Brokers who allow market orders out of hours?

[jon the pom]

Hi,

I currently have accounts with SelfWealth, ANZ and Commsec however these brokers do not allow market orders to be placed out of hours.

They allow limit orders out of hours and market during trading hours.

Is anyone aware of a broker that allow in market orders to be placed after the close and filled on the open?

Cheers

John

 

[qldfrog]

Hi,

I currently have accounts with SelfWealth, ANZ and Commsec however these brokers do not allow market orders to be placed out of hours.

They allow limit orders out of hours and market during trading hours.

Is anyone aware of a broker that allow in market orders to be placed after the close and filled on the open?

Cheers

John

One way out is to place a buy / sell well above/below closing price and then be filled at open.not ideal

 

[jon the pom]

as you said not ideal when trying to find the best price

 

[qldfrog]

as you said not ideal when trying to find the best price

if you are small enough, your order will not influence the market and you will fill at open price except there are limits to the higher/lower price gven when off market; my broker Bell Direct is quite limiting and your orders get rejected if too far from last close..so my 'not ideal'

 

[jon the pom]

OK no worries I'll give it a go

 

[Austwide]

@qldfrog " Bell Direct is quite limiting and your orders get rejected if too far from last close."

With selfwealth I placed a stop Loss conditional order which was rejected when the SL was hit.

The message I got was along the lines of the ASX have rejected the order for being too far from current price.

Do you know if Bell rejects them or is it the ASX?

 

[tech/a]

IB
easy

 

[qldfrog]

@qldfrog " Bell Direct is quite limiting and your orders get rejected if too far from last close."

With selfwealth I placed a stop Loss conditional order which was rejected when the SL was hit.

The message I got was along the lines of the ASX have rejected the order for being too far from current price.

Do you know if Bell rejects them or is it the ASX?

For Bell direct, they told me they rejected, for it not to be rejected by ASX so the broker has some latitude, and it seems BD is quite strict.
From what I have seen via experience, the limit is based on a % from last close and as well whether you are within a range of existing pending orders
But I could not get a simple formula like xx % from close, it seems more convoluted..
And i have had orders refused with open price ultimately well within the rejected order.This is why it would be nice to have a "Sell at open" option...