# Order queue, who's first?



## somebodyhere (13 April 2007)

Hi

I've been wondering about who's first when submitting orders.

Suppose a share is currently trading at $1.20.

If I set a BUY order at $1.00 today, and tomorrow another person (person B) sets a BUY order at $1.00, I will be first in the queue should the share drops, right?

Also tomorrow, person C comes along and sets BUY order at $1.10, so he's ahead of me in the line.
But then, the day after tomorrow, I AMEND my order to $1.10 as well. Who is first in the queue, me or person C?

What if two people set an order at the same price and at the same second (unlikely, I know). Who's first? Do big brokers get higher priority?

What if I create an order at 8pm today and another person creates an order at 8:30pm? What if it's at 9am and 9:30am (which is pre-open)? Does it matter since it's outside trading hours?

Also, suppose my BUY order is partially fulfilled. Is it possible that another person also has a partially fulfilled BUY order (at the same price)?

Thanks a lot.


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## constable (13 April 2007)

If you change your price you're last in the queue! If you increase the units on order while there are people behind you, your additional units will also go to the back of the queue!
Out of hour orders will depend on when your broker places them in the morning.


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## x2rider (13 April 2007)

Yeah, what constable said.
First in first served. Or first up best dressed.

 Cheers martin


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## somebodyhere (14 April 2007)

Thanks.



constable said:


> If you increase the units on order while there are people behind you, your *additional* units will also go to the back of the queue!




But the original units will still be at the front, right? and if i reduce the units, they will still be at the front?



constable said:


> Out of hour orders will depend on when your broker places them in the morning.



Do you know about the major online brokers such as CommSec, Etrade and Westpac?


Also, my other question which is still not answered, "Also, suppose my BUY order is partially fulfilled. Is it possible that another person also has a partially fulfilled BUY order (at the same price)?" What I mean is that, when a seller comes along, am I the first to be served?

And, if it's still partially fulfilled by the end of the trading hour, and I change the price, I go back to the end of the queue? (exactly the same as if I cancel the order and submit a brand new one, ignoring brokerage)


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## Uncle Festivus (14 April 2007)

> Also, my other question which is still not answered, "Also, suppose my BUY order is partially fulfilled. Is it possible that another person also has a partially fulfilled BUY order (at the same price)?" What I mean is that, when a seller comes along, am I the first to be served



No, then yes. Until your unfilled order is completed then no one else can get an order completed _at the same price_


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## Rob_ee (14 April 2007)

x2rider said:


> Yeah, what constable said.
> First in first served. Or first up best dressed.
> 
> Cheers martin




Except when there is a "crossed" trade.
Then it doesn't matter if you are 1st in line or not, the "cross" skips right over you.
I noticed this on my 1st ever trade, even though I could see in market depth that I was the next in line they jumped right over me which confused me at the time.

I too was under the misapprehension that 1st in, 1st served.

Rob


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## somebodyhere (16 April 2007)

Rob_ee said:


> Except when there is a "crossed" trade.
> Then it doesn't matter if you are 1st in line or not, the "cross" skips right over you.
> I noticed this on my 1st ever trade, even though I could see in market depth that I was the next in line they jumped right over me which confused me at the time.
> 
> ...




is cross trade where you're buying / selling shares from / to someone else using the same broker? just out of curiosity, which brokers do this and does it only happen during special occassions?


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## constable (16 April 2007)

somebodyhere said:


> Thanks.
> 
> 
> 
> ...




yep the original order will remain unchanged.
i trade with westpac and if i place an order outside of market times the day before it generally turns up by 8.30am the next day. If its in the morning before 9am it can take  15 to 20 minutes to show up after 9 it comes up fairly quickly.....but depends how busy the are and if your overlapping the preopen price in which case they tell your order will be reviewed by an operator b4 it is placed. Leave it to late and you'll miss the preopen or shootout.
Also during the market if you decide to sell down to a certain price and take out several lines  or viceversa and you want to buy up to a certain price and take out several ticks in the same way, your order may get reveiwed and there will be a lapse in time. For shares under 10c any single buy or sell order 
that effects the sp buy 20% or more will not be placed on market.
Also during market sell offs like the correction we just had ,you'll find trading will be severly restricted by brokers to reduce the severity of the correction, on the day i recall it was taking up to 2 hours to place your order!


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## somebodyhere (20 April 2007)

ok, thanks for the information.
its been very helpful.


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