Yep, noticced this on several occasions. But I think its always when there are very small trades ( BOTs) so maybe that has something to do with it !?
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Small trades below a certain volume or value are excluded from setting a market price.
It goes back to the days when having bought 9998 of the 10,000 shares at $1 in your order the broker bought the last 2 at any price just to close the d*** order.
Here are the trade conditions but they aren't shown so much these days
Attachment 10760
https://www.directbroking.co.nz/Dire..._glossary.aspx
I wasn’t sure if it was there before and wondered if I’d made ass of myself haha, but if I haven’t then yeh big ups to DB
Had to email DB on odd lot trading. Understandbly there will always be short trades, and unfortunately odd lot trades. But it is really annoying and adds to the cost of trading. I put an order in today for 500 WBC and picked up 2 plus brokerage. Not so dramatic with $30 shares but when buying MPG it would be a real downer. I emailed DB and suggested they really need to come up with a policy, whereby odd lot trading below a certain value should not incur brokerage until a substantial part of the order is filled.
Will let you know the outcome.
When I have had an order not completely filled I have been charged the $29.95 (or whatever) and then when the order is completed with subsequent trades there has been no extra brokerage charged, so the complete order goes through with $29.95 brokerage.
I guess they charge it with the initial trade as if it was not done until the majority of the purchase was completed someone could get 2 or 10 or 100 shares, no brokerage and then cancel the outstanding order. Could get messy.
That makes perfect sense. Same amount of work for DB if they purchase 2 shares or 1000. Once a purchase (or sell) has been initiated they should charge bro on it. Indeed if you decided to cancel an order and then had to post date brokerage etc. Could get messy in the back office too. If you get hit for 2 shares you have a month to buy the remainder. Just up the bid to the ask and get the rest. Simple really.
I have been looking at the trades on a few shares, and wow there are so many odd lot trades going on, it is becoming a real problem. I do a lot of trading and getting to the stage where there is a gap between the buys and sells, I am so reluctant to put in a sell or buy order because if the risk of getting an odd lot but not proceeding with any further of the order. They become expensive shares. Odd lots are just a nuisance, and creates brokerage for brokers.