Please do not respond to this thread if you do not regularly trade warrants!
I am having trouble with Commsec throwing a large proportion of my warrant orders into manual processing because the price I am wanting (having) to pay is a lot different from the price the warrant last traded at.
Of course this will happen as warrants are highly leveraged so their price jumps about a lot; they are often also hugely illiquid, going sometimes weeks without trading, so again the next price they trade at will be a lot different from the price they last traded at.
Having my buy order processed by Commsec slow coaches fouls up the whole system - if the underlying share's price is moving fast then of course the offerred warrant price will quickly move to be out of date so I never get my order filled, unless the price moves in the opposite direction to what I was expecting!
My question is "Is there a broker that specialisies in warrant trading that doesn't whack on the filters triggering manual processing so readily?" I have so far rejected commsec, sanford and macquarie direct. Etrade hasn't returned my call.
Etrade is supposed to do a lot of on-line warrant trades. Is it so punative with their filtering system?
Iis it possible to trade exchange-based options on-line or are you required to make phone orders for them?