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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: gemsearcher who wrote (4975)11/14/1999 12:00:00 PM
From: crudestope  Read Replies (1) of 7235
 
Shorters.

Dear Gemsearcher,

I forgot to mention in a previous memo to you that brokers are in a very privileged position re their clients' share positions and may well use that knowledge to take positions, particularly short ones, which may effectively be detrimental to the interest of their clients.

It is noteworthy that one of the suggestions put forward re the re-organisation of Canadian stock exchanges was to copy the Australian stock exchange model. It did not receive a favourable response.

I should also like to mention the very high Canadian broker commission rates which must the highest in the world. Even more astonishing is their minimum rate per trade, irrespective of the amount of money involved.

Just compare.

My/our Australian full service broker charges between 0.5% and 1.5% commission on the total amount involved. The other day I bid for $10 000 worth of shares in a relatively illiquid junior mining stock. It took him seventeen days and eight trades to get them. The commission rate was 1.25%, thus $125. And a recent $80 000 sale, fourteen trades, cost us $400, 0.5%.

I know of Canadian brokers who charge up to $125 per trade!

Needless to say that internet brokers are not having a field day in Australia.

Crudestope.
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