Things to be aware of when placing orders in Space X tonight

With Space X commencing trading on the Nasdaq tonight, we need you to be aware of a few nuances that can come with an international IPO.

The opening window for Nasdaq bookbuilds/IPOs isn’t fixed, which means we may not know the open price until well after 12am AEDT.

This is important for two reasons:

1. Our order management vetting filters rely on the last traded price when it comes to determining whether an order can be sent to market or not – i.e. determining whether an order will be too far from market or likely to move the stock’s share price too far, relies on us knowing the last traded price; and
2. Without the opening/last traded price, the issue price of USD $135.00 would be taken as the last price which due to likely volatility may not be realistic and cause orders to fail.

For the above reasons we will not be submitting Space X orders into the market until after the opening traded price is known, noting again that it is unclear when that will be.

Any Space X orders you place prior to the opening price being known will still be received but they will not be released to the market until after the opening price is established at which point they will pass through our order management vetting filters first.

Depending on the price instruction attached to your order and the price Space X opens at, your order may still fail if deemed too far from the market or likely to move the share price too far.

For this reason we encourage you to check your order status after placement and after the Space X opening price is known.

We expect the trading range to be wide and volatile, so even if you are placing an order after Space X has opened, we would encourage you to check your Order Status after placement.

To view the status of your order, go to Trade > Order Status.

You can then cancel or amend your order by clicking on the relevant icon under Actions on the right-hand side of the table next to your order.