Is this BOTS and is it legal., page-3

  1. 5,528 Posts.
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    Hi @hilldweller

    I'm assuming the orders in front of you were on the same price level.

    Check to see if the trade was a cross trade (usually "XT" on the trade type, depending on broker.)

    Without knowing all the details, what I suspect happened is that your broker had matching order come in from another client at that price level and executed it internally as a cross trade.

    This happens quite often.

    Your broker should have a publicly visible "Execution Policy" (or similar) outlining the strategies they use to fill the order....some brokers allow you to change it.

    Generally, the policy is written in such a way as to reduce costs to the broker...so it looks something like..
    1) cross trade if possible - this is an "in house" thing, so they save some market costs.
    2) Chi-X if possible - cheaper than ASX execution
    3) ASX

    If you get a chance, speak to someone at the brokers, and make them earn their money !!

    MFx
 
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