Discrimination by Westpac Securities?

[yonnie]

hello fellow traders,

I did a lot of business through Westpac Broking as they were called before the name change recently.

I trade the penny stocks, mainly under 1 cent. Now these stocks usually have millions of shares at the bid and the ask, so once you place your order it will be sitting at the bottom of the queue and works its way up day after day.

Normally after 21 days that order will expire before reaching the top of the queue, but with Westpac Broking you could hit the amend button and the order would stay in the queue for another 21 days.
Basicly an order would never expire as long as you keep hitting that amend button.

No more! Westpac Securities as they are called now changed to a fixed 21 day expiry date, even for their WebIress platform TraderPro.
Now you can argue to change brokers, but they do have a generous trading limit that is very important to my way of trading.

I`m a full-time trader and the expiry change is threatening my livelyhood and am thinking of making an official complaint to Westpac Securities and the relevant authorities.

Is the fact that trading a part of the ASX stocks is now impossible due to a change in the rules not a form of discrimination?

Any suggestions???

 

[Richard Dale]

You should definitely contact Westpac on this matter.

Until they hear from you, they don't know that this issue exists for you.

 

[Whiskers]

so once you place your order it will be sitting at the bottom of the queue and works its way up day after day.

Any suggestions???

If you are placing your order so far away from the market that is the problem you have.

Why don't you not broadcast your intentions and just wait until the price comes to you before putting your order in?

Is the fact that trading a part of the ASX stocks is now impossible due to a change in the rules not a form of discrimination?

Discrimination!.. how so?... don't their rules apply to all stocks regardless of value?

 

[Wysiwyg]

If you are placing your order so far away from the market that is the problem you have.

Why don't you not broadcast your intentions and just wait until the price comes to you before putting your order in?

Trading stocks under 1 cent looks like a hard gig. Take AUZ for example. Always pops up as a 100% mover and if you check the queue there is 600+ orders on the bid side. Funny game if you ask me but each to their own.

Bid = 613 Quantity = 1,333,304,980 Price = 0.001
Ask = 299 Quantity = 2,064,475,146 Price = 0.002

LOL

 

[nioka]

hello fellow traders,

I did a lot of business through Westpac Broking as they were called before the name change recently.

I trade the penny stocks, mainly under 1 cent. Now these stocks usually have millions of shares at the bid and the ask, so once you place your order it will be sitting at the bottom of the queue and works its way up day after day.

Normally after 21 days that order will expire before reaching the top of the queue, but with Westpac Broking you could hit the amend button and the order would stay in the queue for another 21 days.
Basicly an order would never expire as long as you keep hitting that amend button.

No more! Westpac Securities as they are called now changed to a fixed 21 day expiry date, even for their WebIress platform TraderPro.
Now you can argue to change brokers, but they do have a generous trading limit that is very important to my way of trading.

I`m a full-time trader and the expiry change is threatening my livelyhood and am thinking of making an official complaint to Westpac Securities and the relevant authorities.

Is the fact that trading a part of the ASX stocks is now impossible due to a change in the rules not a form of discrimination?

Any suggestions???

I have the same problem. For years I have traded stocks this way. Particularly stocks like ADI, EKA, CER, LYC, EDE and VCR. I put in a buy order down the scale or a sell order up the scale. I trade this way for "freebie" accumulation. This week I have lost out by one my order expiring one day befor it would have gone through. After waiting in the queue for 21 days it hurts to miss out.
It is not as though I am setting the price a long way from the trading price. Take VPG, three weeks ago I bought 100,000 at 10c and put 95,000 back on the market at 10.5c.They slipped below the 10c and have only slowly traded at 10c and 10.5c lately. Today I was in the queue from 16th place at open got to under 10th place by mid afternoon. The order didnt get taken up and I reordered. I am now well over number 100 in the queue. Similar thing happened to CER earlier in the week.

Brokers get round this for their buddies with cross trading within the brokerage.

I complained to Westpac and asked "why is it so". I was told it is now ASX rules and all brokers have to adhere to that rule. ?????????

 

[yonnie]

I complained to Westpac and asked "why is it so". I was told it is now ASX rules and all brokers have to adhere to that rule. ?????????

I did complain to Westpac and the guy forwarded it for possible future inclusion. Dont have my hopes up high though.

I dont see how it can be ASX rules, because there are brokers out there with a 90-day expiry date, so it cant be a fixed rule. Undoubtedly ASX would prefer a short expiry date though so as not to overload their trading platform SEATS.
Unfortunately those 90-day brokers dont have a generous trading limit.

A bit of advise to you nioka: join IB

 

[frugal.rock]

Still only a 21 day maximum order duration.
Selfwealth for example, can have a date selected anything up to and including 1 year.
It may have been ASX rules many years ago, but clearly isn't now.