Forum Archive Index - June 2002

["Craig Hoskin" <craig@infobahnz.co.nz>]

Title: RE: [sharechat] The Iniquities and Inequities of attempted buying/selling on the NZSE by computer

|
|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 you dont have access to market depth?  You dont know where yours site in the depth?

|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.

Depends where U are in the queue

|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.

Huh ... weird.

|Me: How come my order is not even nibbled at after being up all day?

You weren't at the head of the queue

|Web-Broker: Oh there were others in the queue before you.

Correct

|Me: Even though I was in right at the beginning of the day?
|Web-Broker: Yes.

Market Depth doesn't get reset does it? ... unless, like on the ASX, a share goes ex div, or ex bonus etc.  So doesn't matter when you place your order in the morning .. you could be behind 5000 others who placed there orders x months ago.  Or is the NZSE different from the ASX?

|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.

Hmmm ... ask him if he will gaurantee that :-)

|Me: Well I'm afraid I have to go back to work
|tomorrow....should I now give up?
|&&&.

Why not sell at market rather than at Limit.... if you want to get rid of the shares?  Of have I totally misunderstood your posting?