Placing a large buy or sell order -unable to deal

C_Mababejive

Im just wondering what is considered a large buy or sell order? I tried to place a buy order with my on line broker (Halifax ) but they could not action the order. I was offered the option to place an order for individual dealing/negotiation (non cancellable). This was for a FTSE100 stock.

So what size deal is considered too big to deal on line immediately? Why couldnt it be dealt ? what are my options?

Thanks

EdGasketTheSecond

The stock was most likely in auction so there was no immediate price for it. In that case you can try later or leave a limit order or what Halifax call a negotiated order which means they get around to it whne they feel like it and at any price they can deal at.

It is unlikely to be the size of trade that is the problem for a FTSE stock. Did you attempt a small trade to see if you were quoted a price?

C_Mababejive

I was quoted for smaller volumes but not for the volume i wanted to trade.. It was early on though so maybe that has some bearing ,,maybe about 0830

EdGasketTheSecond

I find after 9am can be better in terms of quotes and spreads; which FTSE stock was it?

Thrugelmir

What was the stock concerned? What time did you attempt to trade? 

Alexland

It sounds like you are having a specific stock issue but when I had my SIPP with Halifax SD they had an annoying £100k online limit so you had to phone them and if you were nice they would still do the trade at the online price.

Thrugelmir

Alexland said:

It sounds like you are having a specific stock issue but when I had my SIPP with Halifax SD they had an annoying £100k online limit so you had to phone them and if you were nice they would still do the trade at the online price.

£100k is well above the EMS (in £ terms) a market maker is required to quote buy/sell prices online. 

Alexland

Thrugelmir said:

£100k is well above the EMS (in £ terms) a market maker is required to quote buy/sell prices online.

It doesn't seem to be a problem on Fidelity with the more liquid World tracker ETFs.

Thrugelmir

Alexland said:

Thrugelmir said:

£100k is well above the EMS (in £ terms) a market maker is required to quote buy/sell prices online.

It doesn't seem to be a problem on Fidelity with the more liquid World tracker ETFs.

Ah. I thought that you referencing a single share. 

£100k spread across over 3,000 holdings isn't so illiquid. 

LobsterMemory

I bought £3000 of Shell around 9am yesterday which took about 3 attempts  via AJ Bell. They had a banner up saying that markets were volatile affecting quotes.

EdGasketTheSecond

I can't understand why anyone would buy Shell now; what was your rational?

With a barely covered dividend at $65 per barrel, they will be making a huge loss at $20 a barrel. No demand for oil for the forseable future. I think Shell is one of the most overpriced shares on the market.