How to trade using Adviser Online

Market to limit and limit orders are two different ordering methods for trading securities. The terms relate to the ways in which orders are placed. By knowing how the two order types differ, you can work out which option is best suited to you and your client.

A Market to Limit order is a combination of both types. Like a market order, it’s a request to buy or sell assets at the current market price. If the entire order can’t be filled, then the remaining units retain their current market position as a Limit order. The Limit order’s price is set to the same that the market portion was executed. 
 
Market to Limit orders function as a Market order first. That means that you won’t be able to place the order outside of market opening times. 
 
Market to Limit orders are available on the transaction page under the “execute at” dropdown menu. 
 

Market to Limit order didn’t fill 

If your Market to Limit order didn’t fill, it could have been due to the number of shares being unable to be filled. 
 
A Market to Limit order places a Limit order at the next bid (for sells) or next ask (for buys). If the market price moves away from the set limit price after the order partially fills, it’s possible that the residual units of the trade will not fill if the market price does not come back to the limit price. 
 
You can update the limit price for outstanding Market to Limit trades in Adviser Online.

Australian listed securities

While you can place Limit orders outside of the markets trading times, you can’t place Market to Limit ones. This is because Market to Limit orders function as a Market order first. This means that you can only place an order while the market is open. 

Once the market opens, you’ll be able to place a Market to Limit order.

Trades for Australian listed securities placed online will be executed on the Australian Stock Exchange (ASX) or Cboe Australia in line with the Macquarie Equities Limited (MEL) best execution policy.
 

International listed securities

Limit orders are available for international listed securities trades across all exchanges on the Wrap platform. We can submit Market to Limit orders where the international exchange can support it. Where Market to Limit orders aren’t supported, the order will be converted to a Limit order at the best price. 

You can place both Market to Limit and Limit orders when the foreign exchange is closed. Orders will be placed in the queue until the market opens except during the respective closing auction phase. This is usually one hour after the exchange is closed (or two hours for the Tokyo Stock Exchange). 

Please note if you place during these closed market windows, the order won’t be visible on the Work in Progress screen for that window and the native exchange will reject the order.

Limit orders enable you to set a minimum sell price and a maximum buy price for your securities. Once the market reaches your limit price, it will purchase or sell as many available units per your request. If the market doesn’t reach your price the order won’t be filled. 
 
You can place a Limit order whenever you want (including outside of market hours). If no trades can be performed at that time, your Limit order will enter the queue to be processed as soon as the market reopens. 
 
You can set the duration of Limit order for one day only or until filled. Please note: 

• One day – the order will stay open until filled or at the close of the trading day
• Until filled – the order will stay open until completed or after 22 business days.

Limit orders are also available as an option on the transaction page in Adviser Online. To place a limit order, click on the ‘execute at’ on the dropdown menu from this page.

A market order is simply an order to buy or sell securities at the best available current market price. Please note the price and the success of the order isn’t guaranteed. It largely depends on the market conditions and the security being traded. 

Please note we don’t accept market orders outside of trading hours or for suspended and halted securities.

To set up a conditional order, log in to trading.macquarie.com.au and click on Conditional Order on the left-hand menu. 

If you receive the message “Your conditional order trading is currently not active. To activate your conditional order trading please click here,” click the hyperlink to register for conditional orders. Then read the terms and conditions and input your trading PIN. 
 

How to set up a conditional order 

To set up a conditional order, you need to specify the market condition (trigger) that will execute the specified trade. In the Conditional Order Pad:

1. Select the account you’d like to set the conditional order for
2. Specify the type of trigger by selecting:
   • Security code that will trigger the order
   • The trigger type: Price – Limit or Price – Trailing Percentage
   • The condition:
     • Price – Limit: Last Trade Price $
     • Price – Trailing Percentage: Previous Day’s Open %, Previous Day’s High %, Previous Day’s Low % or Previous Day’s Close %
   • The operator: Greater than or equal to or Less than or equal to
   • The amount
3. You also have the option to specify a daily volume condition or the time of day
4. Set the expiry date for your trigger
5. Specify the action by selecting:
   • Buy or sell
   • The stock
   • The quantity
   • The price.
      

How do I know if my conditional order has been triggered?

If your conditional order has been triggered, you’ll receive an email and SMS (if you have opted for it). You’ll receive a notification for the following:

• Placed, amended or cancelled conditional orders 
• Triggered conditional orders
• Rejected triggered conditional orders
• Purged conditional orders.

You can also check the status of your conditional orders in the Conditional orders section in the Orders tab in your account.
 

Amend a conditional order

You can amend or cancel an active conditional order at any time. 

1. Go to the Conditional orders section in the Orders tab where you’ll see your open conditional orders
2. Find the conditional order you wish to amend and go to order details on the right-hand side
3. Here you can view, amend or cancel your active conditional order.
    

Reset a conditional order

You can save time creating a new conditional order by re-using the same settings as an expired order.

1. Simply go to the Conditional orders section in the Orders tab where you’ll see your conditional order history
2. Find the old conditional order you want to reset, then click Reset found under the Status column. The conditional order pad will display with the same pre-filled fields
3. Review all the trigger conditions and order instructions, then click Confirm to create a new conditional order.