# Depth and amending the order quantity



## IGO4IT (3 March 2006)

just a question guys,

If my order is say first on a certain price & I decided to increase/decrease the qty of shares for sell or buy, do I lose my turn & my order will be treated as if its a brand new order & becomes last on that price?

or 

will I stay on in my turn but with lower or higher qty.

of course I'm talking about a change in qty of shares sold not a change in price.

Thanks.


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## lesm (3 March 2006)

If you increase the quantity of shares there will be two orders in the queue:

The first will be your original order and you will retain your existing position in the queue.

The second will be your new (additional) quantity of shares, which will be placed at the end of the queue.

Your broker will/should treat it as single order for calculating commission and GST.

Have been through the above and also queried how amended share parcel with increased quantities are handled.

Not sure what happens on a decrease in the number of shares.
You could query your broker (online or full-service) for a definitive answer. 
Can think of two logical approaches, but it is better to obtain the correct answer.


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## bullmarket (4 March 2006)

Hi igo4it



			
				lesm said:
			
		

> If you increase the quantity of shares there will be two orders in the queue:
> 
> The first will be your original order and you will retain your existing position in the queue.
> 
> ...




:iagree: with lesm's reply.

_In addition, re what happens if the order size is reduced _ then essentially nothing happens.  Your reduced quantity order stays in its original place in the queue.

An easy way to remember how orders and amended orders are placed in queues is to remember that buy/sell orders are placed in the market queues according to the following priority:

1) Price is first priority

2) Time at which the order or amended parcel is made.....ie.....for a given price a new order or the increased portion of the quantity of shares for an already existing order is placed at the end of the queue.

cheers

bullmarket


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## GreatPig (4 March 2006)

HSBC doesn't let you increase order quantity. You have to place a new order.

GP


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## markrmau (4 March 2006)

lesm said:
			
		

> If you increase the quantity of shares there will be two orders in the queue: The first will be your original order and you will retain your existing position in the queue. The second will be your new (additional) quantity of shares, which will be placed at the end of the queue.




Looks like that depends on the broker.



			
				StGeorge Directshares: said:
			
		

> Once you have a pending or open order you can reduce (but not increase) the number of shares in your order without losing priority. This is because each order received by SEATS is given priority when it is placed. To increase the quantity of your order you have to place a new order for the additional number of shares. If your order is open or partially completed you can cancel the balance of the pending order. In this case, you would lose your priority.




Edit: didn't see GP's post. StGeorge uses HSBC

I was under the impression that commsec allows you to increase your order size, but the whole lot drops to back of queue (not just the additional part). Could be wrong here.


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## lesm (4 March 2006)

mmm...certainly does look like it varies by broker and is not consistent.

Don't like the HSBC approach, especially with respect to losing priority, would be better to place a second order.

Commsec uses the approach I described.

Received a written response by email from them, as to how they handle amended orders when the quantity is increased.


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## IGO4IT (7 March 2006)

Thanks guys for all your answers.

I'm with commsec & I realised that when I put down the value, I don't miss my turn but qty falls. Never tried putting up the value, I may try that live tomorrow on a higher price just to test.

I just noticed an order on Depth that keeps going up in value on the same exact turn, whenever a part is sold then the value is re-adjusted higher (probably someone with a big parcel that doesn't want to scare the market with their sell order of such a big qty) I thought may be brokers have some kind of special permission to do that.


thanks for the info.


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## IGO4IT (7 March 2006)

I'm with commsec & I realised that when I put down the value, I don't miss my turn but qty falls. Never tried putting up the value, I may try that live tomorrow on a higher price just to test.


sorry, I meant when I put down the qty I don't miss my turn.


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