waiting for authorisation, page-29

OpenMarkets as a market participant have certain rules to follow from ASX or ASIC etc - stopping their users from doing illegal manipulation.

Though I've been hit with false positives due to OM following the rules overzealously to the extend of following them wrongly. Or their compliance code just being buggy.

Eg. Low liquidity microcap.
Last traded $0.15 a week ago.
Current buy/sell offers are $0.16/0.21.
I put in a buy offer for $0.21 to buy off the $0.21 guy.
OM blocks my purchase for 'too far from market' so it's impossible for me to buy from the cheapest available seller.
But I go to Commsec, put in the buy and it works. Commsec just ask 'are you sure?'.


I had spoken to Andrew Ward about it quite a while back, and he said he'd notify OM. I don't have much confidence that OM ever fixed it though.

Though these are outlier cases, maybe just affecting 0.1% of trades.