You do not need to provide a shareholder number to sell shares held in custody - simply enter the stock code, quantity and price limit and click "Go".

Available markets and securities

Direct Broking clients have the opportunity to purchase and hold all shares on markets in the US and UK - NYSE, NASDAQ, AMEX and LSE.

Our online facilities currently provide the ability for clients to trade and view information for the following stocks:

US markets: top 500 stocks by market capitalisation on NYSE, NASDAQ and AMEX
UK markets: top 200 stocks by market capitalisation on LSE

A substantial order for a share that is not included in the lists above can generally be processed by our online trading system - please make an enquiry by phoning 0800 805 777.

Minimum Investment Level

An order, if filled completely, must result in a custodial position either:

worth greater than US$500.00/€500.00/£500.00
depending on the currency the instrument is traded in (for both buys and sells); or
worth US$0.00/€0.00/£0.00 (in the case of a sell)

Time of Day

You can provide instructions for an order at any time during the day (except as indicated below) and change them, via our website, before 6:00pm New Zealand Time (NZT). The time your order(s) are submitted into the applicable market is 6:00pm (NZT) each business day.

Once the orders are submitted into the market you cannot change them. If you miss the cut-off time of 6:00pm (NZT) your order will be submitted the next business day.

For the time being there will be one (1) bulk upload of all custodial orders to the applicable market each day occurring at 6:00pm (NZT). This makes the product unsuitable for anyone day-trading on these markets. It is our intention, however, to review this policy as demand for the service increases.

Amending and Cancelling Orders

You can request to cancel or amend an order by going to the "My Order" section of the website when logged in. If an amendment or cancellation is needed between the hours of 5:00pm and 6:00pm (NZT), you can submit the amendment via our website but we recommend that you call our dealing desk on 0800 805 777 to ensure that your instruction can be processed.

You should be aware that because of the process involved, cancellation or amendment cannot be guaranteed. If it is too late in the process (after 6:00pm NZT) to cancel or amend your order, it will be executed according to your original instructions.

Please refer to the table below for a simplified explanation of our instruction receipt and order submission times, each working day.

Prior to 6:00pm NZT
You may submit new orders and amend existing orders.
These orders will be submitted into the current market day (soon to open).
Amendment or cancellation requests placed between 5:00pm and 6:00pm (NZT) should be confirmed with Direct Broking via phone call.

6:00pm - 6:30pm NZT
No new orders or amendments can be accepted.
Direct Broking submits new orders to the applicable markets.

After 6:30pm NZT You may submit new orders and amend existing orders.
These orders will be submitted into the next Market day.

Order Duration

Custodial orders are "GOOD FOR A DAY" - they expire at the end of the applicable market's trading day. If your order expires before it trades, then you need to submit a new order - you will not be charged any brokerage if this is the case. If your order is partially filled when it expires the remainder of your order will be cancelled and will not be filled. You will only be charged the brokerage amount applicable to the traded value or the minimum, whichever is greater. You should check your contract note to confirm if your order has been partially or fully filled.

The time taken to fill an order depends on several factors, including:

prevailing market conditions;
how many other buy or sell orders have been placed;
the order price; and
the number of buy or sell orders in the market.

If your order is for a share that is infrequently traded, it could take longer to fill and could expire at the end of the day without being filled. If this happens you will need to place a brand new order. Note: no brokerage is charged on orders that expire without being filled.

Once your order has been filled, we will forward a contract note to you via email.

Receiving Payment

We will credit money to your nominated account three business days after execution of the order. Foreign exchange charges will be incurred on all foreign securities transactions that require funds to be converted to or from New Zealand dollars (NZD).

Making Payment

If established, Direct Broking will debit funds from your Direct Broking Call Account or Online Multi-Currency Account to settle the trade. If settling from the Direct Broking Call Account or Online Multi-Currency Account, please note that sufficient funds must be cleared and available to trade in the applicable account prior to your order being placed. Orders settling from the Online Multi-Currency Account can be settled in the applicable foreign currency - e.g. US Dollars (USD), British Pounds (GBP), Euro (EUR) etc.

If you do not have a Direct Broking Call Account or Online Multi-Currency Account you are required to arrange payment to Direct Broking three business days after the completion of your trade. Payment will be accepted by Direct Broking in the form of an electronic payment to our NZD bank account or in the form of a NZD cheque.

Foreign exchange charges will be incurred on all foreign securities transactions that require funds to be converted to or from NZD.

Paying for shares with proceeds from a sale

We are unable to use proceeds from a sale to pay for a purchase that has been made on the same day. Payment for a share purchase must be arranged separately.

Settlement Currencies

You can settle in USD, GBP or EUR if you have opened an Online Multi-Currency Account (OMCA). Read more about the OMCA here.

If you do not have an OMCA, we are unable to offer this service and you must settle your custodial trades in NZD. When a trade occurs our settlement staff will direct credit/debit the settlement amount to/from your nominated NZD bank account.

Foreign exchange charges will be incurred on all foreign securities transactions that require funds to be converted to or from NZD.

For the purposes of conversion into or from one currency to another, the exchange rate used is a midpoint rate plus a currency conversion margin of an amount up to 1.5% of the overseas currency amount.

The midpoint rate is derived from wholesale buy and sell rates quoted by foreign exchange market participants and which are compiled by a supplier of financial market data.


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