I did a lot of business through Westpac Broking as they were called before the name change recently.
I trade the penny stocks, mainly under 1 cent. Now these stocks usually have millions of shares at the bid and the ask, so once you place your order it will be sitting at the bottom of the queue and works its way up day after day.
Normally after 21 days that order will expire before reaching the top of the queue, but with Westpac Broking you could hit the amend button and the order would stay in the queue for another 21 days.
Basicly an order would never expire as long as you keep hitting that amend button.
No more! Westpac Securities as they are called now changed to a fixed 21 day expiry date, even for their WebIress platform TraderPro.
Now you can argue to change brokers, but they do have a generous trading limit that is very important to my way of trading.
I`m a full-time trader and the expiry change is threatening my livelyhood and am thinking of making an official complaint to Westpac Securities and the relevant authorities.
Is the fact that trading a part of the ASX stocks is now impossible due to a change in the rules not a form of discrimination?
Any suggestions???
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