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Order Executions

  • There may be instances when your market order does not get filled. This can be attributed to 2 main reasons: 

    Trading Halt 

    A trading halt occurs when there is a temporary suspension of trading of a particular security in the stock market. When a trading halt happens, your market order may appear to be stuck at "pending" status and does not get filled as expected. To see if a security is under a trading halt at any point in time, you may check the security information on the exchange market's official website(s).

    Lack of Volume 

    A market order may not be filled when the security is less liquid. For example, if you place a large market order for a particularly low-volume security, there may not be sufficient shares available at the current price to fill your market order. This would mean that your order might not get filled and you would have to wait until there is more liquidity in the market. Your order would remain in "pending" status until it expires or is filled later on.

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  • This depends on the order type.

    During trading hours, market orders are executed immediately, whereas limit/stop-loss orders are executed once the specified price criteria are met.

    If the market is not open, your orders will be queued and submitted when the market opens again.

    Here is a quick summary of the supported time slots for different order types:

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  • Please note that short selling of stocks and margin trading are not supported at the moment.

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  • Yes. You can cancel an order as long as its status is still pending or partially executed.

    To cancel an order, kindly log in to your Syfe Brokerage app > Account > Order details > click on the open orders that you wish to cancel > click on 'Cancel Order' and proceed with the cancellation.

    The order status will reflect 'Cancelled' if the cancellation is successful. If you choose to cancel an order that has been partially executed, only the unfilled quantity will be cancelled. For limit orders cancelled outside of market hours, the status may change to 'Pending cancellation' instead but will be cancelled before the market opens and will not get executed. Learn more here.

     

    Do I get charged when I cancel an order?

    No, there are no additional charges if you cancel an order. Once your order is cancelled, any cash held will be released back to your buying power, including any applicable Syfe commission fees. However if you cancel a partially executed order, then only the unfilled quantity gets cancelled and commission fees are charged on the partially executed order. If you have used a free trade to place an order, once the order is cancelled, your free trade will be returned.

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  • This is due to the fact that order quantity in your order details page is rounded to 3 decimal places. 

    Here's an example of what you might see. With the quantity showing as '0.033' on the order details page, it may seem that the purchase value is only 0.033 x $2,978.46 = $98.29.

    In reality, the quantity purchased is $100/$2,978.46 = 0.0335744, however, this figure is rounded to 3 decimal places (0.033) in the app.

    Rest assured that the full dollar amount you've entered has been used to purchase your security.

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    To check the overall unit quantity that you own in 9 decimal places, kindly click on the Portfolio tab (bottom right corner of the app) > choose the security that you wish to see > click on 'History' button.

     

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  • The reason you see a discrepancy in the execution price of a market order is because the data you see on publicly available sources does not fully reflect actual market conditions. This is primarily due to 2 reasons.

    1. The US market has multiple exchanges. Websites with market data usually don't have data from all exchanges, hence providing an incomplete picture. 
    2. Graphs displayed on many publicly available sources are normally on the back of a single price snapshot per minute. For the most popular and liquid stocks there could be hundreds if not thousands of transactions happening every second, all at different prices.  

    As such, the stock price you might see on publicly available sources is incomplete and your actual execution could be different (higher or lower) depending on the price moment in the very micro second.

    Should you wish to buy a stock at a specific price, you may consider placing a limit order instead. However, please note that if your desired price does not come within the limit order, it is possible that your order will remain unexecuted. 

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  • Yes, partial execution of an order may occur if there is insufficient quantity of shares available in the market.

     

    Partial executions are notified to the clients via in-app notifications in real time and Trade confirmations are generated by the next business day for SGX market. US market related partial fills will be notified once the order reach the terminal state (i.e., order fully executed or cancelled or expired). Commissions for partial executions are charged on the total quantity executed on the original order and it will be reflected on the last partial execution.

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  • Trade confirmation is a PDF document generated and sent to your Syfe-registered email address within 1 business day after you have executed any buy or sell trade. It contains the details of your executed trade(s), such as the security and quantity of units purchased/sold, execution price, fees, and total order amount. Depending on the order execution status, commissions may not be reflected in the trade confirmation but will be reflected in monthly statements.

    Monthly statements on the other hand, are generated in-app latest by the 5th day of the next month. It summarises your portfolio holdings at the end of the month as well as your executed transactions within that month.

    Can I retrieve my trade confirmations and monthly statements in the Syfe Trade app?

    Yes, you will be able to access and download them via the Syfe Trade app. Kindly click on Account > Reports > Trade confirmations / Monthly statements.

    Please note that we do not send out hardcopy statements.

     

     

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  • The “Pattern Day Trading” (PDT) rule is only applicable to the US market. The Singapore market does not follow any PDT rule. 

    'Pattern Day Trading' (PDT) rule states that the customer should not execute four or more "day trades" within a rolling 5-business days period. FINRA rules define a “pattern day trader” as any customer who executes four or more 'day trades' within a rolling five business days period.

    A day trade is considered as the opening and closing of the same position within the same day. If three day trades have been executed within a rolling five business day period, by default, the fourth pattern day trade will be blocked to avoid PDT violation. When this happens, you will not be able to execute sell order on a security bought on the same trading day.

    Day trade count are on a cumulative basis. Think of it as a counter that keeps getting updated based on the number of day trades made within 5 rolling business days.

    Example:You make your first day trade on Monday. Your "counter" is 1. You make your second and third day trades on Thursday. Your "counter" becomes 3. Since the fourth day trade is blocked by default, you won't be able to make another day trade on Friday. 

    The following Monday, your "counter" is reset to 2 (the first day trade made the previous Monday is no longer counted, as it is now outside the rolling 5-business days period). As such, you can make one more day trade on Monday before the PDT restriction is triggered. If you try to make 2 day trades, the sell order of the last trade will not be executed.

    Day trade count includes pending orders that you have placed. For example, if you’ve purchased a stock and then set a sell limit order on that same stock on the same day, that order will count as a day trade in our system, regardless of whether or not it gets executed. However, if the trade is not executed on the same day, it won’t actually count as a day trade for regulatory purposes, and your day trade count will be reset on the next day.

    Pattern Day Trader (PDT) is a FINRA requirement and hence, all brokers registered with FINRA need to abide by this. The rules also require the firm to designate you as a pattern day trader if it knows or has a reasonable basis to believe that you will engage in pattern day trading. For example, if the firm provided day-trading training to you before opening your account, it could designate you as a pattern day trader.

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  • A good faith violation occurs when you buy a security and sell it before paying for the initial purchase in full with settled funds. Only cash or the sales proceeds of fully paid for securities qualify as "settled funds."

    Liquidating a position before it was ever paid for with settled funds is considered a "good faith violation" because no good faith effort was made to deposit additional cash into the account prior to the settlement date.

    If you incur 3 good faith violations in a 12-month period, we will restrict your account. This means you will only be able to buy securities if you have sufficient settled cash in the account prior to placing a trade. This restriction will be effective for 90 calendar days.

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