Problems selling on Open via Comsec / Iress


Hi All
I trade a system that requires to trade at open and close prices. I trade thru Comsec using their Iress platform. I often need to sell on open. I often find when i place an order below (but NOT significantly below) the indicative match open price (watching in real time, just before the market opens), that my order does not get placed into the market, instead (via ‘manage orders, on the comsec website) i can see it is in “Processing” status (on the comsec website) – this, i am told by comsec, is because it is too far below the previous closing price ( i guess following ASX ‘orderly market’ rules). This does not take into account the match (indicative opening) price and there are already sell orders in at the price i am entering my order at.
The “Processing” status of the order means it is routed for Manual checking by a comsec team member, which can take several minutes which means i miss the open, by the time the order is executed, which can cost me $ (occassionaly sometimes it goes in my favour also). What is annoying is that the order in “Processing” cannot be cancelled or amended so i am left in limbo awaiting comsec to execute the order – not good!

On a day when the U.S. market is down significantly and the market is going to open substantially open this can really cost $$

Anyone else experiencing this issue? Does it happen with other brokers (using Iress)?

Cheers
Marty

 



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