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Hi Barry,
Thursday, November 3, 2005, 12:47:45 AM, you wrote:
BS> ETFs do not require 100 shares per trade. I can buy more or less than
BS> a block size at Scottrade. Block size may be a broker thing.
This is another thing that is all over the map, so to speak. (And we
have to remember that *many* countries are represented on this list,
involving significantly differing regulations, rules, customs, etc;
one cannot assume -- not saying you did -- that anyone is from the
US, or even that they use a broker with the same rules if they are.)
In Japan, block size is decided by *corporations*. The exchanges and
brokers have little to do with it; however some brokers now offer
'mini' lots that are smaller than the traditional 1,000 share round
lot here.
Moreover, many companies have now moved to 500 or even 100 share
block sizes, trying to entice individual investors, who they once
pretty much scorned, to mop up the (now dangerously, for management)
large floats that for the first time in Japanese corporate history
make hostile takeovers a serious threat. That float used to be
largely locked up via interlocking bank and corporate shareholdings,
but when the banking system almost went under 3 years ago, that
system was largely unwound, and now the average shareholder here is
finally getting some serious attention, even wooing. It's
unbelievable, the change in attitude. Suddenly in the past few
years, there are even IR websites for Japanese companies here. Prior
to this, it was 1,000 shares minimum, or go away; and, we will
announce our earnings when we are ready to announce them -- the date
will be "somewhere around the end of this month or the beginning of
next month, and we'll tell whomever we want to first, and it won't
likely be that you will get very timely information". Now, they are
often getting into the quarterly habit, although many still report
only twice a year. Still, we lag way behind the US in disclosure
here. And some companies report according to US standards, others
stick to Japanese accounting standards. So, if you pay attention to
these things, you have to understand a bit about both.
Terry, to keep track of all the round lot changes, I had to go
through the information dialog for my entire database, and input the
setting for every stock. Not much fun, but it was a one-time effort
that I spread out over some time, that now just needs the occasional
tweak. We have round lot sizes here of 1, 10, 50, 100, 500, and
1,000, at least; and they are constantly changing.
Yuki
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