So I placed a standing order for another small portion of PEN the other day (10th) @0.016. When I looked at the order depth the next day I was roughly in the middle of that pack. Today the price is 0.016 (on low volume) but my order is still in the middle which wouldn't be vexing except orders above and below me have changed which makes it look like some people are jumping ahead in the queue. Aren't orders filled in the order they are received? Or do orders of certain sizes and from certain people (maybe large brokerages) get filled first? I suppose it's possible the people ahead of me have amended their orders making it look like different orders are ahead but that doesn't seem very likely. Is it first come first serve?
It's possible the other trades may have been special crossings, where two clients of the same broker trade without the broker having to put the orders out into the wider market. They still have to notify the market that the trade occurred and the volume and price, so that's why you see the order.
Another possibility, is that at the opening you were trumped by someone offering a higher price, even if the opening price was .016 e.g. At the opening, if there was a buy order for say 95 @.017, a buy of 1000 @ .016 and a sell order for 100 @.016. All 100 units would sell @ .016 but the 1000 unit buyer would only have 5 units filled even if their order was sent first.
Order queues are ordered by price then time. Special crossings typically won't show up in the queue because they don't go to market. The most likely answer is orders with better prices have gone ahead of yours. Don't forget that 'At Market' orders go straight to the top of the queue for execution. There is no way to get ahead in the queue unless the price is better, or an order has been placed earlier than another.
Sorry I should have specified that this is for orders in the 0.016c bracket. All the 0.017 buys are gone now but my place in the 0.016 queue hasn't changed even though orders appear to bed changing above me.
Finally got filled after days and days. I started checking down the prefers above mine (mine was an odd number so it was easy to identify). I could be wrong but I'm pretty sure some people were skipping the queue by it may be as big A.D said and they were internal brokerage trades. I got my parcel though so I'm happy. At this price I'm really considering trading in some more silver for PEN shares.
