Forum Archive Index - June 2002

["Emerald Group" <emerald.co@actrix.co.nz>]

I'm surprised that anyone would take a day of work to trade shares!  The
beauty of web-broker is that you can list your shares for sale and go back
to work.  Just because you were first on the day doesn't mean that you were
top of the list.  Sale (and buy) orders remain live for up to 14 days +.
As for the broker buying and selling for / to his own clients, I suspect
that they would say that it is effectively an off market trade - same as if
you and I came to an agreement to buy/sell shares to each other by-passing
the NZSE and the broker.  As to your broker's advice - well we all know that
brokers are only just human, and let's face it, we've all had bum steers
from brokers.  Take anyone's advice at your own peril.

Don't give up your day job!

Cheers EK

----- Original Message -----
From: "hugh webber" <hugh.webber@clear.net.nz>
To: <sharechat@sharechat.co.nz>
Sent: Thursday, June 13, 2002 5:41 PM
Subject: [sharechat] The Iniquities and Inequities of attempted
buying/selling on the NZSE by computer


>
> 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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