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Order Ammendments on IG Equities


dancaboi

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Hi All,
Perhaps I am a bit naive to the process, having dealt with Westpac for many years. But are you aware that IG only seems to ammend pre orders of stock once the market has opened?
The scenario i have is that I had placed a buy order on Z1P (Zip company) for $10.05 (a share) and realized that it was not the right level to have an order trigged. So i amended that to $10.1.
The time I placed the 10.05 order was about 3:46pm AEST and it got put in right away, however I made the amendment to $10.1 around the 4pm to 5pm mark and the system said that the order was updated and processed.
The next day comes around and the market opens and hits a low of 10.06 on the ASK before proceeding up to 10.5+ and continuing. Im sitting there wondering: "Why the heck has my order not filled?". So i am forced to pick up the share at higher price to be in the market (as i expect the price to go to 15/20 in the next few weeks) .

Only later on speaking to the help desk to find out that the orders only seem to process something like 40 minutes after the start of market for normal customers and cuts off 10/15 minutes before the end of market for normal users.
I would expect that the pending order system should be active at least and hour before market starts and stay open at least an hour after the market closes to get clients orders in but turns out im wrong.

Personally I think that this pretty poor.
Wondering if anyone has any more insight on this and information. This wasnt made clear to me when signing up for the service. seems silly to have to pay more for share than you expected especially if price action went there.

 

 

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