Why has my order been rejected? (DEGIRO)
Why was my order cancelled or rejected? (hatchinvest)Price Limit: Many exchanges set a range of acceptability and will reject an order in the case that the order price exceeds this band. This is to prevent excess volatile movements in the price of securities. As such, an order can be rejected in the case that the limit price is too high or too low compared to the last traded price.
(...)Limit sell order: Your price was too high
With a limit sell order, you set the price to above the current market price. Due to the broker requirements to maintain fair pricing for orders filled (NBBO), there is an upper limit on sell orders. Limit sell orders with a price greater than 2x the current share price may be cancelled. If you wish to have a higher limit order, you’re more than welcome to cancel an existing pending limit sell order and place a new one.
For example:
- Company X has a closing share price of $100
- You place a limit order to sell shares for $201
- When the exchange runs their checks before and during market hours, they may see you placed an order 2x the current share price. To maintain and ensure fair pricing of orders, they may cancel your order.