Can someone please explain this to me. I have a limit order in for IKE at $0.62. There is a "sell" order showing, for $0.62 (688 shares).
Why is my order not being matched with that, given that I appear to be the only one bidding at that price?
There have been zero trades today. I don't get it ???
It has now filled, at $0.61 but I still don't get how this works. The sell order I mentioned above, is still there - intact, and there have been no offers at less than $0.62 today. Clearly somebody was willing to sell at the $0.61, but what is the point of market depth, if it is not reflecting what is actually happening, correctly?
What am I missing/not understanding?
Quote from: Untamed on Aug 14, 2024, 02:04 PMIt has now filled, at $0.61 but I still don't get how this works. The sell order I mentioned above, is still there - intact, and there have been no offers at less than $0.62 today. Clearly somebody was willing to sell at the $0.61, but what is the point of market depth, if it is not reflecting what is actually happening, correctly?
What am I missing/not understanding?
Admittedly - this does sound a bit fishy.
Maybe you should talk with whoever provider is giving you this information (I assume its not NZX directly)?
While the depth is not the complete market (but only the share of sell offers and bids which have been reported to the NZX), if you are the only bidder at the highest price and the depth shows a matching sell offer, I see no reason why you shouldn't get the deal.
Let us know, what they tell you.
I found a similar thing Untamed where trades wouldn't be processed and I figured it out. Previously I found I was the highest bidder matching the lowest seller but the provider would not put the trade through. They only do this when there have been no trades for the day. Whereas if there has been a trade, then they put it through. They are doing this [in their words] to 'protect you'. Annoying but it is their policy.
Regarding your trade going through 1c lower, it could be they matched your buy with a seller who was using the same service provider.
Thanks for the replies. This was via Sharesies. If what you say is correct Ferg, it defeats the purpose of having access to market depth. They should be doing what I have instructed them to do. Not what they think they should do to "protect" me.
Quote from: Ferg on Aug 14, 2024, 04:35 PMI found a similar thing Untamed where trades wouldn't be processed and I figured it out. Previously I found I was the highest bidder matching the lowest seller but the provider would not put the trade through. They only do this when there have been no trades for the day. Whereas if there has been a trade, then they put it through. They are doing this [in their words] to 'protect you'. Annoying but it is their policy.
Regarding your trade going through 1c lower, it could be they matched your buy with a seller who was using the same service provider.
Never had this problem in over 10 yrs, problems like limit orders not reaching the depth chart however are more common. Oh I see its Sharesies, say no more.
Quote from: Untamed on Aug 14, 2024, 02:04 PMIt has now filled, at $0.61 but I still don't get how this works. The sell order I mentioned above, is still there - intact, and there have been no offers at less than $0.62 today. Clearly somebody was willing to sell at the $0.61, but what is the point of market depth, if it is not reflecting what is actually happening, correctly?
What am I missing/not understanding?
I know this.
Broker change your order to buy at 61 because buy at 62 would change market price by 2 which is more big change.
I have seen this, buy sell not happen and I see my order there at different price.
So I keep sending order amend at my price till they do what I want.
I get real upset when they do this then market move.
When I first moved here I couldn't understand this 'orderly market' dealing. I could put, what I considered a relatively small trade, on the market and they wouldn't trade it because 'it would upset the market'. I eventually realised the the NZX was a tiny market and could be manipulated easily if not regulated.
Quote from: kiwi2007 on Aug 14, 2024, 09:56 PMWhen I first moved here I couldn't understand this 'orderly market' dealing. I could put, what I considered a relatively small trade, on the market and they wouldn't trade it because 'it would upset the market'. I eventually realised the the NZX was a tiny market and could be manipulated easily if not regulated.
I don't understand how small trades (which is what mine was), can upset the market. None of this makes sense to me. If I place a limit order I expect my order to be filled if there is a matching sell order. How is it fair for brokers to hold back my order, for ANY reason? This is just nuts.
Quote from: Untamed on Aug 14, 2024, 10:01 PMI don't understand how small trades (which is what mine was), can upset the market. None of this makes sense to me. If I place a limit order I expect my order to be filled if there is a matching sell order. How is it fair for brokers to hold back my order, for ANY reason? This is just nuts.
The only time any broker has held back one of my orders is to cross match it in house with another buyer or seller which I have no problem with as it happens fairly quickly, and no small trades do not upset the market unless Sharesies wants to group multiple together and present them as one order.
Quote from: Breezy on Aug 15, 2024, 08:58 AMThe only time any broker has held back one of my orders is to cross match it in house with another buyer or seller which I have no problem with as it happens fairly quickly, and no small trades do not upset the market unless Sharesies wants to group multiple together and present them as one order.
I understand that, for market orders. But limit orders are a different kettle of fish. I am giving them a specific instruction to sell for my limit price or less. If there have been no trades, and there is a matching sell (at, or below my limit price), it should be processed straight away. We are talking less than $100 here, not six figure orders.
I may message Sharesies about it, but from past experience, it is a waste of time. They are no longer interested in what investors want, and I only use them, because I literally have no affordable alternative. As for paying for market depth, what is the point when brokers are "manipulating" orders behind the scenes? We pay for market depth to avoid having to do what Benji mentioned above, in order to get our orders processed.
Can you tell I'm not happy? ;)
Quote from: Untamed on Aug 15, 2024, 09:11 AMI understand that, for market orders. But limit orders are a different kettle of fish. I am giving them a specific instruction to sell for my limit price or less. If there have been no trades, and there is a matching sell (at, or below my limit price), it should be processed straight away. We are talking less than $100 here, not six figure orders.
I may message Sharesies about it, but from past experience, it is a waste of time. They are no longer interested in what investors want, and I only use them, because I literally have no affordable alternative. As for paying for market depth, what is the point when brokers are "manipulating" orders behind the scenes? We pay for market depth to avoid having to do what Benji mentioned above, in order to get our orders processed.
Can you tell I'm not happy? ;)
Unfortunately the serious lack of competition in this space is the problem. Sharesies is a back yard type company for any trading, the fact that your cant alter an order without cancelling it first says it all and you are only allowed 2 orders on at once and only on one side of the market, hopeless.
Quote from: Breezy on Aug 15, 2024, 09:28 AMUnfortunately the serious lack of competition in this space is the problem. Sharesies is a back yard type company for any trading, the fact that your cant alter an order without cancelling it first says it all and you are only allowed 2 orders on at once and only on one side of the market, hopeless.
I have never experienced a restriction on the number of active orders. I often have 3-4 (small) orders in place at once.
But yes, not being able to amend an order without cancelling, is a major pain in the arse, especially for those of us who don't leave funds in our wallet. We have to wait for the funds to be returned before we can place the amended order.
I am waiting to see what the Hatch/Jarden amalgamation looks like later this year. I am crossing my fingers that their fees will be competitive enough for me to switch from Sharesies to Hatch. I doubt they will be, but it would be a good opportunity for Hatch to gain some disgruntled Sharesies investors, if they came up with an affordable fee structure.
Quote from: Untamed on Aug 15, 2024, 09:39 AMI have never experienced a restriction on the number of active orders. I often have 3-4 (small) orders in place at once.
But yes, not being able to amend an order without cancelling, is a major pain in the arse, especially for those of us who don't leave funds in our wallet. We have to wait for the funds to be returned before we can place the amended order.
I am waiting to see what the Hatch/Jarden amalgamation looks like later this year. I am crossing my fingers that their fees will be competitive enough for me to switch from Sharesies to Hatch. I doubt they will be, but it would be a good opportunity for Hatch to gain some disgruntled Sharesies investors, if they came up with an affordable fee structure.
I meant to say 2 orders on the same stock on one side of the market.
Quote from: Breezy on Aug 15, 2024, 09:44 AMI meant to say 2 orders on the same stock on one side of the market.
Oh, gotcha! That makes more sense, although not sure why they feel the need to have a restriction like that. It is becoming very apparent that I have next to no real understanding of how stock markets/brokers work behind the scenes.