What is a Partial Trade?

A partial trade occurs when your order does not entirely execute in a single transaction. For example, if there is an insufficient number of shares available at your specified limit price, or if there is no buyer for all of the shares you wish to sell, or seller for all of the shares you wish to buy. When this occurs, and only part of your order is executed, the remaining number of shares will stay on the market until it executes or your order expires.

Trade Transaction Illustration

Examples of a partial trade execution

Example 1

Example 1

Sasha places a buy order of 1,000 units of Westpac shares at a limit price of $20.87, with the default expiry (20 business days). When the order enters the market, only 600 units were available at that specified limit price. At the end of the day Sasha receives a contract note for the partially executed trade of 600 units.

The remaining 400 units remained active in the market, however no more shares were available at the price of $20.87 or lower. The trade expired and only 600 shares were purchased.

Example 2

Example 2

Jim places a sell order of 100,000 units of Westpac shares at a limit price of $20.90 with the default expiry. His order enters the market and only 90,000 units are executed at the specified limit price. His order is currently partially executed. The remaining 10,000 shares remains in the market for any buyer that is willing to purchase at the limit price of $20.90 or higher.

Jim can find his order showing the remaining 10,000 units under Trading > Share Orders > Manage Orders. He can choose to leave the remaining order as is, or he can amend the price or the number of units he wishes to sell. If he chooses to amend the limit price his position in the market will change.

Jim decided to amend his order by lowering his limit price and the remaining 10,000 units were sold on the same day. He will receive one contract note for the sale of 100,000 units.

Example 3

Example 3

Sam places a buy order of 600 units of Westpac shares at a limit price of $23.50 with the default expiry. His order enters the market and only 250 units are executed at the specified limit price. Sam’s order is partially executed and he receives a contract note at the end of the day for the 250 units purchased.

His order remains active in the market and on the following day another 150 units are executed. Sam’s order remains partially executed and he receives a second contract note for the additional 150 units purchased.

The next day, the remaining 200 units of the order are purchased. Sam receives a third and final contract note.

How is brokerage charged on partially executed trades?

Scenario 1
Partially executed orders over a single day

If your order is partially executed over a single day and you cancel the remainder of your order or the order expires at the end of the day you will receive one contract note and will be charged the minimum brokerage or a brokerage amount based on the value of the shares that were executed only.

For example, brokerage charges may be based on the following tiers*:

$4.95     (up to and including $1,000)
$9.95     (over $1,000 up to and including $3,000)
$19.95   (over $3,000 up to and including $10,000)
$29.95   (over $10,000 up to and including $28,000)
0.11%    (over $28,000)

Scenario 2
Partially executed orders over multiple days

If your order is completed over multiple days, you will receive a separate contract note for the amount executed on each day. Your first contract note will be charged the minimum brokerage, or a brokerage amount based on the value of the shares that were executed on day 1.

For example, brokerage charges may be based on the following tiers*:

$4.95     (up to and including $1,000)
$9.95     (over $1,000 up to and including $3,000)
$19.95   (over $3,000 up to and including $10,000)
$29.95   (over $10,000 up to and including $28,000)
0.11%    (over $28,000)

Subsequent contract notes may attract an incremental brokerage charge should the total transaction value, including prior transactions from the same order, exceed the threshold which triggers for a different brokerage tier.

Examples below explain how the brokerage will be calculated where it relates to partially executed trades.

Example 1: An order to buy 500 WBC shares @ $25.00 = $12,500 (brokerage may typically be $29.95 given full order amount is between $10,000 and $28,000)

Trade date Units traded Value traded on day @$25 Total Value traded to date Applicable total brokerage to date* Brokerage charged on contract note
Day 1 250 $6,250 $6,250 $19.95 (min brokerage for trades between $3,000 and $10,000)* $19.95
Day 2 250 $6,250 $12,500 $29.95 $10 (incremental brokerage charged)

Example 2: An order to buy 1,200 WBC shares @ $25.00 = $30,000 (brokerage may typically be $33 given orders above $28,000 are charged a rate of 0.11%)

Trade date Units traded Value traded on day @$25 Total Value traded to date Applicable total brokerage to date* Brokerage charged on contract note
Day 1 100 $2,500 $2,500 $9.95 (min brokerage for trades between $1,000 and $3,000) $9.95
Day 2 550 $13,750 $16,250 $29.95 (total traded to date is between $10,000 and $28,000)* $20 (incremental brokerage charged)
Day 3 550 $13,750 $30,000 $33 (0.11% of total traded to date, given over $28,000)* $3.05 (incremental brokerage charged)

For more information about partial trades please contact us on 13 13 31 or refer to the Westpac Securities Terms and Conditions.

The information above regarding fees and charges is as of April 2024 and can be subject to changes. For more details on our current brokerage rates, please refer to our Financial Services Guide or Fees and charges schedule.

*The brokerage rate used in this example is applicable to orders placed online for Australian listed shares that settle to a Westpac Cash Investment Account, Westpac Online Investment Loan or BT Margin Loan.

This information is intended to provide information for educational purposes only and is subject to change at anytime without notice.