Order processing times

Find out what affects order processing time, how long different orders stay on market, and about T+2 settlement.

Ruby Gardner avatar
Written by Ruby Gardner
Updated over a week ago

Your order will be placed into a queue of other buyers or sellers, and order processing times might be affected by things such as:

  • the number of other buyers and sellers in the market

  • if the market is open or closed

  • if the investment is in a trading halt

  • if the price of an investment doesn’t reach the limit price you have set (or better)

  • the liquidity of the investment you’ve placed an order for.

You can place orders outside of market hours on Sharesies, but your order won’t be sent to market until the exchange you’re buying from reopens.

Investments that aren’t traded frequently can remain pending, or unfilled, for an unknown amount of time.

Limit order processing times

Buy or sell limit orders for Australian, New Zealand, or US investments will wait on-market for up to 30 calendar days for the limit price to be reached. If the limit price isn’t met within 30 calendar days, the limit order is cancelled.

For cancelled buy limit orders, the money is returned to your Sharesies Wallet.

For cancelled sell limit orders, the investment stays in your Portfolio.

If your limit order is cancelled, you can place it again.

Extended-hours orders

If you’ve opted in to extended US trading hours, an extended-hours order is one that has the opportunity to fill before, during, and after regular US market hours.

An extended-hours order will only stay on the market until the end of the post-market session on one trading day (unless it fills). Any part of the order that hasn't filled by the end of the post-market session will be cancelled. If you like, you can place the order again.

Cancelled order processing times

Although we don’t guarantee an order can always be cancelled, you may be able to cancel an order that hasn’t yet been filled by finding the investment in your Portfolio and selecting View order > Cancel order.

When an order is cancelled, we look to make the money available in your Sharesies Wallet as soon as we can. If it’s cancelled when the market is closed, the money should land in your Sharesies Wallet once the market next reopens. You’ll receive the money back into your Sharesies Wallet in the currency placed when buying an investment, minus any applicable exchange fees.

Auto-invest order processing times

Auto-invest orders are placed after 12 PM AET on the day they're set for. If your auto-invest is set for a weekend day, it will be placed after 12 PM AET the following trading day.

The money for your order is taken from your Sharesies Wallet in Australian dollars (AUD). We recommend setting up an automatic payment from your bank account to land in your Wallet the day before your auto-invest is due to go out.

T+2 settlement

Once your order has been processed, it becomes a trade and is subject to a ‘T+2 settlement’ period. “T” being the trade date, is when your order is completed on market. The “+2” is the settlement date which is usually 2 working days after the trade date.

The Sharesies platform settles your trade through an intermediary clearing and settlement group. This is CMC Markets for Australian trades, DriveWealth for US trades, and the NZX Clearing House for NZ trades.

When a buy order is filled on the market, the resulting trade gets settled by the Sharesies platform with the intermediary. We provide the intermediary your cash to pay for the transaction, and they allocate the shares for the purchase into our nominee. This usually happens two business days after the trade date—hence the name T+2 settlement.

There’s nothing more you need to do as part of this process—your order will show as completed in your Wallet.

If you have any questions, get in touch with us at help@sharesies.com.au.

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