Why has my order been cancelled?
ASX market rules and regulations
We (Marketech) trade and settle through Openmarkets as the ASX Trading and Settlement Participant. Both Openmarkets and Marketech have obligations under the Corporations Act and the ASX Operating Rules to ensure that a fair, orderly and transparent market is maintained. It is therefore the our responsibility to ensure that all orders placed support those obligations and there is no perception of market manipulation. For example, entering a price too far from the last traded price or entering multiple orders at different price steps on either side of the market may result in an order not being accepted or being cancelled.
A stock goes ex-entitlement
All orders in the market are purged, by the ASX, when the market closes on the day prior to a stock turning ex-entitlement (e.g. ex-dividend, ex rights, ex capital return, etc). You will receive notification via email and/or Focus app when this occurs. If you still wish to proceed with your order you will need to re-enter it into the market.
Order expiry
When you place an order, you choose whether it is 'Good Till Cancelled', 'Day Only' or 'Good Till Date'. 'Day Only' means that your order will expire following the market close of the current trading day. 'Good Till Cancelled' means your order will remain in the market until the security expires or the order is cancelled/purged.
Too far from market
If an order is sitting in the market and the price moves away from the order, the ASX may choose to expire orders that are too far away from the last traded price.
An order may also be cancelled or purged at the discretion of the ASX, Openmarkets or Marketech.
If your order is cancelled, purged or expires, you will receive an email message confirming such. If you need further clarification on why your order has been cancelled or purged, you can check your Order History for more detail.
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