Last week NAB online trading prevented me from exiting a position. 
Read from the bottom up
Subject: RE: NAB OnLine Trading - Rejected Order Alert
Date: Mon, 29 Oct 2007 16:46:39 +1100
From: service@trading.nab.com.au
To: mark70920@hotmail.com
Dear Mark,
Thankyou for your business with NAB Online Trading.
In answer to your below question, you are correct that the STP market order filters are not designed or maintained by the ASX. The internal STP filters that NAB Online operate are designed to ensure that we adhere to ASX Market Rule 13.4 which is part of the licence agreement that we have as a Market Paricipant with the ASX.
Your First Order - Sell WGPO 66,824 @6.2 was processed as follows:
Created Wednesday, 24 October 2007 10:59:29 am
Acted Wednesday, 24 October 2007 11:01:11 am
Completed Wednesday, 24 October 2007 11:01:11 am
Your Second Order - 24/10/2007 11:08:44 AM Sell WGPO 66,824 @6.2 was rejected for the same reason as the first order by our DTRs after it breeched our market order STP filters. The Rejection reason is as follows - The Sell limit price (7.46%) was below the Last Traded Price by more than 5%.
Were this is the case we require that the order is replaced within the maximum % difference requested from the last traded price as a protective measure to ensure that orders placed via our system are not contravening ASX market rule 13.4
If you recieve a rejected order, you need to telephone an operator for further information to ensure that your order is eventually placed in a way that will not contravene market rule 13.4
Please note that we also provide a Customer Service Centre to complement our website. Where technical or order rejections prevent you from accessing the website or placing order instructions we would suggest that you contact our Customer Service Centre on 131380 as soon as possible in order to mitigate any potential loss.
In such instances our Retail Broking Representatives can provide market information, confirm the status of any existing order, and place new orders for you over the phone were required.
If you would like further information, please do not hesitate to contact us on 131380 between 8am and 7pm AEST Monday to Friday or email us at service@trading.nab.com.au.
Yours sincerely
Alexander Beer
Team Leader - Client Services
NAB OnLine Trading
--------------------------------------------------------------------------------
From: Mark[mailto:mark70920@hotmail.com]
Sent: Wednesday, 24 October 2007 4:33 PM
To: NOLT Service
Subject: FW: NAB OnLine Trading - Rejected Order Alert
To Whom it my concern
This morning I tried to make a trade by selling 66824 WGPO at 6.2 there were sufficent buyer on the market at this price for this amount of shares. The order was rejected twice. When I phoned up to complain about this I was told it was against ASX rules to move the price 8% from the previous sale. I contacted the ASX I was told this was not the case (see correspondence below).
Subsequently someone else sold to the 6.2 buyers I was barred from selling to.
The reason I was making this trade was to give me the money to make another trade , not only did I miss out on the sale I was unable to profit from the subsquent trade. While the amounts of money were not large , it was important to me to be able to trade out of a position when I want to. It sickened me to see someone else to able to sell their position and me unable to sell mine.
I am formally complaining about your actions regarding this matter and the bogus information you supplied to me regarding ASX rules.
You should have looked at the sercurity and the amount involved , the market in general and any idiot would have realised that this trade was not market manipulation , I seriously doubt that you would have been investiagted over it.
Make the answer a good one as I will be sharing it with my online trading forums
Regards
Mark
--------------------------------------------------------------------------------
Subject: RE: NAB OnLine Trading - Rejected Order Alert
Date: Wed, 24 Oct 2007 15:24:57 +1000
From: Rowan.Evans@asx.com.au
To: mark70920@hotmail.com
Dear Mark,
It seems that this is a procedure put in place by NAB themselves and not governed directly by an ASX market rule. One would consider that this trade was outside the parameters of the NAB trading filter for individuals using online systems.
For additional queries relating to Illegal trading activities you would find more concrete information via contacting ASIC as these types of activities fall under ASIC jurisdiction.
Kind Regards,
Rowan Evans
Customer Service Officer
ASX Market Operations
Australian Securities Exchange
Exchange Centre
Level 4, 20 Bridge Street
Sydney NSW 2000
Phone: 131 279
(61 2) 9338 0000
Fax: (61 2) 9227 0885
e-mail: rowan.evans@asx.com.au
http://www.asx.com.au
--------------------------------------------------------------------------------
From: Mark xxxxxxx [mailto:mark70920@hotmail.com]
Sent: Wednesday, 24 October 2007 3:01 PM
To: Rowan Evans
Subject: RE: NAB OnLine Trading - Rejected Order Alert
Rowan
One quick question is the 8% a NAB rule or an ASX rule?
Is it illegal to make this trade or not?
Kind Regards
Mark
--------------------------------------------------------------------------------
Subject: FW: NAB OnLine Trading - Rejected Order Alert
Date: Wed, 24 Oct 2007 14:24:27 +1000
From: Rowan.Evans@asx.com.au
To: mark70920@hotmail.com
Dear Mark,
Thank you for your recent telephone query, after speaking with individuals from our compliance group I have been awarded the following information:
Where a Participant provides direct market access system to its clients (ie so that clients orders are entered directly into the market without being keyed or re-keyed by the Participant) the system concerned will have appropriate filters (designed by the Participant) to ensure that the orders accepted for entry into the system will not contravene Rules (for example to prevent possible manipulative trading).
In this case it appears NAB Online Trading has a filter which prevents orders from reaching the market where that order may result in a trade which moves the security more than 8% from the last close.
I have been told that you should contact NAB directly to establish exactly what orders it will be accepted and under what circumstances.
I hope that this has been of assistance to you.
Kind Regards,
Rowan Evans
Customer Service Officer
ASX Market Operations
Australian Securities Exchange
Exchange Centre
Level 4, 20 Bridge Street
Sydney NSW 2000
Phone: 131 279
(61 2) 9338 0000
Fax: (61 2) 9227 0885
e-mail: rowan.evans@asx.com.au
http://www.asx.com.au
--------------------------------------------------------------------------------
From: Mark [mailto:mark70920@hotmail.com]
Sent: Wednesday, 24 October 2007 11:57 AM
To: Rowan Evans
Subject: FW: NAB OnLine Trading - Rejected Order Alert
Hi Rowan
I tried to sell my WGPO shares at 6.2cents this morning as this was the price the highest bidder was offering and NAB online trading reject the trade. They stated to me as this moved the share price more than 8% from the last trade they were unable to please the trade as this was against ASX rules. My understanding was this was an open market and if I am unable to trade a stock it should be suspended.
Kind Regards
Mark xxxxxxx
> From: alerts@ausiex.com.au
> To: mark70920@hotmail.com
> Subject: NAB OnLine Trading - Rejected Order Alert
> Date: Wed, 24 Oct 2007 11:14:23 +1000
>
> Please do not reply to this message as it was sent from an unattended mailbox.
>
> The following order has been rejected from entering the ASX ITS market.
>
>
> Market : ASX ITS
> User Alert Text :
>
> Account Name : MR MARK xxxxxxx
>
> Order # : X5536588
> Buy/Sell : Sell
> Security Code : WGPO
> Security Name : WESTRALIAN GAS AND POWER LIMITED OPTION EXPIRING 17-SEP-2009
> Quantity : 66824
> Price : AUD 6.20c
> Execution Style : Day Only
> Market Time : 24-Oct-2007 11:14:23 AM EST
>
> Operator Comments : please price discover- order will move stock over 8% from last close
Read from the bottom up
Subject: RE: NAB OnLine Trading - Rejected Order Alert
Date: Mon, 29 Oct 2007 16:46:39 +1100
From: service@trading.nab.com.au
To: mark70920@hotmail.com
Dear Mark,
Thankyou for your business with NAB Online Trading.
In answer to your below question, you are correct that the STP market order filters are not designed or maintained by the ASX. The internal STP filters that NAB Online operate are designed to ensure that we adhere to ASX Market Rule 13.4 which is part of the licence agreement that we have as a Market Paricipant with the ASX.
Your First Order - Sell WGPO 66,824 @6.2 was processed as follows:
Created Wednesday, 24 October 2007 10:59:29 am
Acted Wednesday, 24 October 2007 11:01:11 am
Completed Wednesday, 24 October 2007 11:01:11 am
Your Second Order - 24/10/2007 11:08:44 AM Sell WGPO 66,824 @6.2 was rejected for the same reason as the first order by our DTRs after it breeched our market order STP filters. The Rejection reason is as follows - The Sell limit price (7.46%) was below the Last Traded Price by more than 5%.
Were this is the case we require that the order is replaced within the maximum % difference requested from the last traded price as a protective measure to ensure that orders placed via our system are not contravening ASX market rule 13.4
If you recieve a rejected order, you need to telephone an operator for further information to ensure that your order is eventually placed in a way that will not contravene market rule 13.4
Please note that we also provide a Customer Service Centre to complement our website. Where technical or order rejections prevent you from accessing the website or placing order instructions we would suggest that you contact our Customer Service Centre on 131380 as soon as possible in order to mitigate any potential loss.
In such instances our Retail Broking Representatives can provide market information, confirm the status of any existing order, and place new orders for you over the phone were required.
If you would like further information, please do not hesitate to contact us on 131380 between 8am and 7pm AEST Monday to Friday or email us at service@trading.nab.com.au.
Yours sincerely
Alexander Beer
Team Leader - Client Services
NAB OnLine Trading
--------------------------------------------------------------------------------
From: Mark[mailto:mark70920@hotmail.com]
Sent: Wednesday, 24 October 2007 4:33 PM
To: NOLT Service
Subject: FW: NAB OnLine Trading - Rejected Order Alert
To Whom it my concern
This morning I tried to make a trade by selling 66824 WGPO at 6.2 there were sufficent buyer on the market at this price for this amount of shares. The order was rejected twice. When I phoned up to complain about this I was told it was against ASX rules to move the price 8% from the previous sale. I contacted the ASX I was told this was not the case (see correspondence below).
Subsequently someone else sold to the 6.2 buyers I was barred from selling to.
The reason I was making this trade was to give me the money to make another trade , not only did I miss out on the sale I was unable to profit from the subsquent trade. While the amounts of money were not large , it was important to me to be able to trade out of a position when I want to. It sickened me to see someone else to able to sell their position and me unable to sell mine.
I am formally complaining about your actions regarding this matter and the bogus information you supplied to me regarding ASX rules.
You should have looked at the sercurity and the amount involved , the market in general and any idiot would have realised that this trade was not market manipulation , I seriously doubt that you would have been investiagted over it.
Make the answer a good one as I will be sharing it with my online trading forums
Regards
Mark
--------------------------------------------------------------------------------
Subject: RE: NAB OnLine Trading - Rejected Order Alert
Date: Wed, 24 Oct 2007 15:24:57 +1000
From: Rowan.Evans@asx.com.au
To: mark70920@hotmail.com
Dear Mark,
It seems that this is a procedure put in place by NAB themselves and not governed directly by an ASX market rule. One would consider that this trade was outside the parameters of the NAB trading filter for individuals using online systems.
For additional queries relating to Illegal trading activities you would find more concrete information via contacting ASIC as these types of activities fall under ASIC jurisdiction.
Kind Regards,
Rowan Evans
Customer Service Officer
ASX Market Operations
Australian Securities Exchange
Exchange Centre
Level 4, 20 Bridge Street
Sydney NSW 2000
Phone: 131 279
(61 2) 9338 0000
Fax: (61 2) 9227 0885
e-mail: rowan.evans@asx.com.au
http://www.asx.com.au
--------------------------------------------------------------------------------
From: Mark xxxxxxx [mailto:mark70920@hotmail.com]
Sent: Wednesday, 24 October 2007 3:01 PM
To: Rowan Evans
Subject: RE: NAB OnLine Trading - Rejected Order Alert
Rowan
One quick question is the 8% a NAB rule or an ASX rule?
Is it illegal to make this trade or not?
Kind Regards
Mark
--------------------------------------------------------------------------------
Subject: FW: NAB OnLine Trading - Rejected Order Alert
Date: Wed, 24 Oct 2007 14:24:27 +1000
From: Rowan.Evans@asx.com.au
To: mark70920@hotmail.com
Dear Mark,
Thank you for your recent telephone query, after speaking with individuals from our compliance group I have been awarded the following information:
Where a Participant provides direct market access system to its clients (ie so that clients orders are entered directly into the market without being keyed or re-keyed by the Participant) the system concerned will have appropriate filters (designed by the Participant) to ensure that the orders accepted for entry into the system will not contravene Rules (for example to prevent possible manipulative trading).
In this case it appears NAB Online Trading has a filter which prevents orders from reaching the market where that order may result in a trade which moves the security more than 8% from the last close.
I have been told that you should contact NAB directly to establish exactly what orders it will be accepted and under what circumstances.
I hope that this has been of assistance to you.
Kind Regards,
Rowan Evans
Customer Service Officer
ASX Market Operations
Australian Securities Exchange
Exchange Centre
Level 4, 20 Bridge Street
Sydney NSW 2000
Phone: 131 279
(61 2) 9338 0000
Fax: (61 2) 9227 0885
e-mail: rowan.evans@asx.com.au
http://www.asx.com.au
--------------------------------------------------------------------------------
From: Mark [mailto:mark70920@hotmail.com]
Sent: Wednesday, 24 October 2007 11:57 AM
To: Rowan Evans
Subject: FW: NAB OnLine Trading - Rejected Order Alert
Hi Rowan
I tried to sell my WGPO shares at 6.2cents this morning as this was the price the highest bidder was offering and NAB online trading reject the trade. They stated to me as this moved the share price more than 8% from the last trade they were unable to please the trade as this was against ASX rules. My understanding was this was an open market and if I am unable to trade a stock it should be suspended.
Kind Regards
Mark xxxxxxx
> From: alerts@ausiex.com.au
> To: mark70920@hotmail.com
> Subject: NAB OnLine Trading - Rejected Order Alert
> Date: Wed, 24 Oct 2007 11:14:23 +1000
>
> Please do not reply to this message as it was sent from an unattended mailbox.
>
> The following order has been rejected from entering the ASX ITS market.
>
>
> Market : ASX ITS
> User Alert Text :
>
> Account Name : MR MARK xxxxxxx
>
> Order # : X5536588
> Buy/Sell : Sell
> Security Code : WGPO
> Security Name : WESTRALIAN GAS AND POWER LIMITED OPTION EXPIRING 17-SEP-2009
> Quantity : 66824
> Price : AUD 6.20c
> Execution Style : Day Only
> Market Time : 24-Oct-2007 11:14:23 AM EST
>
> Operator Comments : please price discover- order will move stock over 8% from last close
