Well the market opened up today. No problem, my short trade on the SPI was still in good shape, with a stop ten or so points above the recent hights at 4320. I checked my trade long anyway...
A fill at 4379.80?!?! Are you kidding me???
I'd been stopped out at the open 60 points above where my order was placed. In fact I have the dubious honour of achieving the highest sale of the day, and making the lucky buyer and instant profit when the opening price settled around 80 points lower.
This is not supposed to happen. For a start this CFD is explicitly tied to the underlying which never traded anywhere near that level. But how did this order even get triggered? Even if it did how the auction process/ market maker etc allow a fill at that price?
An hour of reading the ASX webpage and phone calls to my broker and the SFE Ops Desk later and I found out what my recourse is:
- Lodge the cancellation request within 5 minutes of the trade and
- Pay a fee of $1125
They've made it easy haven't they
So what is the lesson in this? Apart from the little guy gets screwed again. Well the ASX guarantee of a fairer playing field for CFDs via their product is obviously bumkus. And I don't see how 'lack of volume' could fully explain this, certainly not the fact that it triggered at all. So I am really not sure what to make of it except "don't trade ASX-listed CFDs".