Trading and Market Depth (and hidden SELL orders?)

[marynicolehicks]

Thank you everyone for all your help. I have just brought some more shares in TEM. Though the shares are not as often traded as other larger companies.

When I traded, I watched the market depth and sell prices. I then set my price as "at market".

Offer was 12.10
Bid was 12.02

The market depth was:
BUYs (number,price)
1,500 12.02
330 11.90
4,000 11.65
30 10.99
SELLs (price,number)
12.10 1,500
12.15 1,018
12.25 606

The market depth was the same for at least 20 minutes before and 20 minutes after my trade.

I was expecting that "at market" would trade at 12.10 but the trade went through at 12.05.

If there was someone with a SELL in at 12.05, why would it not show up in the market depth. It was nearly as if SELL order in at 12.05 was hidden?

Can anyone explain this?

[Lizard]

What was the last traded price at the time your order was placed? I think if you use Direct Broking then an "at market" order is limited by the last traded price, so if that was $12.05, your order might have been placed there. Alternatively, a seller may have appeared at $12.05 in the time it took you to place your order.

[marynicolehicks]

What was the last traded price at the time your order was placed? I think if you use Direct Broking then an "at market" order is limited by the last traded price, so if that was $12.05, your order might have been placed there. Alternatively, a seller may have appeared at $12.05 in the time it took you to place your order.

The last traded price was $12.05 and I was trading through ASB.

[Steve]

Even though you use ASB, not Direct, you could flick an email to Alice @ Direct who may be able to explain the method of execution.

Did you place your order during one of the offset periods? Possibly not as you have said that there was no change to depth in the 20 mins before/after your trade.