“Odd Lot” Broker For N.Z.

Press, Volume CI, Issue 29754, 22 February 1962, Page 14

“Odd Lot” Broker For N.Z.

(New Zealand Press Association)

AUCKLAND, Feb. 21. An “odd lot” broker is to be appointed as a move to make transactions in odd parcels of shares and notes easier. At the conference of the Stock Exchange Association, which began at Waiwera today, the Wellington Stock Exchange was given authority to appoint one of its members to act in this capacity. The regulations governing the activities of the odd lot broker will be similar to those operating in Australia, where the scheme was introduced in 1957, and proved of benefit to both clients and brokers.

A list of companies in which he will be required to deal will be drawn up by the association. It will be extended from time to time as the scheme gets under way. To cover the extra cost of handling small parcels, the odd lot broker will buy at slightly below current market prices and sell slightly above, the margin depending on the value of the securities. Tlie conference discussed ways of facilitating the transfer of shares in New Zealand. A report on discussions now

being held in Australia between the stock exchanges and other interested parties concerning similar problems was given by the chairman of the Melbourne Stock Exchange and president of the Australia Associated Stock Exchanges (Mr A. B. Mellor), who is attending the conference as an observer.

It was decided to defer action until the 1963 conference. by which time it was hoped that the benefit of Australian experience would be available.