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Under $500 trades costing me hard in brokerage fees, page-4

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schmoove

689 Posts.

19

09/06/17

22:02

Post #: 25207239
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Originally posted by Hingdog ↑

BTW, in the example you used where only 46k of a 500k order traded, as long as you don't cancel the remaining order it should execute under the same brokerage charge - you should be able to modify the order to a different price without incurring an extra brokerage charge. If you cancel then you have to pay full brokerage on the partial trade.

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Thanks for the reply Hingdog!
It's interesting you say that.
This happened today actually (with slightly different figures to my example).
From previous experience, I seem to remember the partial trade goes through at the end of the day, no matter what I do, and I pay brokerage.
Today I checked the contract note and it had been generated after 4pm, showing brokerage of $20.
I then cancelled the order.

If you are correct Hingdog, then you have solved my problem.
Thanks!

Here is an extract from my broker's FAQ

How do I amend my order?
To amend your order on our website:

Choose the order you wish to amend in the 'Open Orders' section of the 'Orders' page
Make the required change (eg quantity, price or order validity).

To amend only the price of a partially-filled order, leave the quantity unchanged. Our platform is able to recognise any partially-filled amounts and amend only the amount that is still unfilled in the market.

Are there extra charges if I amend my order?
No, you will only be charged brokerage when your order trades.

What happens when my sell order trades?
You will receive a contract note via email that your sell order has transacted.
The net proceeds from the sell trade will be deposited directly into your HSBC transaction account on the settlement date (T+2).

How do you charge brokerage?
HSBC Online Share Trading charges brokerage when your order trades.
One brokerage fee will be charged even if your order is filled over multiple trade lines.
Please note that it is possible for this brokerage fee to be split across multiple contract notes depending on the value of the contract notes.

What do you mean by a 'partially filled order'?
A partially filled order is a buy/sell order that has not been fully completed or filled.

What does 'day only' mean?
If the market is open and you place a 'day only' order, this means that your order will be valid for the rest of that day.
However, if the market is closed and you place a 'day only order, your order will be placed on the market on the next trading day and valid for the whole of that day.
If your 'day only' order is not fully filled at the end of the day, you will need to re-enter another order for the remainder if you still want to buy/sell the remaining quantity once the 'day only' order expires.
But that means you will end up paying two lots of brokerage.
To avoid this, you can change a 'day only' order to a 'good till cancelled' order by amending it by market close (4pm AEST) in your Open Orders section in the Orders section. This will prevent your order from expiring at the end of the trading day.
If your order hasn't been filled by the expiry date, you can then select 'Specified Expiry Date' and enter the date you would like your order to expire.

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After reading through all that more carefully than the last time I read it (a long time ago) I think that confirms exactly what you said Hingdog.
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0 Great analysis

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