Broker instrument limits when buying / selling shares.

[OIC]

Noticed that T212 vary the number of shares you can own in a single stock.

Few months ago I bought around 60,000 shares in my 'to the mooooooon' favourite at that time.

Took a look at it recently and they will now only let you own 28,000.

Not noticed that before, but it could potentially mess up my ability to sell high and re-buy low for these shares.

I'd have to start moving ISA money between brokers to re-buy the same number of shares or more.

Do all brokers do this?

What's the reason?

I can't see how it matters to T212 how many shares the punters own in any one stock.

Presumably the limit is placed on them by their broker (IBKR in T212's case).

[kiethton]

It's likely the volume available to cross in the market or held on their market making book to fulfil order at that time. You can likely buy as many as you want but the price won't be guaranteed - you'll just need to tranche

[OIC]

It's a restriction on the total number of shares that you can hold for that stock, ever.

So if you already have 20,000 shares and their allowed number is 20.001, you can only ever buy 1 more share (without selling).

What I don't know, but will now look into, is how often they change the permitted total shares number for each stock.

As I said in my OP, I already own more than I could re-buy via T212 in this stock, and several others.

Which is adding a further layer of complication to my cunning plans for this time next year, Rodders.

[SpeckledJim]

Use someone else? This seems an unnecessary problem?

[DonkeyApple]

OIC said:

It's a restriction on the total number of shares that you can hold for that stock, ever.

So if you already have 20,000 shares and their allowed number is 20.001, you can only ever buy 1 more share (without selling).

What I don't know, but will now look into, is how often they change the permitted total shares number for each stock.

As I said in my OP, I already own more than I could re-buy via T212 in this stock, and several others.

Which is adding a further layer of complication to my cunning plans for this time next year, Rodders.

Are these 'comm free' transactions?

[3din]

Yes they do this, but then it is for 'regular' retail investors. I switched to IBKR. I do miss the T212 simplicity and ease of use, but IBKR is much more professional.

[OIC]

DonkeyApple said:

Are these 'comm free' transactions?

T212 is commission free for trades but offer slightly poorer spreads and take 0.15% Fx fees.

Although I like the ease of making trades, the disadvantages are starting to get in the way a bit.

Did have an IBKR account but that was too noisy for my liking.

May have to explore other platforms a bit more.

[DonkeyApple]

OIC said:

DonkeyApple said:

Are these 'comm free' transactions?

T212 is commission free for trades but offer slightly poorer spreads and take 0.15% Fx fees.

Although I like the ease of making trades, the disadvantages are starting to get in the way a bit.

Did have an IBKR account but that was too noisy for my liking.

May have to explore other platforms a bit more.

The comm free model works via a book one way or another. So somewhere in the mix is an institution betting against the mug retail punter and dictating odds, in this case flow and how much they want.