Your order may be cancelled for one of the following reasons:
ASX market rules and regulations
The ASX have in place parameters to ensure a fair and orderly market is maintained and there is no market manipulation. For example, entering a price too far from the last traded price (Order Pricing Rules) may result in an order being cancelled.
Order Pricing Rules
A "Prices Step" is the minimum amount that you can increase/decrease your order price by. For example, if BHP is trading at $17.65, its price step is one cent, therefore you may enter an order with a price of $17.66 or $17.67 but you cannot enter an order at $17.675.
Depending on the last trade price of the security, the price steps will change. Below is a table that outlines the price step based on the last trade price and the maximum number price steps (from the last traded price) allowed.
Note:
If a price step is not defined, the “General” rule below is applied
General rule: 10% of the actual value of the security
Corporate Actions (Stock has turned ex-dividend/ex-entitlement)
All orders are PURGED when the market closes on the day prior to a stock turning ex-dividend or ex-entitlement. This is an announcement where an event effects the value or structure of the unit holding. E.g.
- Dividend
- Capital reconstruction
- Share Offering e.g. rights issue, share purchase plan, capital return etc.
Expiry of your order
When you place an order, you choose whether it is 'Day Only' or 'Good until Date'. 'Day Only means that your order will expire following market close (on the same day the order was placed).
'Good until Date' means your order will remain ‘in market’ until the expiry date selected.
At the discretion of the ASX
An order may also be cancelled or purged at the discretion of the ASX or your broker.
Where can I view the reason for my order being cancelled?
To view the reason for your cancelled order go to Trading Account > My Orders > click on the reelvant order to view the cancellation reason which will be displayed in blue at the top of the form.