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mv_ufanisi
#1 Posted : Friday, March 26, 2010 11:31:43 AM
Rank: Member


Joined: 1/15/2010
Posts: 625
The CMA needs to investigate why some buys are being carried out at a much higher price than on the prompt board.
Pity the guy who just bought Sasini at 15.40 before exhausting the supply available at 14.50. This has happened quite a few times now. And it's things like these that the CMA needs to crack down on.
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VituVingiSana
#2 Posted : Friday, March 26, 2010 11:34:13 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,120
Location: Nairobi
The problem is partly due to the Prompt Board which needs to be eliminated asap.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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mv_ufanisi
#3 Posted : Friday, March 26, 2010 11:57:07 AM
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Joined: 1/15/2010
Posts: 625
@VVS - I don't get it. What is the prompt board and why does it exist?
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VituVingiSana
#4 Posted : Friday, March 26, 2010 12:05:07 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,120
Location: Nairobi
mv_ufanisi wrote:
@VVS - I don't get it. What is the prompt board and why does it exist?

Holdover from the Open Cry system.

Settlement on the regular board is T+5 whereas T+1 on prompt board but it allows for manipulation.

I think NSE shud eliminate Prompt but improve settlement to T+2 on regular board.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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guru267
#5 Posted : Friday, March 26, 2010 12:26:25 PM
Rank: Elder


Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
the NSE is full of manipulation though its going down... the CMA needs to get all their proposed regulations moving in parliament so that this can stop and the wazungu can come in more....

its apalling to know that most brokers will not excecute limit sell orders until they can get a higher price than the order so as to make a profit.... its legal but definately disgusting
Mark 12:29
Deuteronomy 4:16
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cnn
#6 Posted : Friday, March 26, 2010 12:29:04 PM
Rank: Veteran


Joined: 6/17/2009
Posts: 1,619
i have a feeling brokers have abused the prompt board to their advantage,buying low and selling high not withstaning the prices on the normal board.
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VituVingiSana
#7 Posted : Friday, March 26, 2010 12:31:40 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,120
Location: Nairobi
@cnn - Yep... that is it...

Brokers would buy at cheaper prices on the Prompt Board from clients who gave sell @market orders... then sell on the Regular Board...

The same happens on the Buy side... so lots of front-running
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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