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Cancel order after settlement prior to payment?

Discussion in 'Beginner's Lounge' started by jeracoo, Mar 28, 2014.

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  1. jeracoo

    jeracoo

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    Made an order on commsec yesterday and it seems it had an extra zero, it doesn't seem like it can be cancelled as it's already been filled. There's no way I can cancel it is there? Or what would be the penalties if I don't pay, I don't have any active stock with commsec.
     
  2. skc

    skc Goldmember

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    Re: Cancel after settlement prior to payment

    If the order has already been filled, there is nothing to cancel. You now own the shares, albeit at 10x more than you intended. You are legally liable to settle the amount of the transaction, even though it was an error. If you don't pay they will simply put a fine/fee on top of what you owe.

    Alternately you can sell the extra shares that you didn't want to buy. If you sell before settlement date then there is no need to pay. One of my rules for trading... if I made an error (like an extra zero) I correct it at the first available opportunity, ignoring what costs might be incurred.

    If you are not mentally prepared to deal with a position 10x larger than you intended, you are openning yourself to all sorts of silly reactions if the share price moves against you. You may lose a bit and have to pay commission, but it's a lot better than losing a lot.

    Good luck.
     
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