Why was my order rejected?
Aggressive Limit Price/ Invalid Limit Price
Your order may be rejected by an executing broker if the limit price you entered is too far away from the National Best Bid and Offer (NBBO).
Stop Price Already Triggered
A stop order will convert into a market order once your stop price has been triggered. Your stop order may be rejected if the security has already traded through your stop price when the order is submitted. If the stop price entered is equal to the current market price, the order may be rejected by an executing broker.
- Stock A has a current bid price of $20.50.
- You enter a sell stop order with your stop price at $20.55.
- The executing broker that receives your order will reject the order because the current market price is below your stop price.
Minimum Price Variation (MPV) Error
Your order may be rejected if the price entered contains too many decimals. For example, an order submitted at $3.255 is likely to be rejected by an executing broker. Generally, an order for an equity priced > $1 can only be submitted with two decimals (i.e $3.25), while an order placed for an equity priced < $1 can be entered up to four decimals (i.e $0.9999).
Unknown Symbol/ Restricted Stock
An order may be rejected or cancelled if the security is no longer trading or if the security is going through a corporate action (stock split, CUSIP change, etc.). For example, if Stock A is going through a stock split and you have an open order to sell Stock A, that open order will be cancelled. You may submit a new order to buy/sell the security once the corporate action has been processed.
GTC Orders & Corporate Actions
In the event of any corporate action (stock split, exchange for shares, or distribution of shares), all open GTC orders for a security would generally be canceled. For example, if you have a GTC order in on a security that has gone through a corporate action resulting in a new symbol due to a merger, your GTC will be canceled with the old symbol.
| 