Jarden Direct

[Bjauck]

True, or the next or next day it might be completed, but it's not right that this investor was ahead of the queue and their order not filled. Who can explain that? And it's not right that the commission is taken on the first fill rather than the completion of the order.

There is no trading on Saturday or Sunday. The end of trading day is a bit of a wash-up period, so it is difficult on the platform to see how many “regular” trades go through.

i don’t see why they shouldn’t take their discounted fixed trading fee of $29.90 from the first trade of the order. The client could cancel the rest of the order days later, and transfer the previously reserved extra funds out of their account. $29.90 is the discounted fee they offer provided you have funds deposited to cover the cost of the order.

$29.90 is their fixed (discounted) fee for any order up to a value of about $14,950.

[kiwikeith]

There is no trading on Saturday or Sunday. The end of trading day is a bit of a wash-up period, so it is difficult on the platform to see how many “regular” trades go through.

i don’t see why they shouldn’t take their discounted fixed trading fee of $29.90 from the first trade of the order. The client could cancel the rest of the order days later, and transfer the previously reserved extra funds out of their account. $29.90 is the discounted fee they offer provided you have funds deposited to cover the cost of the order.

I think it is unfair. I did not want to buy $1,000 worth of shares, I wanted $10,000 worth. Sure, I could, as you suggest, cancel a partially filled order but that would be a risky strategy - place an order for $10,000, hoping to buy $1,000 worth and then cancel the remaining order to save a proportion of a $30 commission. I think Jarden should pro-rate the commission on partially filled orders.

The american brokers have so much lower commission on the NYSE - I don't know why NZ ones need a $30 fixed fee.

[Bjauck]

I think it is unfair. I did not want to buy $1,000 worth of shares, I wanted $10,000 worth. Sure, I could, as you suggest, cancel a partially filled order but that would be a risky strategy - place an order for $10,000, hoping to buy $1,000 worth and then cancel the remaining order to save a proportion of a $30 commission. I think Jarden should pro-rate the commission on partially filled orders.

The american brokers have so much lower commission on the NYSE - I don't know why NZ ones need a $30 fixed fee.

$29.90 is the minimum commission, you cannot save any of it. The minimum fee for a trade is higher if you do not have sufficient funds deposited to cover your order.

Lots of things are cheaper in America. The NZ stock exchange is a “bijou” small market!

If you want to ensure you get more shares then you may have to boost the price for the rest of your order, or maybe you should have offered more for the whole order. That is not Jarden Direct’s “fault”. Jarden Direct is a discount broker and not a full service broker.

Maybe sharesies would be more suitable?

[peat]

yes I had an order only partially filled at my limit price today, and probably remaining part of the order wont be filled as priced moved up , I think you have to take it on the chin Keith, if you dont want to complete the order at market.

[RTM]

yes I had an order only partially filled at my limit price today, and probably remaining part of the order wont be filled as priced moved up , I think you have to take it on the chin Keith, if you dont want to complete the order at market.

Yep I agree. It’s damn annoying tho. Wish someone like Interactive Brokers would come and play in our market. I’d be with them in a flash.

[blackcap]

I placed a buy order with Jarden on Tuesday (2 days ago) for $10,000 worth of shares. There was about $3,000 of orders in front of me at the same price when I placed the order. Today at 5pm about $150,000 worth of stock got traded at my specified price. I was expecting that my order executed in full - but no only about $1,000 of my order was executed (so there is no queueing system running on all orders). Jarden has sent me an invoice for $1,000 worth of shares and $30 commission which is 3%. It seems unfair to be hammered with this commission (high in percentage terms) when the original order was for much more.

Read the terms and conditions. It has always been like this. You get hit with the minimum bro once the order has traded, fully or partially.

As far as queing goes, they cannot place you lower in a que, however what may have happened is that the trade you saw for $150k of stock may have been between a broker that just report on market. This is totally fine. Sometimes if a stock is illiquid you have to up your price.

I do believe that Jarden allow for 30 days for a trade to be active, so there is plenty of time to get your order filled.

If you still don't like it, why not give Jarden a call and have a chat with them?

[kiwikeith]

yes I had an order only partially filled at my limit price today, and probably remaining part of the order wont be filled as priced moved up , I think you have to take it on the chin Keith, if you dont want to complete the order at market.

If I were buying Spark or meridian, I might be relaxed at placing an order at market. But for most shares on the NZX, you run the risk of a wide spread between buy and sell. eg at one point today the bid for Radius was 12.5c and the ask was 20c. Extreme example but you get the drift.

[Bjauck]

If I were buying Spark or meridian, I might be relaxed at placing an order at market. But for most shares on the NZX, you run the risk of a wide spread between buy and sell. eg at one point today the bid for Radius was 12.5c and the ask was 20c. Extreme example but you get the drift.

The NZX is a small market with many comparatively illiquid shares with small trade volumes. Especially if the depth of offers and bids is shallow and your order is comparatively large (and $10,000 could be for some shares,) you need to be pro-active, adjusting your bid or offer as necessary, with orders placed through Jarden Direct - a discount broker. Bear in mind that any shares, that are actually traded for your order, incur the minimum commission.

[Lizard]

I once got given just $10 of shares at end of day on a big spread on the last day of my order, which then expired. Taught me a lesson about the risks of orders in illiquid shares. Fortunately, I already held some shares in the company so wasn’t left with a costly problem getting rid later. Now I check depth and monitor trades closely in similar situations. Also make sure the account is funded sufficiently to move an order up if needed to complete.