ASX sends shareholders millions of worthless letters a year resulting in ‘staggering waste’

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For new day trader Will Bennett, the flood started slowly.

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 by the end of the year.

For customers of most large online brokers, the…

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