Why did my order fail?
Your order may have failed for a number of reasons, including:
- ASX and Cboe Operating Rules and ASIC Market Integrity Rules
- Market Participants and Superhero’s Trade Vetting Rules
- ASX and Cboe Order Pricing Rules
- Corporate Actions
- Expired Orders
On the web platform, failed orders can be found in the ‘Activity’ section under the ‘Orders’ tab. The specific reason for the order failure is not generally listed in this section.
ASX and Cboe Operating Rules and ASIC Market Integrity Rules – All orders must be entered in accordance with the ASX and Cboe Operating Rules and the ASIC Market Integrity Rules. These rules ensure that the market operates in a fair, orderly and transparent manner.
The cancellation of orders under these circumstances is usually at the discretion of our Market Participant. ASX or Cboe may also cancel orders at their discretion.
Market Participants and Superhero’s Trade Vetting Rules – To ensure a fair, orderly and transparent market, Superhero and our Market Participant have obligations to ensure orders do not breach any market Operating Rules or the ASIC Market Integrity Rules.
To meet these obligations, Superhero and its Market Participant have Trade Vetting Rules in place which may cause an order to be cancelled prior to it reaching the market. This occurs where it is detected that an order may breach the above rules and/or cause a disorderly market.
ASX and Cboe Order Pricing Rules – Price steps are the minimum price multiples for a security. The multiple depends upon the market price of the security. The ASX price steps for shares are:
- Up to 10c, the price steps are 0.1c
- Over 10c up to $2.00, the price steps are 0.5c
- Over $2.00, the price steps are 1c
You will be unable to place an order if it is not input with the correct price multiples for a particular security.
For example – If a Security is trading at $17.65, its price steps are one cent. You may enter an order at $17.66 or $17.81 etc.
Corporate Actions – Orders are removed from the market (purged/cancelled) when the market closes on the day prior to a corporate action event that affects the value or structure of the unit holding.
Some examples of corporate actions are: dividends, capital returns and capital reconstructions; or share offerings such as a rights issue or share purchase plan.
Expired Orders – If your order does not trade on the day you place it, it will expire 30 days after you place the order.
Will my failed order try again?
If an order fails, the system will not try to place it again for you.
You must manually place a new buy or sell order if you still wish to trade the share.
Why did my recurring order fail?
The main reason your recurring order may fail is because you don’t have enough funds in your Superhero Wallet on the day your recurring order is due to execute.
If you do not have enough funds in your account, we will attempt to re-submit your order on each subsequent day, until the order is placed.
What happens if my order expires?
If your order expires, and you still wish to trade, you will need to place a new order.
Market and Limit Orders stay active for a maximum of 30 days.
Stop Loss Orders stay active for a maximum of 180 days.
If your order does not execute during this time (eg: price goal not met) the order will expire.