Same thing happened to me this morning with investorline. Put in 6 orders. Three ended up going through, but only because the stock, which had dropped, went back up. Orders were pending approval for 15-20 minutes.
It has been explained to me that a broker must approve each order, whether by phone or by computer, before they are submitted to the trading desk electronically. I should point out that in the past (as little as 1 month ago) the order had to be read from one screen, and typed in by the broker onto another system. A new reader is now in place that just allows the broker to push one button to send the order on,...but I'm betting that it, or the broker is constantly broken, so they have to revert to the old system.
Nesbitt (investorline) clearly doesn't have enough brokers, readers, computer power, links to the exchanges and telephone lines into their system to justify paying for their service at peak times. Of course, I have yet to try any system, of the discount variety that does,...but hopefully someone can tell me I am wrong so I may switch.
russett
P.S. Just read Richard's post before mine, what he says may be happening as well, but using stockwatch to check if your order went through is rather hard on a quickly moving stock. I tried it on GLE today, couldn't tell which orders were mine, lots of investorline orders going through at same time. |
