Why is my order still pending on a stock on the LSE? It’s been hours now and it’s still has not executed?
When ever I place an order on the US OTC, it doesn’t always go through straight away but it doesn’t take this long.
When it does go through, what price does it go through at? The price I bought it for or the price at the time It executes
What is the instrument and are you trying to buy or sell?
I’m trying to buy ARB - Argo blockchain
Thanks. This should explain the issue:
The stock that you placed an order on is being traded trough SETSqx, meaning that orders go trough only a couple of times a day. This may delay the execution of your order indefinitely. Such behaviour is completely expected on such small market cap companies that have the aforementioned trading conditions.
Thanks I heard about the set times, 8am,9am, 11am, 2pm and 4.30pm but 8am and 9am has already pass and still pending. I placed the order last night so thought it should have gone through by now
It will only go through if there is someone willing to sell. Was it a limit order or a market order?
So I have to wait for someone to sell me that exact amount of shares for that price?
Nope. Not quite. It’s an order book uncrossing process.
Google SETSqx and Intra Day Auctions.
I’ve written a lot on this forum before. Some is a bit techy. Apologies.
In this case then is it worth just going elsewhere? Since the orders are executed without issue at other brokers.
Why is this an issue when placing orders with T212?
Because T212 “choose” to route some SETSqx stocks to auction… and therefore keep you waiting… whereas some brokers route directly to market makers willing to make a price and fill orders instantly.
Greatland Gold being the example for me. I can’t buy GGP on T212 anymore, I have to buy it via Freetrade for my own sanity
@Yellowmoney Argo Blockchain is traded via SETSqx. In this case the explanation of my colleague Peter applies. Additionally, the liquidity for this instrument is quite thin. The company has a tiny market cap - 15.28M GBP. It is perfectly normal for market orders with it to be pending for several hours.
*On 212. Orders are executing elsewhere without issue
It’s executes straight away on other brokers such as freetrade. How do you explain that?
If you read a little further up I believe
@Finki explains it.
Some brokers use Payment for Order Flow (PFOF) to execute orders with low liquidity, not a good practice.
No they don’t. POF isn’t a thing in the UK, 212s inability to promptly execute AIM orders is more often a 212 issue not a liquidity issue
So why does 212 choose to go through auctions then? It’s a slow and annoying process. Are there any benefits to this? Why can’t they go straight to the market maker?
If there’s a fee to go straight to the market maker I’d be happy to pay for that