I placed a trade for stock XYZ with broker 123 from bank ABC (which is part of SIPC)

This was BUY trade for $100. Stock for XYZ went down to $99.45 and closed at $99.80. Trade was never executed.

I asked bank ABC to CANCEL the trade because I did not know what was going on. Before I cancelled the trade another Broker, call him 456 said the trade was placed at $99.39.

But I had written confirmation that the trade was placed for $100!!!!!!!

I am still perplexed.

This morning I called another Broker, call him 789 who also said the trade was placed for $99.39, but is now cancelled.

Then I called the original Broker, 123 who confirmed the same.

Before I call Broker 123 and ask what happened, can any of you tell me why this would have happened?

And now the stock went to $100.35

  • 1
    Is there any chance there is a currency issue going on? Perhaps you put in $100 USD, which on your portal calculated as, say, 7300 INR [it seems you are in India, I am just assuming for reference anyway, which currency it is, is unimportant]. Then perhaps the 7300 INR on your broker's portal was sent to the exchange, which reconverted it to USD. And perhaps that retranslation to the exchange, executed with the rate being slightly different, say $99.39. For this to be a possible explanation of course, the key question is whether you, the broker, or exchange, use ultimately different currencies. Oct 6, 2020 at 15:52
  • 1
    What country are you in? The SIPC is a United States corporation, which originally made me think that you're talking about something that happened in the United States. But in my experience in the United States, whenever I've bought stock, the only company involved was one broker (usually TD Ameritrade) and no bank. I have no idea what it means to place an order "with a broker and from a bank," and I'm sure that if I had contacted any bank or any other broker, they would have had no record of the trade. So this makes me think you must be in a different country where things work differently. Oct 6, 2020 at 17:47
  • I live in USA @TannerSwett
    – Marium
    Oct 6, 2020 at 18:48
  • I am in USA and use Dollars @Grade'Eh'Bacon
    – Marium
    Oct 6, 2020 at 18:48
  • What broker in the US allows a client to see orders that have been placed with other brokers? I didn't think that such brokers existed. Oct 6, 2020 at 22:36

1 Answer 1


Just because a stock trades below your buy price does not mean that it should or always would get filled.

A possible reason that a trade does not execute is that the B/A spread is very wide. Suppose you have a buy order for $100 and the stock is above this price all day. The stock then drops to $99.80 x $100.10. Your limit order will not execute because it's lower than the market ($100.10) and therefore it's not marketable. However, someone sells at $99.80 and therefore the stock closes at a lower price than your order's higher price.

Another possibility is that you placed your order incorrectly.

Or perhaps it was an All Or None (AON) order and there weren't enough shares to completely fill your order so you got none.

If everything was done correctly, check Time & Sales to see what the bid/asked quotes were after your order placement. If none of the above possibilities apply, then it's possible that you have a lousy broker and should find a better one.

  • Broker 123 repeated my order and also mailed written confirmation from the Bank.
    – Marium
    Oct 5, 2020 at 23:25
  • I would have thought it was due to all-or-nothing, but in writing I got $100, and verbally (from two other brokers in same bank I got $99.39 as price). I asked bank to mail confirmation that I cancelled, along with the $99.39 price.
    – Marium
    Oct 6, 2020 at 0:12
  • the Broker says it is because of x-dividend date. I will post separate question because I want to understand this process.
    – Marium
    Oct 7, 2020 at 22:46
  • 2
    Yep, if it was ex-dividend then that explains it. Open orders are adjusted by the amount of the dividend (FINRA Rule 5530). Oct 7, 2020 at 23:21

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .