Where can I find the Trade Confirmation for my order?
Once your order is complete, you can find your Trade Confirmation listed in the Activity tab, by clicking the dropdown next to the transaction and clicking on the pdf button.
What is a Market Order (ASX Trading)?
A Market Order is an order to buy or sell at the market price.
For a buy order, the order will be placed at the price set by the lowest seller in the market at the time the order is placed.
 If for any reason your order does not trade immediately, the price of your order will be continually updated (increased) in increments until the order trades, in full.
If the market order is a sell order, the order will be placed at the price set by the highest buyer in the market at the time the order is placed. If for any reason your order does not trade immediately, the price of your order will be continually updated (decreased) in increments until the order trades, in full.
In some circumstances your buy or sell order may only partially trade or may not trade at all (eg. where there are no sellers in the market or where an order breaches, or may cause us to breach, the Corporations Act, Corporations Regulations, ASIC MIRs, ASX Rules, the Market Participant’s Best Execution Policy, Superhero’s trade Vetting Rules, or any other applicable Rules or laws in Australia or in any other jurisdiction applicable to the order).
How long will my Order on the ASX remain active?
Your Limit or Market Order placed for ASX-listed securities will remain active for 30 days after you place the order.
Can I amend my Order?
No, Limit and Market Orders cannot be amended once they are placed. If you would like to change your order, please cancel it and replace your order. Market Orders will usually execute immediately.
You can cancel your order under ‘Dashboard – Pending’ and then click on ‘Review’.
Can I cancel my Market/Limit Order?
Market and Limit Orders can be cancelled provided the order has not already been executed. Market Orders usually execute immediately.
You can cancel your pending order any time under ‘Dashboard – Pending’, then click on ‘Review’ and then ‘Cancel Order’.
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.
Are my orders executed in real time?
Your trades are executed in real-time during market opening hours.
ASX 10:00am – 4:00pm Sydney Time
U.S. 9:30am – 4:00pm U.S. Eastern Standard Time (EST)
You will always get the benefit of our Market Participant’s Best Execution Policy.
How is my order directed into the market?
Any orders you place are directed into the market by our Market Participant.
How does Superhero handle my order instructions?
We pass your instructions on to our Market Participant. They execute your instructions according to their Best Execution Policy, the market Operating Rules and the ASIC Market Integrity Rules.
