# Multiple bidders, same price, who gets first dibs?



## chuckyball (5 September 2022)

Hi Smart people,
I trade via Comsec and just wondering something.  Will try and explain.
if I place an order for (example) ASX: XYZ for $0.15 and 4 other people have put bid orders in for the same company at $0.20, $0.18 and $0.15.  Total shares wanting to be brought is 400,000 shares.
There are 2 sellers, with offers of 100,000 at $0.15 and 100,000 at $0.14.
how are the bid orders fulfilled first, is it based on the highest bid gets allocated their total order first, then downwards in price scale (e.g 0.20 first, 0.18 then split between the 2 0.15s if any shares are left, or are they evenly split across all bidders?
any help and explanation would be appreciated, Please and Thank you


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## farmerge (5 September 2022)

chuckyball said:


> Hi Smart people,
> I trade via Comsec and just wondering something.  Will try and explain.
> if I place an order for (example) ASX: XYZ for $0.15 and 4 other people have put bid orders in for the same company at $0.20, $0.18 and $0.15.  Total shares wanting to be brought is 400,000 shares.
> There are 2 sellers, with offers of 100,000 at $0.15 and 100,000 at $0.14.
> ...



Hello Chuckyball Your order will go into a queue being placed there when it is received so if you have say 3 in at 15c already then yours at 15c will be at no 4. How the seller goes depends on his/her desperation to sell. They may up or down their sell price or just sit and wait.Hope this sense to you best of luck with your trading. Best to be passive rather than impatient


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## Smurf1976 (5 September 2022)

Using CommSec, if you click "orders" when you have Market Depth being displayed then you'll be able to see the individual orders, including yours if you have one in.

Eg you'll see 10 separate orders, with quantity, all at the same price $x, rather than just seeing the total quantity.


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## chuckyball (5 September 2022)

Thanks both of you for the replies, much appreciated. 
Yes I use the order screen on commsec to judge my entry point (realising it only updates when market is live!) and now that I know that it is first come first served, I will reconsider tweeking my bids in future. 
Thanks and regards 
C


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## Garpal Gumnut (5 September 2022)

chuckyball said:


> Thanks both of you for the replies, much appreciated.
> Yes I use the order screen on commsec to judge my entry point (realising it only updates when market is live!) and now that I know that it is first come first served, I will reconsider tweeking my bids in future.
> Thanks and regards
> C



Only problem is that many folk like me buy at market, that is skip the queue and buy either midpoint between buyer and seller or from lowest seller. 

Don't trust the order line, although it is a rough indication. 

gg


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## divs4ever (5 September 2022)

PLEASE NOTE , Commsec openly tells you ( somewhere in the documentation ) that they give  preference  to Commsec clients ( on both sides of the trade )

 such trades are designated NXXT 

 now i haven't seen any statements  similar from other platforms  , but some would wonder  if other platforms  would do similar when prices match


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## Country Lad (5 September 2022)

divs4ever said:


> now i haven't seen any statements  similar from other platforms  , but some would wonder  if other platforms  would do similar when prices match



Yes they do, NXXT is a common code for all brokers for a cross trade of clients on both sides.


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## divs4ever (5 September 2022)

Country Lad said:


> Yes they do, NXXT is a common code for all brokers for a cross trade of clients on both sides.



you would suspect the full service guys would do that because they would be handling less customers ( whether it was openly condoned or not ) just like any alert salesman 

 but with the budget platforms  ( like Commsec and others )  they might not bother to tweak the computer programming like that  , just get the trades done SAP


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## Country Lad (5 September 2022)

There are over 100 required transaction codes outlined in one of the ASX publications.  All brokers use them.


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## frugal.rock (5 September 2022)

Australian equities trading
					

ASX Trade is Australia’s premier trading platform, providing access to lit markets, Centre Point and Auctions.




					www2.asx.com.au


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## InsvestoBoy (22 September 2022)

Double auction - Wikipedia
					






					en.wikipedia.org


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