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speedyl

1,070 Posts.

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07/03/18

11:35

Post #: 31585123
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Originally posted by Freehold ↑

Well my understanding is this a broker will look to fill the order from one of their own clients first. Failing that they will Goto asx or chi-x to get a fill if a matching is buy is available. If not you remain at top of queue. So assume I sell order for XYZ at 60000 @10c and my order is at top of sell queue. Let say my broker has a buy for 50k at the same price. So there is match and 50k gets sold without going to asx or chi-x and broker saves on fees this way. Now each broker will also do the same and match internally if possible. This is why it is possible for someone behind you in the queue to get a fill before you. Annoying but the way it is unfortunately. The only solution is to either wait till a buyer steps up to your price and is not filled pre asx chi-x or lower your sell price to meet the market.

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Thanks @Freehold
I was still abit confused but this time when I rang ANZ I actually got hold of someone who knows what they are talking about and what you say above is absolutely correct. Also just to clarify for others ANZ Share Trading do trade through ChiX as well. My trade apparently didn't go through as all the ChiX trades I saw at the same price would have been broker cross trades I was told. Just wanted to post to clarify for others as well.

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