ASX sends shareholders millions of worthless letters a year resulting in ‘staggering waste’
For new day trader Will Bennett, the flood started slowly.
- People receive at least two physical letters when they buy or sell a stock
- It is difficult to opt to receive the information electronically
- After decades of complaints, a new system should make it easier
Five years, ago he bought shares in a company online, as an investment.
“I was excited, I got a letter, and it was cool,” he says.
But when he ramped up his trading during the pandemic, managing his portfolio electronically, he was soon receiving a daily visit from the postie.
“Each trade has a letter with it. And then, when you sell the stock, you get another letter for the same stock,” he says.
If it happens, a new system should see the market’s communication able to be done digitally…