Buy order rejected

[trenze]

I'm new to shares and keep having the same issue.

Order rejected by a Designated Trading Representative
The order that you are attempting to place has been rejected.The order you are attempting to place would fill to many price steps.Please modify your price.

I cant really find a clear explanation on this.

 

[Gringotts Bank]

I'm new to shares and keep having the same issue.

Order rejected by a Designated Trading Representative
The order that you are attempting to place has been rejected.The order you are attempting to place would fill to many price steps.Please modify your price.

I cant really find a clear explanation on this.

Post a screenshot of the depth and how much of it you want to gobble up.

 

[Gringotts Bank]

ok, what stock, and how many do you want to buy and at what price?

 

[trenze]

ok, what stock, and how many do you want to buy and at what price?

It was for LCT shares (Living Cell Technologies). was listed at 0.05 the order went through as 18,519 shares @0.054

end of day it's listed as 0.055

 

[Smurf1976]

What price did you enter in your buy order that was rejected?

 

[trenze]

What price did you enter in your buy order that was rejected?

Well this is something else i wasn't sure but ill i wont sidetrack. Despite it being listed 0.05 when i place the order
through E*TRADE the amount per share will always be just above, this case @0.054 i accepted.
Was about $1000 worth.

 

[sparhawk]

was it an international share? if so, maybe the transfer rate meant the total you were requesting wasn't available for that currency? not sure exactly how E*Trade works.

 

[skyQuake]

The ASX has market filters to ensure prices trade in an 'acceptable' range, and to filter out bad orders.
eg. BHP 14.27 last trade
Paying 14.28 = sure go ahead.
Paying 142.8 = order rejected, price is too far from last
Paying 1.42 = that works too, its below market price and wont with any orders.

Your order hit one of those filters presumably because last trade 5c vs paying 10% over last traded price.
The crucial bit of info is would fill to many price steps - what that means is your order would need to go through 5.1, 5.2, 5.3, 5.4, 5.5 (ie 5 price steps) which the ASX or your broker's filters reject.

 

[trenze]

The ASX has market filters to ensure prices trade in an 'acceptable' range, and to filter out bad orders.
eg. BHP 14.27 last trade
Paying 14.28 = sure go ahead.
Paying 142.8 = order rejected, price is too far from last
Paying 1.42 = that works too, its below market price and wont with any orders.

Your order hit one of those filters presumably because last trade 5c vs paying 10% over last traded price.
The crucial bit of info is would fill to many price steps - what that means is your order would need to go through 5.1, 5.2, 5.3, 5.4, 5.5 (ie 5 price steps) which the ASX or your broker's filters reject.

Thanks. This makes sense to be the cause.. appreciate all the responses