OK, at the risk of looking stupid, I have a question.
How is it possible for a buy order to be processed and filled instantly, as in, take less than 30 seconds from the time I press "confirm order" to it showing as "filled?"
Is Sharesies buying parcels of their "Top Orders" in advance, and filling my order (for USF) from that parcel?
I'm starting to sound like a conspiracy theorist, but I honestly just don't understand this.
Quote from: Untamed on Jun 21, 2024, 05:05 PMOK, at the risk of looking stupid, I have a question.
How is it possible for a buy order to be processed and filled instantly, as in, take less than 30 seconds from the time I press "confirm order" to it showing as "filled?"
Is Sharesies buying parcels of their "Top Orders" in advance, and filling my order (for USF) from that parcel?
I'm starting to sound like a conspiracy theorist, but I honestly just don't understand this.
OK, I don't know how sharesies fills its orders. I understand, they accept as well fractions of shares as orders, and obviously, they can't buy or sell fractions on the stock exchange - i.e. they must have some internal stock they are selling or buying at (I suppose) the current exchange price.
But apart from that - if there is an offer on the relevant stock exchange which would fill your order, than I see no reason why it should take even 30 seconds to complete this transaction. Its just a brief exchange of two messages between two servers, they should be able to do that in a fraction of a second.
Quote from: BlackPeter on Jun 21, 2024, 05:50 PMOK, I don't know how sharesies fills its orders. I understand, they accept as well fractions of shares as orders, and obviously, they can't buy or sell fractions on the stock exchange - i.e. they must have some internal stock they are selling or buying at (I suppose) the current exchange price.
But apart from that - if there is an offer on the relevant stock exchange which would fill your order, than I see no reason why it should take even 30 seconds to complete this transaction. Its just a brief exchange of two messages between two servers, they should be able to do that in a fraction of a second.
Yeah, they do allow fractional orders, so I'm thinking this is possibly correct. My question would then be, are they selling it to me at the price they purchased, or at the market rate at the time I hit "confirm order?" I have on occasions in the past, been unpleasantly surprised that an order has been filled at a higher than live price, when Sharesies claims they aim to get the best possible price.
Not a major. Just curiosity at work.
Quote from: Untamed on Jun 22, 2024, 10:04 AMYeah, they do allow fractional orders, so I'm thinking this is possibly correct. My question would then be, are they selling it to me at the price they purchased, or at the market rate at the time I hit "confirm order?" I have on occasions in the past, been unpleasantly surprised that an order has been filled at a higher than live price, when Sharesies claims they aim to get the best possible price.
Not a major. Just curiosity at work.
Pretty sure its somewhere in their conditions - otherwise, why don't you test their customer support and ask them?
Quote from: BlackPeter on Jun 22, 2024, 10:20 AMPretty sure its somewhere in their conditions - otherwise, why don't you test their customer support and ask them?
Done ;)
My understanding is Sharesies is showing you prices delayed by 20 minutes, unless you pay for the premium service. The premium service allows you to see what is on offer in real time. So if you placed an order 'at market' it could well transact at a different price to what the price was showing when you clicked 'buy'.
Quote from: Ferg on Jun 22, 2024, 12:56 PMMy understanding is Sharesies is showing you prices delayed by 20 minutes, unless you pay for the premium service. The premium service allows you to see what is on offer in real time. So if you placed an order 'at market' it could well transact at a different price to what the price was showing when you clicked 'buy'.
That's correct but I check live prices via Jarden so I generally know what the actual market price is when I place my order. Jarden has a "Live Price" refresh button.
Quote from: Untamed on Jun 22, 2024, 10:04 AMYeah, they do allow fractional orders, so I'm thinking this is possibly correct. My question would then be, are they selling it to me at the price they purchased, or at the market rate at the time I hit "confirm order?" I have on occasions in the past, been unpleasantly surprised that an order has been filled at a higher than live price, when Sharesies claims they aim to get the best possible price.
Not a major. Just curiosity at work.
The best possible price is likely the closest ask price. I have no clue how their best-price policy works.
Just set limit orders at either the ask price or be patient and wait for your buy order to be filled.
Before any order goes to the market, it will be routed via a "dark pool". In Sharesies case, this will most likely be an internal pool - ie your buy order will be matched against another Sharesies' customer's sell order, and the trade will be executed without ever being forwarded to the stock exchange.
Alternatively, they may sell their order flow to another broker, and your order is routed to them, to match against their internal customer trades.
Trades are executed in nano-seconds, in the time it takes to ping a server with a data packet. If it takes longer than a second to execute there is something wrong. I normally hit "submit order", then hit "display order" and usually the trade is partially or fully completed within the time taken to refresh the page (assuming I am placing an order for which there is a matched bid/ask in the depth).
Quote from: KW on Jun 22, 2024, 05:28 PMBefore any order goes to the market, it will be routed via a "dark pool". In Sharesies case, this will most likely be an internal pool - ie your buy order will be matched against another Sharesies' customer's sell order, and the trade will be executed without ever being forwarded to the stock exchange.
Alternatively, they may sell their order flow to another broker, and your order is routed to them, to match against their internal customer trades.
Trades are executed in nano-seconds, in the time it takes to ping a server with a data packet. If it takes longer than a second to execute there is something wrong. I normally hit "submit order", then hit "display order" and usually the trade is partially or fully completed within the time taken to refresh the page (assuming I am placing an order for which there is a matched bid/ask in the depth).
That makes sense. Thanks!