Does everyone have the same problem that I have with "referred orders" It regularly costs me money when I miss an order because it gets referred before acceptance and the time delay, up to as much as 4 minutes at times, means that I miss a buy or a sell. This is also a problem during the auction period when I wish to change an order to maintain my place in the queue or to dodge being left with a buy or a sell of ONE share.
Today is a case in point. I could see that the SP of EDE was high and I wished to sell. The problem was that I had two buys in the queue below the current SP and these buys are there to take advantage of any fall. My sell order was referred because of these buy orders. When it was finally accepted the buyers available earlier had gone so I reduced my sell order by a pip. There were buyers at that lower price. My amended order was then "referred" and by the time it was accepted those buyers had also gone. I then reduced my buy another pip and by the time that went through, after referral, it was partly filled with the SP now down another two pips.
This happens on a regular basis. I have to compete with brokers that can change an order in a nanosecond and get faced with these delays in acting on a legitimate order.
I have complained to Westpac, as I have done many times in the past. to no avail. They say it is policy in place for my protection and it will not change. I have now complained to ASIC, the ASX and AFCA, If anyone is faced with this problem they should also complain. If there is an easy solution, please tell me about it.
