SWF

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12.0¢ selfwealth limited

Orders through SelfWealth being filled through the Chi-X, page-7

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24/12/20

22:49

Post #: 49812010
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Originally posted by FFailings: ↑

Both Comsec and SWF send their 'at market' orders to Chi-x first, as long as there is a bid there, because its cheaper for them to do so.

However any 'limit' orders are sent to ASX as all Chi-X orders get purged at the end of the day and people will get upset about this because they will lose their place in the queue, whereas this doesn't happen with ASX orders (as long as the client specifies a long dated expiry).

Sending 'at market' orders to Chi-X disadvantages the general client population of these brokers no doubt. Say ABC stock was trading at $1 bid, $1.01 ask. Client 1 at SWF decides to put an a limit order to buy at $1, which SWF will send to the ASX as it is a limit order. Client 2 at SWF decides to sell 'at market' however this order gets sent to Chi-X first because it is cheaper. What happens is all the people in the queue at Chi-X get hit first, and after that gets used up the balance of the order gets sent to the ASX. Poor Client 1 is still left hanging in the queue at the ASX if Client 2's sell order is fully fulfilled at Chi-X. Wouldn't it be better if SWF fulfilled Client 2's sell with Client 1's buy before sending it to the market?

There is a broker, Virtu Financial that takes advantage of this greed from brokers such as SWF and Comsec. They deliberately have orders sitting in Chi-X and as soon as they get hit they get sent back onto the other side to scalp a cent/pip. Take notice of this for those who can see both ASX and Chi-X trades. They can do this because they know that SWF and Comsec send their Chi-X first and thus they will get hit first. It seems to be a lucrative business because they have been doing it for yonks.

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That is a nice wrap-up post.

The cost at Chi-x is about half the ASX cost to trade. I lost my ability to route my own orders some years ago and they just now auto route on the IRESS Smart Order system. If you are nice then some brokers will allow you to see the Chi-x market and trade that until 4:20pm.

If I may add to yours that many brokers will not show Chi-x volume in the course of sales list, so you have to ask your broker what the data actually consists of that you are being shown in your platform feed.

Merry Christmas.

SWF Price at posting: 53.5¢ Sentiment: None Disclosure: Not Held
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(20min delay)
Last 12.0¢		Change -0.005(4.00%)		Mkt cap ! $27.86M

Open	High	Low	Value	Volume
12.5¢	12.5¢	12.0¢	$8.042K	67K

Buyers (Bids)

No.	Vol.	Price($)
6	255901	11.5¢

Sellers (Offers)

Price($)	Vol.	No.
12.5¢	117552	2

View Market Depth

No.	Vol.	Price($)
6	255901	0.115
2	30000	0.110
3	81000	0.105
4	51980	0.100
1	23500	0.080

Price($)	Vol.	No.
0.125	117552	2
0.130	139396	4
0.135	10125	4
0.140	311517	10
0.145	201501	4

Last trade - 11.21am 13/09/2024 (20 minute delay)

SWF (ASX) Chart

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