Forum Archive Index - March 2001

["Malcolm Cameron" <malharcameron@hotmail.com>]

michael most on line brokers do have it in there terms & conditions please 
check you may have missed it even a lot of ordinary brokers have it there 
terms and conditions as well i havenot seen one that has not yet.


>From: "Michael Sprott" <sprotty@zfree.co.nz>
>Reply-To: sharechat@sharechat.co.nz
>To: sharechat@sharechat.co.nz
>Subject: [sharechat] Orders at limit, partial trades - advice required
>Date: Tue, 20 Mar 2001 13:49:35 +1200
>
>Hi
>
>Some advice requested.
>
>I recently placed a limit order for some shares with my (on-line) broker 
>for 1000
>shares. I received notification that 500 shares had been purchased on my 
>behalf I
>was charged the flat fee brokerage for the trade.The rest of my order was 
>not completed
>and subsequently the price of the share has moved upwards.
>
>Now my question. If the broker is unable to fulfil the other 500 shares, 
>has the
>order been fulfilled and should I have to pay the full brokerage?
>
>I have called my broker and he said that they will try and marry sellers 
>with buyers
>and for limit orders they will often fulfil partial orders to make up a 
>trade. It
>seems I must pay the full brokerage even if only part of the trade has been 
>completed.
>
>
>Now my issue is this - I purchased what to me was an economical bundle of 
>shares
>trying to minimise the brokerage on the trade to a small % of the overall 
>purchase.
>By only fulfilling half the order my brokerage percentage has effectively 
>doubled
>to 2.8% of the purchase price which means I need to eefectively see a 5.6% 
>increase
>in the price of the share just to break even. What if they had only been 
>able to
>fulfil 25 shares of my order - would I been up for full brokergae in this 
>instance
>also?
>
>I would have preferred not to get any shares than only half but I am told 
>that they
>won't cancel the order. Their terms and conditions do not cover this event 
>alsthough
>there is a suitably vague statement that allows them to fulfil or cancel 
>orders as
>they see fit.
>
>Has anyone else suffered a similar situation and sought resolution?
>
>ms
>
>
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