Conditional orders are instructions that you give us based around a set of criteria or market conditions that must be met before your order is triggered. When the market conditions meet the criteria you have nominated we trigger your order. This means once you have set up your conditional order you will have peace of mind knowing that your order will be triggered should the market move in a particular way.

Conditional orders have two components; an order to buy or sell a stock and a trigger which specifies the market conditions that must be met before the order can be placed. For example you may want to sell a stock if its price falls below a certain level to protect yourself against further potential losses, you may also wish for your order only to be triggered if more than a certain volume of shares are traded on the same day. The market will be monitored for you and as soon as your chosen trigger criteria are met your order instruction will be fired.

In addition, we can keep you informed when your order is fired, purged, expired and/or executed by sending you a notification via SMS or email. For your convenience when you register for Conditional Orders you will also be registered for our Alerts service so that you can start placing Conditional Orders immediately.

Risks of Conditional Trading

Short term price fluctuations either upwards or downwards may cause your order to trigger and trade before the price recovers to its previous level. While this limits your downside risk it may cause you to miss out on the upside profit gain. In addition, when a stock price moves rapidly the price your order is triggered at may mean partial or no execution of your order occurs as there may not be adequate liquidity at that price. You can amend your order just like any other order, once it is in the market.

For Trailing buys and sells the underlying order is placed at a Market price, which is the best bid price for sells and the best ask price for buys at the time the order is triggered. If the stock price is moving rapidly this Market price may have moved significantly from the price at which the order was triggered.

Please read the Share Trading Terms & Conditions for important information and risks regarding Conditional Orders.