Re: william1982 03/10/12 11:47
and following couple posts.
Parcel sizes for orders are set by the service being used.
From my enquiry to ASX concerning small parcels of shares being traded:
- - -copy start- - - - -
The Marketable Parcel definition is not relevant for the purposes of trading and hence orders can be entered
and executed for 1 or more shares. The parcel size becomes relevant is when it comes to registering the
shares. Thus whilst a client may purchase shares in small quantities the broker cannot register them if it will
establish a holding that is less than a Marketable Parcel (unless the listed company’s constitution allows it). This is done, in part, to ensure that the maintenance of a company’s register of holders does not become a
financial drain on the company (eg cost of providing annual reports to thousands of very small shareholders).
Where a client buys and sells shares within a short period of time (such as intraday) or where there is high
frequency trading then there will be no need to establish a holding and thus the Marketable Parcel holding
restriction does not become an issue.
- - - end copy- - - - -
With payment of relevant minimum brokerage to trade 1 share at $0.006 the ASX does not care - provided you maintain a marketable parcel.
So may be no problem purchasing.
When go to sell when lodging order it may be rejected IF remaining holdings fall below marketable parcel value limit, if selling all the order apparently OK.
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