Back to Commonly Asked Questions Page

How do I pay for my shares?
You must have sufficient funds available in your Share Trading Account and Cash Management Account prior to placing your order. See the Funds Flow Process and Cash Management Account section of commonly asked questions for more information.
Back to top

What is a 'market' order?
A market order is an order placed at either the best bid price when selling shares or at the best ask price when buying shares. In most cases a market order will be executed unless the market shifts in the period between the order instruction and when the order is placed on the market. A market order cannot be placed when the market is closed.
Example: John Client wants to buy 15,000 Telstra shares at the market price. If the first ranking seller wishes to sell 10,000 Telstra shares at $4.50, Mr. Client will successfully buy 10,000 at $4.50. However, he will not be able to buy the remaining 5,000 of his order. The 5,000 shares will sit in the market until there is another seller at $4.50.
Back to top

What is a 'limit' order?
A limit order is when a trader places a set maximum price on a buy instruction or a set minimum price on a sell order. If the market doesn't reach the set price, the order will not be executed. Limit orders can be placed at any time, but will only be executed when the market is open.
Back to top

What is a 'day only' order?
A day only order will be cancelled if it is not executed within the same days trading. You can place a day only instruction on either market or limit orders.
Back to top

I have Issuer Sponsored Shares, can I sell these through Sanford?
Issuer Sponsored Shares (SRN) can be sold through Sanford via telephone order placement at a cost of $54.95. Issuer Sponsored Shares cannot be sold over the internet. The client must quote the SRN and the order taker must confirm the holding with the registry prior to placing the order. Alternatively, Issuer Sponsored Shares can be converted to Broker Sponsored Shares by completing an Issuer Sponsored Conversion form which can be found in "Account Services" with a link to the "Forms" page. Once these shares are converted to Broker Sponsored Shares, you may trade them via the internet.
Note: The name and address details of the Sanford Trading Account, must EXACTLY MATCH the registration details of the Issuer Sponsored Shares, for the conversion to be activated. If you have further queries in regards to the conversion process, please call customer service on 1300 658 860.
Back to top

What is the minimum value of shares that I can buy?
The ASX requires a minimum parcel of $500 to be traded if you do not currently hold that particular security. Once you possess $500 worth of an individual security you may purchase any value of shares you wish. However, internet trading does NOT permit less than $500 worth of trading, even if the client has an existing holding in that security.
Back to top

What is the maximum value of shares I can purchase?
Over the phone there is no limit on the value of shares that can be purchased, although orders over $100,000 must first be approved. Over the internet, the maximum allowable value is $100,000, however for an order to be placed on the market via Straight Through Processing, the maximum is $50,000.
Back to top

Do I have to trade in round lots?
In Australia, you can trade any quantity you please as long as it's a whole number. For example, you can buy 1 share, 10,000 shares, 10,321 shares and so on. For shares trading below 10c, orders can be placed to the nearest 0.1c. For shares trading between 10c and 50c, orders can be placed in 0.5c increments. Over 50c, orders can be placed in 1c increments.
Back to top

Can I send orders via email/FAX?
No. We neither accept orders via email/fax nor recommend that you send ANY secure information (e.g. your username, password or PIN) by email/fax. Email/fax is inherently unsafe and can be easily intercepted. When encrypted forms of email become more widespread, we will review this position.
Back to top

Why can't I trade a share that has a 'suspended' status?
The ASX usually puts a hold on any trading for a share that has an upcoming announcement such as distribution or share splits. This circumstance is reflected as a 'suspended' status.
Back to top

Who can trade on my account?
You are the only person who can trade on your account unless you have authorised other individuals to do so. You should inform Sanford Securities of the individuals you have authorised to trade on your account by completing a third party authority form, which can be obtained from the Account Services page of the website if you are an existing member. Otherwise for non-members the form can be downloaded in a PDF format from the Open an Account page.
Back to top

What is Straight Through Processing (STP)?
STP is a trading process where order and amendment instructions received by registered internet trading clients are directly placed onto the market without the intervention of a Designated Trading Representative (DTR).
Back to top

How do I activate Straight Through Processing (STP)?
As STP is now compulsory for all clients, new clients will have STP activated automatically once they have signed-up for an internet account. Existing clients who wish to activate STP on their internet trading account can download the STP Activation Form, from the Forms page in Account Services.
Back to top

How fast are orders entered?
With the introduction of Straight Through Processing, orders that fall within the specified filters are placed directly onto the market without any human intervention. For orders that fall outside the predefined filters of STP (to ensure against human error) our SEATS operators place orders as soon as practicably possible following their receipt. If you don't receive an order confirmation within minutes of placing an order, don't hesitate to contact our Customer Services Officers immediately. Between 8:00 a.m AEST and 8 p.m AEST orders are received but are not actioned. You will only receive confirmation of orders, cancellations, and amendments after 9:00 a.m AEST.
Back to top

What is SEATS?
The Stock Exchange Automated Trading System (SEATS) is a computer trading system operated by the ASX. Orders to buy and sell securities are entered into SEATS and automatically matched on a price and time priority system.
Back to top

Can I amend or cancel my orders, and will I be charged?
Any order that has not been executed can be amended or cancelled by a trader at any time. You will not be charged for any amendment or cancellation. Brokerage is only charged when a trade is executed. Amendments and cancellations placed after the market has closed will be processed in the morning of the next trading day.  
Back to top

What happens if my order is only partially filled?
When an order is placed in the market it may not always be completely filled at the one time. If this occurs the remainder will sit in the market until the order is completed, until you cancel it or until it is purged from the market by the ASX. If you placed a "day only" order this will be automatically cancelled at the end of the day with only part of the order being filled.
Back to top

I didn't get a confirmation of my sell, so I re-entered the order. What happens to the duplicate?
In the case of identical orders placed within 5 minutes of each other, you will be asked to confirm the order as a new (and not a duplicate) order. If you are in any way uncertain, please contact our Customer Service Officers immediately. You should not assume anything as ultimately, the responsibility for placing and/or amending orders rests with yourself.
Back to top

What happens to my shares once I have bought them?
Online share traders with Sanford must be Broker Sponsored (eg. registered on CHESS). Your shares will be entered into your portfolio and will be available for you to trade them in the future. The shares will also be registered with CHESS under your HIN and a statement will be sent to your registered address.
Back to top

What about confirmations and statements?
Confirmations of order placement, amendments, cancellations and execution can be sent by email, fax or Short Message System (SMS) on mobile phones. A Contract Note will be sent by post and as PDF files by email. This will have the details of your trade. Faxed Contract Notes are also available and can be delivered within minutes of order completion through our integrated Fax Server. Statements are also available online through our Secure Web Server.
Back to top

Does it cost me anything to receive a contract note by post?
Contract Notes by fax and email are free. Contract Notes by post are also free, however the process is currently under review. Clients will be notified of any alteration.
Back to top

Can I place my trades verbally and will I be charged extra if I do?
You can place orders by calling our order placement line on 1300 658 860. You will need your Account Number and Keyword to place an order and our normal phone discount brokerage rates will apply. In the event that our internet service is down, the lower, internet service brokerage will apply.
Back to top

Can I use stock held with Sanford as collateral to buy more shares?
Although you may hold stock with Sanford we can not use this stock as collateral to allow you to place trades. Trades can only be placed if you have sufficient funds held with Sanford. You are however able to sell shares and use the proceeds from the sale to buy shares immediately after the transaction has been completed on the market.
Back to top

Do you place stop loss orders?
Sanford does not allow stop loss orders to be placed. We offer an alert function, which will inform you through methods such as email, mobile phone or ICQ when a share price has fallen to your selected limit price. You can view this on our demonstration pages.
Back to top

 Back to Commonly Asked Questions Page