Forum Archive Index - June 2002

[hugh webber <hugh.webber@clear.net.nz>]

Yours truly took a day's annual leave from work today to 
use Web-Broker (which didn't really work a couple of years ago)
to sell some shares.

Oh, no problems said Web-Broker, we've improved the system a
lot since then in terms of being user friendly and quick response.

Ok, I said and got into it about 9ish.
At first it went swimmingly, found my way in easily,
placed the order giving all the details incl shareholder number, PIN, blah, blah
Confirmed order and there was it was on the screen.

Then the delays started - half an hour or so and it was Open order status 
and then a note that my shareholding couldn't be verified due to the 
registry being "Off-line".
Hour or two later and they had "verified my shareholding" (as if I had tried to
cheat them by selling shares I didn't have) and finally "Accepted".

I had taken the precaution of making my limit the price at which shares 
had gone through the last few days and rather less than half the avge daily 
turnover.

I kept a watch both on teletext and the screen - not much turnover in the 
morning,
Ok, I had previously noted it usually went through in the afternoon.

So I was stoked when I saw some large turnovers go through and thought,
ah mine must be in there. But, hour after hour after hour the status of my
order never changed from Accepted to Traded, not even for a minor turnover
of part of my order.

Finally after the close of trading I rang up.
Me: Does the system not work on first in the queue gets sold?
Web-Broker: No, if one broker has both buy and sell orders these get satisfied
even though others were earlier in the queue.
Me: How come my order is not even nibbled at after being up all day?
Web-Broker: Oh there were others in the queue before you.
Me: Even though I was in right at the beginning of the day?
Web-Broker: Yes.
Me: I see the price declined slightly right at the end of the day, does this 
mean
I should now amend my order in order to sell?
Web-Broker: No, it should go through tomorrow, it was only a very small number 
of
shares at the end of the day.
Me: Well I'm afraid I have to go back to work tomorrow....should I now give up?
&&&.

At the end of the day one is left with questions such as does the NZSE really 
work, 
who does it work for, now I know how to spell Mickey Mouse, why not just lie on
my back and let myself get ripped off for a few thou by a large broker again....

Grump. :-(

Hugh

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