Forum Archive Index - June 2002

["Nick Kearney" <nickk@quicksilver.net.nz>]

I've used web broker for about 2 years.  Never had these problems.

I have always found it to be a good system.

nk
----- Original Message -----
From: "Emerald Group" <emerald.co@actrix.co.nz>
To: <sharechat@sharechat.co.nz>
Sent: Thursday, June 13, 2002 7:03 PM
Subject: Re: [sharechat] The Iniquities and Inequities of attempted
buying/selling on the NZSE by computer


> 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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