Hope someone can answer this to satisfy my curiosity more than anything else. Something I've never understood is the brokerage rules and payment of monies if I offer to buy or sell shares at a nominated price, instead of at market price (which is what I normally do), and the sale is incomplete.
Scenario: I intend to sell 1000 shares in a company and the lowest offer price at that time is $5.05. I name my price and put in an offer to sell the 1,000 shares at $5.00. I can see them right there, at the top of the Sell column; 1000 shares at $5.00. If someone then buys 400 of my shares at market price ($5.00), but the share price drifts through the day and my remaining 600 shares do not get sold, what happens?
Does $2000 (400 shares x $5.00) get deposited into my account at T+3, less brokerage, or does all the money get withheld until all the shares are sold? And, if it takes several separate transactions until all my shares are sold, how often am I charged brokerage?