Electronic contract notes

Discussion in 'Brokers & Trading Platforms' started by Capricorn, Jan 22, 2009.

?

Which format of contract notes do you prefer. ECN or print format

  1. ECN

    94.7%
  2. Print format

    5.3%
  1. Capricorn

    Capricorn Well-Known Member

    Joined:
    Aug 20, 2008
    Messages:
    1,810
    Likes Received:
    2,094
    Trophy Points:
    113
    A question here for everybody.

    How many of us have registered for ECN only and do not receive a hard copy/print of the contract note.

    What are the advantages/disadvantages of either.

    Which format would you suggest and why ?
     
    vasa1 likes this.
  2. pleaseharsh

    pleaseharsh Well-Known Member

    Joined:
    Mar 19, 2008
    Messages:
    2,453
    Likes Received:
    2,029
    Trophy Points:
    113
    Location:
    baroda, gujarat
    if u r fully computer literate then no prob , go online and check yr trades...but
    someone other then u in yr family or anyone else wanna see or check the transaction or wtsoever reason hard copy r very handy....
     
  3. rider.royal

    rider.royal Active Member

    Joined:
    Sep 26, 2007
    Messages:
    120
    Likes Received:
    33
    Trophy Points:
    28
    Location:
    Gurgaon
    Electronic ones are easy to handle , and they dont bulk up. Also earlier it used to happen that when I have to dispose off any paper contract note then i would have to tear it good, (just that my raddi wallah doesnt come to know abt all details of my trades,PAN number, trading account id and all... little over the top, but just like that :)
    Also it easy to copy and save my ECN's I can devide them according to long term and short term trades... simply rename ..
     
  4. vasa1

    vasa1 Active Member

    Joined:
    Jan 10, 2008
    Messages:
    484
    Likes Received:
    162
    Trophy Points:
    43
    I opted for ECN. My broker is Geojit. They charge more for printed CNs.

    I get it as an .html file which is zipped. So one back-up is with mail.yahoo.com and the other on my PC and a third with Geojit.

    Some brokers send the ECN in .pdf format but as I said, Geojit uses .html.

    I open this .html file in a browser and can then copy-paste into a spread-sheet for further calculation. I don't think this is possible with a .pdf file.

    To my mind the greatest advantage of ECN is if it can be imported into a spreadsheet.

    I guess the advantage of a hard copy is if one works off-line.
     
  5. bangerabs

    bangerabs Active Member

    Joined:
    Mar 27, 2006
    Messages:
    353
    Likes Received:
    50
    Trophy Points:
    28
    Lot of advantages. Foremost: least paper work. Earlier, I was getting contract notes by post from India Bulls. While, a number of times it was being misplaced, many times I used to get it after a month. Reconciliation was time consuming. After opting ECS, I do reconciliation by 9PM of transaction date. Very convenient.
     
  6. VJAY

    VJAY Well-Known Member

    Joined:
    Jun 16, 2008
    Messages:
    6,239
    Likes Received:
    12,806
    Trophy Points:
    113

    Hi vasa,
    Please clarify how u using ECN in spreadsheet?

    Regards
    VJAY
     

  7. Capricorn

    Capricorn Well-Known Member

    Joined:
    Aug 20, 2008
    Messages:
    1,810
    Likes Received:
    2,094
    Trophy Points:
    113
    Yes , I 'd like to understand that too.
     
  8. Capricorn

    Capricorn Well-Known Member

    Joined:
    Aug 20, 2008
    Messages:
    1,810
    Likes Received:
    2,094
    Trophy Points:
    113
    What if you needed hard copies for any reason, assuming 250 working days and for a regular traders assuming 1 per day that would be 250 prints.

    Do all regulatory/govt. authorities accept electronic media if necessary?
     
  9. rider.royal

    rider.royal Active Member

    Joined:
    Sep 26, 2007
    Messages:
    120
    Likes Received:
    33
    Trophy Points:
    28
    Location:
    Gurgaon
    Its depends on your type of communication and departments, but nonetheless, if they want printed copy then you can always take printout of pdf/html file that you keep as your record for ECN..
     
  10. vasa1

    vasa1 Active Member

    Joined:
    Jan 10, 2008
    Messages:
    484
    Likes Received:
    162
    Trophy Points:
    43
    Sure:

    In case I don't make sense just ask :).

    First the ECN must be a .html (opened with a browser) and not a .pdf file (opened with Acrobat Reader).

    I have both Excel and Firefox open. In the first is a blank spreadsheet, in the other is my contract note.

    With the mouse, I select the part of the ECN note that has stuff like trade time, order number, scrip, etc., etc.

    This I copy and paste into the spreadsheet as "html" or "unformatted text".

    It depends on your spreadsheet program and browser, which of the two you choose.

    In the spreadsheet I also "demerge" the entire sheet.

    After that I can sort by scrip name, intra-day or delivery, etc. and perform sub-totals etc.

    I do this so I can apportion service tax, ed. cess, and other charges on a pro rata basis.
     
Loading...

Share This Page