Forum Archive Index - February 2001

[Adam Rands <adamlist@iguana.co.nz>]

In the past 4 months over 350 emails have been sent to Bill Foster via the 
stocknessmonster.com website.

Bill Foster gets on average about 4-5 emails a day requesting action on the 
depth issue.

I really don't think he is listening.

I personally have canvassed the NZSE for the last four years to provide 
market depth.

I have given up!!

There were rumors around they were going to provide first level depth 
(whopdee!) with the introduction of Efaster (another ill conceived 
development the NZSE have undertaken) however this appears to be on the 
back burner.

My view is no progress will be made on this issue until there is a change 
of management within the NZSE. (or the exchange is taken over)

Anyway.. Some quotes from stocknessmonster

*******
I am a user of Stock Ness Monster (http://stocknessmonster.com) where I can 
view depth information for ASX stocks but not for NZSE stocks.
I can enquire about depth information over the phone to my broker; why 
can't I see it online?
This is absolutely insane.
********

*******
I demand an explanation of why this information is specifically withheld 
from retail investors online, why the NZSE has made a stand on this issue 
and feels it necessary to ban this information from the internet.
The only course of action for me if changes are not made is to invest 
elsewhere, which will contribute to the already sorry state of the NZSE.
*******

*******
I can enquire about depth information over the phone to my broker; why 
can't I see it online? This is a sample letter but if i had written it 
would be worded far more strongly. I think it is criminal that 
institutional investors are entiltled to information the general public are 
not. I trade both the asx stocks and nzse on a regular basis and frankly 
find it an absolute pain in the butt that i cannot access the depth market 
especially when i know it is possible to do so. Please would you reconsider 
your position on this matter
*******

*******
Because of the NZSE patronising attitude in not providing this service I 
will only buy stocks in countries other than N.Z.
Please wake up and provide the service the progressive exchanges do.
******

******
In this day and age of internet based investing the NZSE view of open 
access to all market investors, irrespective of whether thay are 
institutional or retail, is backward thinking. If the NZSE believes that is 
a operating a truely free market platform for investment capital then it 
should provide open access. You can correct If I am wrong but an open 
market means that information on the activity of the market is available to 
all.
The NZSE's comment that \"depth-of-market is an institutional tool not 
required by the retail investors.\" clearly indicates that it is 
running one informed market for one type on investors and another for the 
rest.
I assume the NZSE view is based on the premise that the depth of market is 
a revenue generation tool for it.
Just another barrier created by the NZSE......
******

As a consequence of no depth being available online and the expense of 
constant contact with brokers chasing possible trading oportunities my 
trading partners and myself regretfully cannot profitably trade on your 
exchange in the simple manner we currently trade woldwide. Smaller markets 
such as NZ must open up access to depth to have a fully informed and liquid 
market so smaller / meduim traders who are active can on one screen make 
informed decisions. Frankly the hassle is not worth the trouble.
Will also forward this to my AUS broker with a NZ office who currently 
services all those expats and is sick of quoting markets depth
Scorecard for January
Philly 21 trades
ASX 41 trades round turn
SFE 14 trades
Nasdaq 4 trades
NZFOE 1 Trade
NZSE Big Zero




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