I went to buy a stock via my Australian, bank-backed broker today online. (one of the big four banks)
I put in a buy "at market" trade expecting a purchase to set me back on a currently available/traded stock on ASX today by about AUD$5,000.
I get a call from my online broker after submitting the trade (which was then stuck in "processing" status) - "we can't submit your trade into the market - it may disrupt orderly trade as your "market buy" will cause the stock (currently traded under $0.10 per share, previous trading day's price $0.08) from rising 20-30%. Therefore we cant allow your buy-order to be processed (read "will be cancelled"). WTF?
This stock is under no "trading halt", my "buy at market" is for 50,000 units (going by market depth tools via my broker) at approximately under $0.10 per share, coming out around $5k.
I've never heard such bollocks in all my life - I've previously traded small caps on NASDAQ without issue, but this takes the cake!.
The broker/agent on the phone explained another major (big 4 backed trader) was fined a significant sum of money for allowing trades to "disrupt" orderly trading of stocks, so they were trying to avoid the same. So much for looking out for the customer!
Has anyone else encountered this? Is my broker breaking any ASX rules by disallowing a "normal" market-buy of a normal ASX listed stock (not subject to any special contditions eg: trading halt etc) ???? Surely the broker/agent is disrupting "normal market" process through blocking trades like mine? Gives a new meaning to "Market maker"
I've lodged a complaint with the agent/broker, but will hear back from them tomorrow. They blocked my "market buy" trade 2x today before market close. Needless to say, I still do not own any stock.
Just a further hyperthetical, if the stock jumped by a factor of 1000x up on Friday, will I have a case to sue/file law suit for losses given they blocked my trade at least 2-3 times today?
Appreciated responses/other experiences thanks!
I put in a buy "at market" trade expecting a purchase to set me back on a currently available/traded stock on ASX today by about AUD$5,000.
I get a call from my online broker after submitting the trade (which was then stuck in "processing" status) - "we can't submit your trade into the market - it may disrupt orderly trade as your "market buy" will cause the stock (currently traded under $0.10 per share, previous trading day's price $0.08) from rising 20-30%. Therefore we cant allow your buy-order to be processed (read "will be cancelled"). WTF?
This stock is under no "trading halt", my "buy at market" is for 50,000 units (going by market depth tools via my broker) at approximately under $0.10 per share, coming out around $5k.
I've never heard such bollocks in all my life - I've previously traded small caps on NASDAQ without issue, but this takes the cake!.
The broker/agent on the phone explained another major (big 4 backed trader) was fined a significant sum of money for allowing trades to "disrupt" orderly trading of stocks, so they were trying to avoid the same. So much for looking out for the customer!
Has anyone else encountered this? Is my broker breaking any ASX rules by disallowing a "normal" market-buy of a normal ASX listed stock (not subject to any special contditions eg: trading halt etc) ???? Surely the broker/agent is disrupting "normal market" process through blocking trades like mine? Gives a new meaning to "Market maker"
I've lodged a complaint with the agent/broker, but will hear back from them tomorrow. They blocked my "market buy" trade 2x today before market close. Needless to say, I still do not own any stock.
Just a further hyperthetical, if the stock jumped by a factor of 1000x up on Friday, will I have a case to sue/file law suit for losses given they blocked my trade at least 2-3 times today?
Appreciated responses/other experiences thanks!
