Hey guys, has anyone else had trouble trading PM ETF's using commsec? I tried about a month ago and the website said i needed to fill out a 'warrant agreement form' before i tried that security, so i filled it out and sent it in. Then the next time i tried to buy it tells me that I need to fill out an 'options agreement form.' I raged at this abit and called commsec and their response was 'hmmmmm that doesnt seem right you dont need to fill either of those forms out to trade that ETF, i cant make the purchase for you over the phone if you like for the same brokerage fee.' Anyway, i basically need to call commsec before i cant trade these ETF's, does any one else have this same problem?
I have experienced a similar situation when buying. Haven't attempted to sell as yet but am concerned about how efficient that will be. Sounds like I need to test it.
I dont even get that far........as soon as i click 'buy' it takes me to an options home page and tells me 'you do not currently have an options account.' I guess they dont allow limit orders because there are no real public sellers? You can only buy an ETF at the market price at the time........so you cant place a limit order at $6 below spot because there isn't anyone to accept that offer even if they wanted to. Although i do understand your point that you just want the call to activate if the spot price drops below a certain point. Any idea why Palladium trades at such a massive premium (10%)?
I bought a mob of these about 3 months ago. No problems. I've only ever owned ordinary shares. Never had anything to do with warrants or options before and never had to complete any of that paperwork. Not sure what sort of snag your hitting but I never had to deal with it. cheers
ETPMAG is listed on the warrants market, so are all the other ETFs. The system automatically picks up that its on the AXW market so will ask you to fill out a warrants form. CommSec uses IRESS and the warrants market wouldn't even be turned on for you until you sign that warrants form. I've talked to compliance before and they reckon trading etf's don't need the warrants form filled out but all the same we get the client to fill it anyway, ASIC fines brokers for little things like this for $50k at a time, so better safe than sorry lol... disclaimer: I don't work for CommSec, but it's all the same everywhere.
thanks RTZ. I still dont understand why they would ask for Options though (i filled out warrants). Guess ill just need to do it over the phone if i want it. I wont be in and out that much anyway. Just wanna stock abit over the seasonal part of the year.
We moved PMGOLD from the warrant markets to AQUA, which ASX created specifically for ETF type products. My understanding was that the ETF Securities products were also AQUA listed. There should be no need for warrant forms or options forms for AQUA listed products. I just think it is that some of the brokers systems haven't been reprogramed to recognise AQUA or just that it it is not on the main board then it needs a form. Best to email the product issuer and the ASX as neither would be happy that the brokers' systems are making it difficult to trade their products. I had a few emails on this issue from investors in PMGOLD and got some brokers systems fixed up.
Well IRESS shows PMGOLD.AXW and ETPMAG.AXW, and AXW is disabled until the warrants agreement is signed. I'm not familiar with the AQUA thing though (don't deal much with ETF's).
ETPMAG, ETPMPT, ETPMPD and ETPMPM are warrents - you have to sign a warrent agreement if you want to trade them!!!! Call commsec and ask for a warrent agreement for to fill out and sign.... I know its a prick but you have to sign a warrent agreement before you can buy and sell those ETFs (GOLD is not a warrent - you can buy and sell like stocks)
Perhaps is was part of the application. I tried to buy ETPMAG for $23 back at the start of Oct last year... it took a few weeks for comsec to get their crap together (was very angry) and ended up getting all the paerwork through and had to buy ETPMAG for $28.... as you know it never got back to $23 - so i was pissed off. I know it doesnt sound like a lot but i was ticked because of the stuff ups from communication between Comm Bank and Comsec
I used comsec for PMGOLD last week with no problem. I think if you went in via the "trading" button by asking for a "quote" and then clicking the "buy" button from that page it said something about options but if I just clicked "orders" and went to the "buy" that way it was no problem. It would not let me place a limit order unless the market was open. So I could not do it after hours. Otherwise all good and quick!
I use E*Trade. No issues buying PMGOLD. E*Trade wouldn't accept limit orders on the sell side, some type of SQL database error message. Called E*Trade who'd only offer brokerage at telephone rate (~3 times online). Ended up placing an at-market order when the mark was right.
For Comsec asx:GOLD isnt the problem, its the warrent of asx:ETPMAG and the other 'ETF Securities' (thats the company name) precious metals ETFs (which are actually warrents and they expire in 13 years or something like that - they are also transferable for physical metal which is held in allocated storage (for ETF Securities) at the Perth mint)
Yeh, regardless of it being a warrant or not. I still filled out the warrants agreement form...no worries, afew lines and a signature. My issue is that after i filled that out......i was still denied trading, now asking me to fill out an options form which is about as long as my gun license application.
Call em and yell at em, threaten to go to BellDirect... that usually works coz thats all crap - they messed me around with the warrent agreement as well!
Nope, ETF Securities don't store with us. I think you are confusing our ZAUWBA which did have an expiry but now doesn't when we changed it to PMGOLD.
