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Nabtrade failed orders

Discussion in 'Brokers' started by Bob111, Apr 2, 2020.

  1. Bob111

    Bob111

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    Hi,

    Just wondering if someone might have some advice. I'm in a couple of leveraged ETF positions through Nabtrade and they are going the wrong way now but when I tried to sell I just got and error saying it couldn't be completed. No other details. I've been trying to contact (phone,email, facebook) Nabtrade all day but they aren't responding. I can't get out of these positions and can't get help from nabtrade.

    Thanks
     
  2. tech/a

    tech/a No Ordinary Duck

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    Don't know the platform
    Do you have a conditional sell order or just sell at market?
    Maybe there aren't any buyers at whatever you have set your sell at?
     
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  3. peter2

    peter2

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    You're the second person to raise this issue on ASF today. [re BEAR, BBOZ, BBUS ]
    Unfortunately I don't know what's going on. Comsec seems to be OK although I haven't tried to actually buy them because I don't want them.

    These ETFs are Betashares and their share registry is Link Market Services if you want to ask either of them.
     
  4. Bob111

    Bob111

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    @limit orders but they were coming back with failed. Finally got through at 3:59pm. They can't work it out either.
     
  5. Bob111

    Bob111

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    These are international but I think it is a Nabtrade fault.
     
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  6. peter2

    peter2

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    Sorry for assuming you were referring to ASX traded shares.
     
  7. Sharkman

    Sharkman

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    i trade ETFs (though not leveraged ETFs) thru nabtrade and i've never received any error like that before

    have you checked whether there are any public announcements for the specific ETF in question? like a trading halt or something?

    is your offer way off where it's trading at, many brokers will reject orders that are too far away from the current market price.
     
  8. Bob111

    Bob111

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    There was an IRESS technical fault last night. They don't know what it was or if it will happen again. (Insert lots of swearing here)
     
  9. peter2

    peter2

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    Pleased you got some answers and thanks for the updates.
     
  10. Bob111

    Bob111

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    Yeh it was a very weird one. I was definitively in the spread but it sounds like a glitch. They have said just try and place the orders again tonight. I guess if they don't go through again my conversation with them tomorrow will be about compensation.
     
  11. peter2

    peter2

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    Just occurred to me, that many leveraged ETFs in the US markets had a name change yesterday. They had to do this as Direxion decreased the leverage on many (all) of their 3x leveraged products. The new leverage is 2x. This change was to come in on May 19th but was changed to March 31st suddenly.

    I was given 6hrs notice as I had been trading them in the prior 24hrs.
     
  12. tech/a

    tech/a No Ordinary Duck

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    Unless it reverses!
     
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  13. Bob111

    Bob111

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    Not all. Just 10 I believe?
     
  14. bellenuit

    bellenuit

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    It may be that their systems are overwhelmed. A couple of weeks back when the panic buying and selling started, I tried to do a funds transfer from my Nabtrade High Interest Account to my Nabtrade Cash Account so I could do some buys.

    After entering all the details and pressing the confirm key or whatever it is called, I got a spinning wheel for about a minute and then a text box that was just blank. That box usually gives confirmation of the transaction and a confirmation number that you can record. I then checked my balances and no funds had been transferred. I repeated several times within the space of an hour, each time with the same result, and then gave up.

    I would make sure that the sales haven't executed and then try another time when they might not be as busy.
     
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