Why was my order rejected?

Aggressive Limit Price or Invalid Limit Price

If your limit price is significantly different from the National Best Bid and Offer (NBBO), the executing broker may reject your order.

Example:

• Stock A is currently trading at $4.
• A sell limit order is placed at a price of $4,000.

This order may be deemed too aggressive and rejected by the market maker.

Stop Price Already Triggered

A stop order converts to a market order after reaching the stop price. However, if the market price has already passed your stop price when you submit the order, it may be rejected.

Example:

• 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 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.

Example:

• An order is submitted at $3.255.

An order placed at $3.255 will likely be rejected, as equity orders over $1 must be entered with just two decimal places (e.g., $3.25). Orders under $1 can have up to four decimal places (e.g., $0.9999).

Unknown Symbol or Restricted Stock

Orders for securities that have ceased trading or are undergoing a corporate action may be rejected or cancelled.

Example:

• You have an open order to sell Stock A.
• Stock A is going through a stock split.

Your open order will be cancelled. You may place a new order after the corporate action is complete.