We understand this can be frustrating, so let's clarify what happened.
The most common reason for a cancelled order is related to market conditions and regulatory rules. Here's a breakdown:
Wide Price Spread: For shares with low value and liquidity, the gap between the highest buyer and lowest seller can be quite large. When you place a market order in such a scenario, the order might need to "jump" across too many price points to be filled.
Breach of ASX Market Integrity Rules: If a market order attempts to fill across too many price points, it can violate ASX Market Integrity Rules. These rules are in place to ensure Australian markets operate fairly, orderly, and transparently. When a breach occurs, our Market Participant is required to cancel your trade.
Superhero's Trade Vetting Rules: To comply with regulatory obligations, Superhero and our Market Participant have proprietary Trade Vetting Rules. These rules are designed to prevent disorderly markets. If your order breaches these internal rules, it may be cancelled before it even reaches the market, as outlined in our Terms & Conditions.
Market Operator Discretion: Market Operators (like ASX and Cboe Australia) can also cancel orders at their discretion.
What You Can Do
For shares with low value and liquidity, you could consider using a Limit Order. A limit order allows you to set the maximum price you're willing to pay (for a buy order) or the minimum price you're willing to accept (for a sell order), giving you more control and reducing the risk of a cancelled order due to wide price spreads.