Stock Order Fill Prices
Reconcile actual fills.
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A displayed stock price is not a promise that an entire order will execute there. The SEC’s order bulletin explains that market orders can fill at multiple prices; buy limits restrict price but do not guarantee execution.
Reconcile the fills
Assume a fictional 100-share market purchase fills 40 shares at $20 and 60 at $20.50. Exclude fees and taxes. Cash paid is $800 + $1,230 = $2,030; the weighted average is $20.30. Multiplying the initial $20 quote by 100 understates this completed purchase by $30.
A limit changes completion risk
Instead, suppose a $20 buy limit fills only 40 shares, with the remaining 60 unfilled. Paid cash is $800, not a $1,230 saving on the same holding: only 40 shares were acquired. The unfilled portion is not owned and may remain open under the order’s terms.
Check quantities, execution prices, remaining status and expiration before submitting another order. Confirm the broker’s available instructions. This compares fictional records, not an investment recommendation or a prediction of fills.
