so far as market depth, extended trading  times
and pricing in fractions of a cent (we can only trade in fractions of a 
cent
under 20c as far as I know). Ben can confirm this, but I bet there aren't
too many brokers signing the petition! A new board might address the 
problem
to our advantage. It's a nuisance having to check depth all the time and I
can tell the brokers find it tedious..... Cheers
----- Original Message -----
From: "Adam Rands" <adam@iguana.co.nz>
To: <sharechat@sharechat.co.nz>
Sent: Friday, July 28, 2000 10:59 AM
Subject: [sharechat] Market Depth Peition + STP


> With straight thru processing (STP) eminent in the NZ market (within 3
> months) it is imperative that the end user is provided access to market
> depth.
>
> How can they (NZSE) expect an investor to place an order and have it
> executed (via STP) without displaying the market depth to the user.
>
> By not supplying depth in the STP environment will distort the market and
> cause very short term fluctuations as NET based investors blindly enter
and
> exit the market. This enviably will end up costing you, the small time
> investor.
>
> Rumor has it that even with STP being introduced the NZSE appear to 
remain
> steadfast on their decision not to publish the depth to the wider
investment
> community. (outside a brokers office)
>
> Whilst the petition is an admirably idea (every one should complete) i am
> not confident that the NZSE will be supplying depth within the 
foreseeable
> future or until a change of management/board occurs.
>
> Cheers
>
>
>
>
>
>
>
>
>
>
> -----Original Message-----
> From: Ben Dutton <bendutton@sharechat.co.nz>
> To: sharechat@sharechat.co.nz <sharechat@sharechat.co.nz>
> Date: Friday, July 28, 2000 7:41 AM
> Subject: [sharechat] Last chance to fill out Market Depth Peition
>
>
> >Hi everyone,
> >
> >Today is your last chance to fill out the Market Depth Petition on
> >ShareChat.  If you haven't already, and you'd like to add your name to
the
> >petition, please go to
> >
> >http://www.sharechat.co.nz/survey/
> >
> >I'm printing off all the responses and sending them to the NZSE later
> today.
> >
> >Best Regards,
> >
> >Benjamin Dutton
> >
> >
>
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