Online Broking: Comparing the offers
A comprehensive table comparing the online broking services.
Sunday, January 16th 2000, 12:00AM
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New Zealand offerors |
Background |
Services include |
Online charges |
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Access Brokerage: Web-Broker www.access-brokerage.co.nz
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Launched last September with flat rate for trades |
Claimed to be the most automated online service when launched. NZSE-listed stocks, ASX coming soon |
$29.50 flat rate per trade |
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Direct Broking: Direct Trade www.directbroking.co.nz |
Launched last April, website enhanced before Christmas. Online trading currently about 30 per cent of total business |
Encrypted info service, portfolio updates, real-time prices etc. NZSE and ASX. Dropped prices a couple of months ago |
NZ trades: $25 plus 0.05% if money in call account, otherwise $25 plus 0.35%. Aus trades 0.7% |
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DF Mainland: DFMtrade www.dfmtrade. com |
Online since 1996, recently upgraded and programme trading now available |
The usual, plus access to DF Mainland institutional research |
0.7% with a $20 minimum, charges reviewed monthly |
|
ASB Securities www.asbsecurities.co.nz |
ASB 's broking arm launched last August, online service available since December |
NZSE and ASX, planning US and UK listed stocks later this year |
NZ: 0.4% with $24.95 minimum Aus: 0.5% with $A39.95 minimum |
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Bank of New Zealand www.bnzist.co.nz |
Launched before Christmas, after November launch of BNZ online banking service |
Trade execution by Access Brokerage, NZSE listed stocks |
$37.50 flat rate per trade |
New Zealand investors can also trade in Australian-listed securities online via E*Trade Australia (www.etrade.com.au) and Sanford Securities (www.sanford.com.au).
Who's planning it:
Quick Broker: "Definitely" later this year says Russell Hutchinson, who's responsible for setting up www.quicken.co.nz. Australian-listed company Reckon is the licensee for Quicken financial software in this part of the world and operates Quick Broker in Australia. Hutchinson says Quick Broker currently has 12,000 clients and was recently voted best Australian online trader by a local financial magazine.
E*Trade: Alex Burt, director operations for E*Trade Australia says plans have been on the back burner thanks to Y2K issues. However, he's confident of launching here in the first quarter of this year. E*Trade will offer the ability to trade New Zealand, Australian and US-listed securities.
New Zealand Herald: Expected to offer a discount service called Quick Trade.
Merrill Lynch: This broker has gone the online route in the US recently, and is expected to do the same in New Zealand and Australia.
Charles Schwab: the biggest Internet broker in the US plans to buy half the online broking business of Australia's largest, Ecorp. A New Zealand operation could be next.
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