Commsec performed a cross trade on a cancelled order

[tinhat]

I had an order in with Comsec (I use the commsec website interface) to sell some shares but no one met my ask price so the order just sat open. I can't remember exactly when it was (I think it was Monday evening), I logged into the commsec website and cancelled the sell order. It was well before the opening of the exchange on Tuesday 1st July. I clearly recall seeing the screen you get after cancelling an order that says that the cancellation will be placed with the exchange when it next opens.

I am quite gobsmacked to find a trade confirmation in my inbox and to see that the trade happened today (Wednesday 02/07). Interestingly the sell order got filled with two trades, both cross-trades. I've opened a ticket with Commsec. I'll have to keep a log and record all my orders, cancellations and amendments from now on.

Has anyone else ever had this problem?

 

[burglar]

... Has anyone else ever had this problem?

Hi tinhat,

I am not with Commsec.
My broker is "netwealth".

I had put in a buy order and then the radio button stayed on buy.
So when I went to sell, I actually bought a second lot at a higher price.
Unfortunately, I had sufficient funds to allow the double up.

Subsequently, I was very lucky as the share price action went in my direction.
I was rewarded with a handsome profit x2.

Later, the radio button was programmed to reset after each order.
Obvious that some other client had suffered a similar embarrassment.

 

[qldfrog]

I have a similar web site bug with Bell Direct:
i use stop loss and when reediting an expired stop loss :
if share x below $$$ then sell nb shares of x
it get randomly transformed in a buy conditional order;
Very hard to reproduce consistently but not good when you double your portfolio of a share you want to exit;
has happenned a couple of time so far with no huge drama (I can live with the losses but maybe not with the potential risk)
So worthwhile checking the summary page of your copnditional order after any change
my 20c and if it helps other Bell Direct users.
PS:
I am overall very satisfied with Bell Direct.

 

[nulla nulla]

I had an order in with Comsec (I use the commsec website interface) to sell some shares but no one met my ask price so the order just sat open. I can't remember exactly when it was (I think it was Monday evening), I logged into the commsec website and cancelled the sell order. It was well before the opening of the exchange on Tuesday 1st July. I clearly recall seeing the screen you get after cancelling an order that says that the cancellation will be placed with the exchange when it next opens.

I am quite gobsmacked to find a trade confirmation in my inbox and to see that the trade happened today (Wednesday 02/07). Interestingly the sell order got filled with two trades, both cross-trades. I've opened a ticket with Commsec. I'll have to keep a log and record all my orders, cancellations and amendments from now on.

Has anyone else ever had this problem?

Don't you get email confirmations from Commsec for each buy/sell/amendment/ cancelation ? If a cross trade occurred after you received the email confirming your "cancelation" instruction (even if it had the "we will action your instruction when the market re-opens" comment) you should be able to draw this to commsecs attention and request the sale be reversed. It would be interesting to hear the outcome of your discussion with commsec..

 

[ROE]

I had an order in with Comsec (I use the commsec website interface) to sell some shares but no one met my ask price so the order just sat open. I can't remember exactly when it was (I think it was Monday evening), I logged into the commsec website and cancelled the sell order. It was well before the opening of the exchange on Tuesday 1st July. I clearly recall seeing the screen you get after cancelling an order that says that the cancellation will be placed with the exchange when it next opens.

I am quite gobsmacked to find a trade confirmation in my inbox and to see that the trade happened today (Wednesday 02/07). Interestingly the sell order got filled with two trades, both cross-trades. I've opened a ticket with Commsec. I'll have to keep a log and record all my orders, cancellations and amendments from now on.

Has anyone else ever had this problem?

I reckon you forget to click the confirm button at the last screen when they display "cancellation will be placed with the exchange when it next opens." It has happened to me in the past once or twice

 

[tinhat]

I reckon you forget to click the confirm button at the last screen when they display "cancellation will be placed with the exchange when it next opens." It has happened to me in the past once or twice

That would be it. Dang! I didn't realise I had to confirm on that screen. Usually you don't have to confirm. It has already cost me $500. Commsec emailed me saying they tried to call my mobile yesterday arvo. Anyway, I had a very, very up day today as I went very long BCI and CZI recently and today was a good day - so take the good luck with the bad.

From now on I am going to make sure I check that I have received the email (I might need to turn on some setting) and also double check my outstanding orders after I place/cancel/modify an order.

 

[divs4ever]

I had an order in with Comsec (I use the commsec website interface) to sell some shares but no one met my ask price so the order just sat open. I can't remember exactly when it was (I think it was Monday evening), I logged into the commsec website and cancelled the sell order. It was well before the opening of the exchange on Tuesday 1st July. I clearly recall seeing the screen you get after cancelling an order that says that the cancellation will be placed with the exchange when it next opens.

I am quite gobsmacked to find a trade confirmation in my inbox and to see that the trade happened today (Wednesday 02/07). Interestingly the sell order got filled with two trades, both cross-trades. I've opened a ticket with Commsec. I'll have to keep a log and record all my orders, cancellations and amendments from now on.

Has anyone else ever had this problem?

the two cross trades is the give away brokers trade off-market and sometimes internationally

am not sure how many international brokers were trading ASX shares in 2014 ..

BUT yes an associate had his buy-order filled over the weekend about a month ago

always a good idea to check your orders before the start of the day ( and adjust them , if you want to )

 

[Country Lad]

I think you will find the fine print says that they can sell/buy any open order as a cross. My full fee broker always rings if he can do an off market cross.