Why was my order cancelled?
Cancelled orders can be found under ‘Pending’ in the Dashboard. Your order may be cancelled for a number of reasons, including:
ASX and Chi-X Operating Rules and ASIC Market Integrity Rules – All orders must be entered in accordance with the ASX and Chi-X Operating Rules and the ASIC Market Integrity Rules. These rules ensure that the market operates in a fair, orderly and transparent manner.
In instances where these rules may be breached your order may be cancelled. The cancellation of orders under these circumstances is usually at the discretion of our Market Participant. ASX or Chi-X may also cancel orders at their discretion.
Examples of where action may be taken by regulatory bodies, include circumstances where there is suspected market manipulation, insider trading, or extreme price movements that create a disorderly market.
Market Participants and Superhero’s Trade Vetting Rules – To ensure a fair, orderly and transparent market, Superhero and our Market Participant have obligations to ensure orders do not breach any market Operating Rules or the ASIC Market Integrity Rules.
To meet these obligations, Superhero and its Market Participant have Trade Vetting Rules in place which may cause an order to be cancelled prior to it reaching the market. This occurs where it is detected that an order may breach the above rules and/or cause a disorderly market.
ASX and Chi-X Order Pricing Rules – Price steps are the minimum price multiples for a security. The multiple depends upon the market price of the security. The ASX price steps for shares are:
* Up to 10c, the price steps are 0.1c
* Over 10c up to $2.00, the price steps are 0.5c
* Over $2.00, the price steps are 1c
You will be unable to place an order if it is not input with the correct price multiples for a particular security.
For example – If BHP is trading at $17.65, its price steps are one cent. You may enter an order at $17.66 or $17.81 etc.
Corporate Actions – Orders are removed from the market (purged/cancelled) when the market closes on the day prior to a corporate action event that affects the value or structure of the unit holding.
Some examples of corporate actions are: dividends, capital returns and capital reconstructions; or share offerings such as a rights issue or share purchase plan.
Expired Orders – If your order does not trade on the day you place it, it will expire 30 days after you place the order.