When I
subscribed to Findata for Metastock data, I was told that a) 20-minute delayed
data is available from the web-site for downloading but
the official-certified ASX end-of-day (EOD) is
e-mailed to its subscribers at approx 10:20 pm (NZ time) each night on receipt
from ASX.
Times may vary, but I get ours at 20 min past the
hour intraday and the final EOD is at 9:30pm (if I recall
correctly)
This
data for yesterday (23 July 02) is not accurate on at least 2 stock - NCM
and NCP - I am not sure on other stocks.
I called
Findata to find out why my ASX end-of-day data is inaccurate. I was told that
this is not their fault because ASX did not send out an official
end-of-day file its sends to all data providers. If find this
explanation highly unusual as I would not expect a reputable
exchange like ASX to default on its obligations to provide accruate
EOD data to data providers like Findata - unless there is major
techological fault - in which case I would assume that it would
rather not send out data than send out inaccurate data. This goes to the
heart of an exchanges integrity as tens of thousands of traders make trading
decisions on the basis of this data.
It happens. Ive been involved in an AUS data
provider and at times the ASX does have problems
I may be wrong.
I am new to this - therefore few points I need to understand
are:
a) does
ASX really sends out its official ASX EOD file to all data providers,
Yes ... although there
are various "signals" by which this is delivered and this is determined by the
data provider and how much they are prepared to pay. Ive used Satelite,
Radio, PAPL and plain jane text file downloads via the Internet ... and at
times all may/will differ.
Ive seen charts differ between different
data providers, different live sources (eg Bourse and WebIress) ... its
something we have to live with.
b) if
yes, is it possible that every once in a while, it would not ( like yesterday)
causing traders / investors to make wrong trading decisions,
Yes ... and that is something you have to allow for
in your trading plan
c) if not, is
Findata lying to me - is this customary (I'm new to
this!!),
d) if not, if I
can provide third party evidence that this inaccurate data has caused me
financial loss - do I have any recourse with the data provider (Findata) to
make good my loss. I realise that I may not have any recource with ASX
directly as the contract to provide EOD data is between ASX and data provider
(in this case Findata).
That would depend on the contract you have with
FinData. Most data suppliers will have clauses which dont allow for
this.
I would
appreciate if any body would share their understanding of all or any of the
above with me.
Kind
regards
Vijay
PS I have
received another e-mail from Findata with ASX EOD data for yesterday at 2:16pm
- more that 2 hours into today's trading!
Thats technology
for you. MOst people still trade from data provided for by their
newspapers. Do they sue the NZ Herald because their paper wasn't
delivered one night? No ... its up to the trader, I feel, to ensure the
tools the use are accurate, reliable and appropriate. I know many will
disagree ... but that is the lie I take for my own trading. It still
amazes me the degree people go to in todays age where they have become so
accustomed to "information delivery" that when it goes wrong the finger
pointing begins. No disrespect Vijay ... just thats the tone I sensed
from your Email.
Cheers
Craig
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