Why can't I cancel a market order when the exchange is not available??

[Razzarino]

Other online brokers allow you to cancel an order *at any time* -- they queue the order if the exchange is closed. IG, for some reason, doesn't allow this. 

Is there something I am missing?

For me, not being able to cancel an order at any time is a massive inconvenience. Often I am too busy in the mornings to wait for the exchange to open. 

Surely I am not the only person with this issue. 

Ian

 

[Razzarino]

On 07/09/2022 at 07:41, Razzarino said:

Other online brokers allow you to cancel an order *at any time* -- they queue the order if the exchange is closed. IG, for some reason, doesn't allow this. 

Is there something I am missing?

For me, not being able to cancel an order at any time is a massive inconvenience. Often I am too busy in the mornings to wait for the exchange to open. 

Surely I am not the only person with this issue. 

Ian

 

Does no-one have any advice about this? Was hoping this forum might actually be helpful. 

[GeoffreyofPimlico]

How to cancel or change an Order?

 

[OfentseIG]

On 13/09/2022 at 00:01, Razzarino said:

Does no-one have any advice about this? Was hoping this forum might actually be helpful. 

Hi @Razzarino

Apologies for the inconvenience this may have caused you. 

Please kindly note that we checked our trade book and could not find the rejection reason. In future, if you encounter such an issue, please send an email to helpdesk.au@ig.com with the name of the market, the error message and the time of the trade/attempt. This will help us investigate further. 

All the best, OfentseIG

[OfentseIG]

On 30/09/2022 at 10:14, GeoffreyofPimlico said:

How to cancel or change an Order?

 

Hi @GeoffreyofPimlico

Thank you for reaching out and for taking our call today. 

As mentioned above, if you encounter such an issue, please send an email to helpdesk.uk@ig.com with the name of the market, the error message and the time of the trade/attempt. This will help us investigate further. 

All the best, OfentseIG

[OzzieHolder]

This problem is ongoing in Septemeber 2023.
I expected IG to ask me to confirm my trade and I put in a SELL to get the approximate value in AUD. The purpose was to calculate how much I needed to fund my GBP account with in order to cover BUYS trades on ASX in AUD. 
I could not use BUY to find out because I did not have the FUNDS to enter a BUY.
ASX was closed , I used the default price for my SELL , and , to my horror , it went straight onto the books , and was likely to be actioned when the market opened!

I tried to CANCEL the trade but I could not because MARKET IS CLOSED.
I then tried to AMEND my ticket but could not enter below the minimum of 1 share.

I therefore DOUBLED MY LIMIT PRICE so it would TIME OUT at Market close!
Hallellulah that seemed to work!!!!
Boo!  I now had two SELLS one at 3c and one at 6c!

I emailed IG and asked them to CANCEL the trades and explained.

They responded that I needed to phone , email requests were disallowed!

The MARKET WENT INTO AUCTION , my trades were not filled , and THEN I COULD CANCEL both trades so all is well!  Here is the proof , a sample of 5 pages.

 

[OzzieHolder]

I did not CANCEL the trades by CANCELLING (though I suspect it may have been possible).

My order was in a fill state - 0 filled 5000 shares to fill!
I took the OPTION "Delete the Remainder" so my trade was for ZERO trades and both were closed!

This was on ASX of course -  LSE may not replicate the experience - ASX goes into AUCTION for a whole hour I think!

I love IG , I lost Frequent Trader status in July which avoided Custodial Charges!
The quarter 1st July - 31st Sept is running out, so they were payable in October!

Some companies may have kept quiet?
IG texted me yesterday to tell me I had until the 31st to avoid the charge.
I chose to perform 3 trades,  restore my Frequent trader stats and therefore get exemption. 

£24 less one or two commissions charges (or nothing if you have executed 3 trades in the quarter).

It actually does not matter to them - they get 3 x £8 if you use LSE  - or £24 in Custodial Charge in each quarter.  But it feels better imho to trade opposed to paying £24 for nothing?  ASX commission starts at 10AUD (£5.50 approx) - do the maths!

 

 

 

[KoketsoIG]

17 minutes ago, OzzieHolder said:

I did not CANCEL the trades by CANCELLING (though I suspect it may have been possible).

My order was in a fill state - 0 filled 5000 shares to fill!
I took the OPTION "Delete the Remainder" so my trade was for ZERO trades and both were closed!

This was on ASX of course -  LSE may not replicate the experience - ASX goes into AUCTION for a whole hour I think!

I love IG , I lost Frequent Trader status in July which avoided Custodial Charges!
The quarter 1st July - 31st Sept is running out, so they were payable in October!

Some companies may have kept quiet?
IG texted me yesterday to tell me I had until the 31st to avoid the charge.
I chose to perform 3 trades,  restore my Frequent trader stats and therefore get exemption. 

£24 less one or two commissions charges (or nothing if you have executed 3 trades in the quarter).

It actually does not matter to them - they get 3 x £8 if you use LSE  - or £24 in Custodial Charge in each quarter.  But it feels better imho to trade opposed to paying £24 for nothing?  ASX commission starts at 10AUD (£5.50 approx) - do the maths!

 

 

 

Hi @OzzieHolder,

Thank you for your post.

Please note that you have to call our helpdesk as soon as possible at anytime you are unable to cancel a working order.

The custody fee is a quarterly charge and you can be exempt from the charge, if you:

1. Place 3+ trades during the quarter.

2. You did not have any open positions at anytime during the quarter.

3. You invested £15,000 in an IG Smart Portfolio account.

You also get a commission reduction for the current month on UK and US shares if you made more than 3 trades in the previous calendar month.

All the best,

KoketsoIG