From the ASX website... The life of an order depends upon its expiry date and other factors that may cause the order to be automatically purged (cancelled).
SEATS automatic order purging Orders are purged, i.e. cancelled, every night from SEATS to ensure that the system is not overloaded with orders that may never trade.
An order may be purged because:
It has expired. The order price is too far away from the current market. The security will trade on an ‘ex’ basis of quotation from the following trading day. The security has been suspended or delisted. The security has been reconstructed. Expiry date Orders may be given an expiry date when they are placed. If no expiry date is specified, SEATS assigns an expiry date of nine weeks from today. If you trade on-line, your broker may have set up a different expiry default.
SEATS checks the expiry date of all orders at the end of each trading day. Any order with an expiry date of today is removed from the market, including day only orders.
Purging on price Orders are purged if the price is too far from the current market price.
The current market price is the best price at the end of the Closing Phase. For a buy order, the current market price is the best buy price as at 7:00 pm, Sydney time. For a sell order, the current market price is the best sell price as at 7:00 pm, Sydney time.
There are two cases where the price is not checked or the order purged.
If there is only one order in the market for a security the order is not purged. If the order is for an interest rate security (with the exception of hybrids), the price is not checked and the order is not purged. Purge prices At about 7:00 pm, Sydney time, each trading day, SEATS compares the price of each order against the current market price for all securities except interest rate securities.
The table below shows purge prices for equities, rights issues and warrants that are quoted in cents.
For example, if an equity has a current market price between $5.00 and $29.99, e.g. $5.50, then an order with a price that is more than $2.00 from the current market will be purged, e.g. a sell order above $7.50 or a buy order below $3.50 will be purged.
Current market price Purge price 0.1 cents to 9.9 cents 10 cents 10 cents to 49.5 cents 50 cents 50 cents to $4.99 $1.00 $5.00 to $29.99 $2.00 $30.00 to $249.99 $5.00 $250.00 to < $999.00 $50.00
Some securities are quoted in dollars. If the current market price is between $1 and $999 the purge price is $100. If the current market price is between $1,000 and $99,900 the purge price is $200.
Purging on a change of basis of quotation Basis of quotation is the basis upon which a security is traded, e.g. when a dividend is paid, the security trades Ex Dividend. Any unfilled orders for a security that will start trading on an ‘ex’ basis of quotation from the following trading day are purged.
CQT Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
