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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Colombo Stock Brokers association pushing for Higher brokerage- What are your thoughts?

Colombo Stock Brokers association pushing for Higher brokerage- What are your thoughts?

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Redbulls


Director - Equity Analytics
Director - Equity Analytics
@Erandar wrote:
@slstock wrote:Hello ,  Etradar, Jeevana and Somasiri.

Some of you guys seems to be appearing under different accounts.    Please let the forum know what the real message you want to give without these multi account games?
Okay here you go. I didn't want to post again unless the news is public.
http://www.dailymirror.lk/mirror-stock-watch-live/36862-stockbrokers-write-to-cse-requesting-brokerage-fee-hike-.html
So after participating last monday meeting at SEC, you leaked the news in this forum. WEll done mate.

hunter


Moderator
Moderator
@Erandar wrote:
@slstock wrote:Hello ,  Etradar, Jeevana and Somasiri.

Some of you guys seems to be appearing under different accounts.    Please let the forum know what the real message you want to give without these multi account games?
Okay here you go. I didn't want to post again unless the news is public.
http://www.dailymirror.lk/mirror-stock-watch-live/36862-stockbrokers-write-to-cse-requesting-brokerage-fee-hike-.html
Good Work!

smallville


Associate Director - Equity Analytics
Associate Director - Equity Analytics
@hunter wrote:
@D.G.Dayaratne wrote:Good proposal by SL market
Yes. that should be the way.
Better to enforce a minimum and maximum limit as well; like TRC did for mobile phone call rates.
Will SEC/CDS like a propsal such as SL.Market's?

Say that they have only .6% as their fees, they get it regardless of the broker now. If broker has less volume and another broker has a better vol, they still get their portion with the amendments. But brokers will lose clients and CSD will have to deal with many client accounts being inter-changed due to this brokerage crisis.
Some may start charging 1.18%, some 1.25%, some others just mere 1.15% so will be a lot of work for them.

Actually this brokerage should be charged fully for the ppl who get the assistance of an advisor, for others who use DFN, ATRAD or any other trading software and deal on their own, the broker charges should be cut to half, I say. Here only the individual himself waste his time and knowledge not a broker.. Broker only provides a frontend to his client to access the trading platform for his own work. So actually has no advisor intervision.

In addition, brokers earn whether the client earn or lose, that's again not fair. Everyone's expectation is to earn not to lose. What if the client lose cuz of a broker's bad call? still broker earns if he sells to cut losses.

Redbulls


Director - Equity Analytics
Director - Equity Analytics
Someone know how much each broker firms are paying for DFN, ATRAD or other platforms? I don't think they are getting for FOC.

Sylvester1234


Senior Equity Analytic
Senior Equity Analytic
@hunter wrote:
@SL.Market wrote:
@hunter wrote:
@D.G.Dayaratne wrote:Good proposal by SL market
Yes. that should be the way.
Better to enforce a minimum and maximum limit as well; like TRC did for mobile phone call rates.
This is the way of hitting back to the brokers logically if they want to increase current brokerage. Implementing my proposal We can benefit much and also be happy thinking not paying any cents to those useless brokers.
The very top of SEC have had enough exposure to similar cases in other fields. Can't understand why they haven't thought about it yet.
Either they have no interests in the market or they have other interests.

According to daily mirror article brokers have got around the CSE board who has already agreed for a higher fee. CSE board has then sought final approval from SEC.  The SEC commission is yet to decide whether they agree or not. Reading the article which had also quoted SEC bosses I get the feeling that CSE board has jumped the gun without consulting SEC  and now SEC is dodging the issue through delay tactics. Most probably SEC is not happy about this formal request of CSE and brokers. Recent experience show that SEC likes to consult CSE and Industry first before making any formal announcements.( A major deviation from the past practice)   It will be tough call for SEC now as CSE board has already agreed to the request of borker association.

DUWI


Senior Equity Analytic
Senior Equity Analytic
This is capitalism and free market economics in reverse in the very place that markets should operate most efficiently. It seems that Stock Brokers are demanding higher prices for lower output i.e. service quality.

A case in point is where the CSE has been compelled to step in and produce its own investment research reports due to lack of or poor quality output (research) of brokerages.

If the SEC agrees to the higher brokerage demand of stock brokers, it must also ask for improvement in service quality by Stock Brokers with clearly specified KPIs.

Wonder what happened to all those elaborate business plans of the newly minted stock broking companies that got licences post 2009?

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@D.G.Dayaratne wrote:Investors need only a mechanism to settle payment.
At present brokers do only that role at higher price
That is right.
If we have another mechanism to buy & sell, we would gladly by pass the (useless) Brokers.

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Some of you should think about the amount of risk a broker takes on..... i'm not talking about having offices, technology and staff

Stuff like margin lending etc

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
@rainmaker wrote:Some of you should think about the amount of risk a broker takes on..... i'm not talking about having offices, technology and staff

Stuff like margin lending etc
When granting the margin, they consider several things, also the premium they charge for the interest is very high, generally at least 5%.

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Really now?  

1) Are they charging premium rates for margin or giving concessional rates to market as service ?  Don't  they have mechanism to sell shares ( Like  ASHO Mr Perera case  and  several other cases mentioend in the forum) to recover costs . If yes , they have already justified their risk.

2)  We are talking about General fees here which applies to everyone. Not margin which  should not be mixed up here.


Like I mentioned in detail above, we can  pay a premium rate if we know/feel that a particualr Broker does provide superior/valued service.  But does members  feel general Broker  service is  good  to have a across the board increase.

Try to figure out a way to increase volume( thereby profits) than increasing fees and kill the remaining trades/traders.


Also is this the right time to ask for it when we are expecting a turn around after the bad period. ( expecting interest rate cuts etc) ,If volume in the future increases and fees also increase it is a double win for Brokers.

Seriosuly, Brokers, CSE, SEC be wise here and tarnishing your image further.



@rainmaker wrote:Some of you should think about the amount of risk a broker takes on..... i'm not talking about having offices, technology and staff

Stuff like margin lending etc

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
I don't believe the broker business is for everyone. There was a big problem with regards to the level of debt held by broker firms in the past..... the collateral value was suspect and a mass exit would create issues

If you analyse turnover of certain big stocks you will notice there are quite a number of players who are "below water" (sitting on a loss).....

for example big turnover on gains and small turnover on drops means most did not exit on the down trend

Plus ...I think the current share market level is good for everyone even though some banks are undervalued.

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
@rainmaker wrote:I don't believe the broker business is for everyone. There was a big problem with regards to the level of debt held by broker firms in the past..... the collateral value was suspect and a mass exit would create issues

If you analyse turnover of certain big stocks you will notice there are quite a number of players who are "below water" (sitting on a loss).....

for example big turnover on gains and small turnover on drops means most did not exit on the down trend

Plus ...I think the current share market level is good for everyone even though some banks are undervalued.
Sir,

Why don't you tell what are the banks you thing as undervalued at the moment?

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@hunter wrote:
@gamaya wrote:1. Information without a source could be just imaginary.
2. Increase brokerage for what service?
3. Actually there should be an option to directly trade without brokerage. This is available in some countries.
By-passing brokers and paying a fixed annual commission are interesting ideas.
Can you mention few places in the world this is available?
I like to study more. Probably, we should suggest these to SEC.
As I remember this is available in US.
Good idea to implement in Sri Lanka.

Think about it... Why the hell do we have to go through a third party, and pay a percentage, when it's our money which is at risk?

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