Partially-filled order - what would you do? - Aussie Stock Forums

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  1. #1
    Pigs In Space GreatPig's Avatar
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    Jul 2004

    Default Partially-filled order - what would you do?

    Just wondering what some of you would do in the following scenario I've found myself in. I'll use a more extreme example though to highlight what I mean.

    Say the following occurs:

    - You place a one-day buy order for 10,000 shares at 50 cents each, for a stock you don't hold yet (total order $5,000). Your quantity adds to an existing buy order at that price.

    - 50 cents is the highest bid. The lowest offer is 53 cents, which you consider too high to take.

    - Another trade goes through at 50 cents, taking only 10 shares from your quantity. Unfilled amount 9,990 shares.

    - Nothing changes for the rest of the day (it's a low volume stock).

    The problem is that as the market close approaches, your order is about to expire with only $5 filled. You still consider the 53 cent offer as too high to take, but if you let the order expire, you'll end up with just $5 worth of shares costing you $20 in brokerage.

    I rang the online-broker to ask what would happen, given that the $5 order is less than the ASX minimum of $500. They said that didn't matter, and it would just go through with the usual brokerage.

    In my case it's actually a $250 order, but potentially it could be as low as a single share. At the moment I've just amended the order to make it a two week order, and I'll see what happens today.

    So what would you do?


  2. #2

    Default Re: Partially-filled order - what would you do?

    Same as you did. Let it stand at 50c. My online broker charges me for the first part but charges me nothing for the rest...as long as my order doesn't expire.

  3. #3

    Default Re: Partially-filled order - what would you do?

    Well I've just noticed that my amendment didn't work. I logged in this morning expecting to see my order still there, and instead found I'm now the proud owner of $250 worth of those shares.

    Seems odd. Amending the order lets you change the day/fortnight setting, yet it didn't make any difference in this case.

    I'll have to ring them and ask about it.


  4. #4

    Default Re: Partially-filled order - what would you do?

    I am with commsec, and I am allowed to ammend partially filled orders.

    This happened to me on a buy as well. I bought 100$ or so on day one, then increased bid to buy rest a day or so later. Got charged brokerage only once, but the bastards took the margin loan fee out twice (2*$10).

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