A blog for the New Zealand creative advertising industry, now at www.campaignbrief.com/nz. Email news to: michael@campaignbrief.com

Sunday, January 29, 2006

Web 2.0 Update : Cullen 1, Key 0

The story broke on the front page of NBR Friday 27/1 but was more comprehensively followed through in Saturday's analogue NZ Herald.

Trade Me are talking to the Gummint about using Trade Me as a share-trading portal.

Oh no it's not, inferred National's previously well-respected and likeable finance spokesman The Right Rich John Key. In fact, according to the Herald, he called the idea "crazy".

" There's a vast world of difference between buying a second hand motor mower and buying a share script, and I would have thought Dr Cullen would have realised that." he told the Herald.

"We just spent the last 10 years cleaning up the Wild West image of the capital markets.

Raising capital through an auction website would be an extremely risky business for everyone - companies and investors."

Really? Are you shitting us? Do you think we're all NCEA grads?

The nzcreativecircle economics faculty has it on good authority that there is fuck all differnce between buying a 500 dollar motor mower and 100 x $5 shares. Especially if you're talking about shares in a mower manufacturer.

Not surprisingly, NZX's Mark Weldon was spitting tacks.

Investors were best served, he told the Herald, " where they have access to all material information about the companies they invest in, and where there is a strong technology base not only for the trading of shares, but for their clearing, settlement and custody."

Which part of the Trade Me model don't they understand? How difficult do you think it would be for them to build an incredibly effective stock trading mechanism? Not very.

If I was NZX I'd be afraid. Very afraid.

thanks to www.nzherald.co.nz

Hunt ( not his real name)
nzcc it

( Have you ever noticed that if you drop the S in Story you get Tory? Frenchy)


Anonymous Anonymous said...

Thousands of geeks staring at computer screens all day buying and selling useless bits of crap, instead of doing something worthwhile.

In fact, the stockmarket is a bit like Trade Me isn't it!

12:20 PM NZDT


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