I understand the point of the market change, I have no quips with that. BUT the user experience change is annoying.
Before, whatever time range I had set, the default price in the window would always be whatever highest buyer price is, so i could still “sell instantly” despite not being on the instant time range.
Now, price is auto incremented if any range BUT immediate. Who thought this was a great idea? So many orders got sent into the market, instead of to a buyer, because of this change. Now I must take the extra steps of going back and forth between immediate and another time range, or manually entering highest buyer price (seriously?!) … very annoying!
I know this doesn’t make you feel better, but the logic holds up. An immediate order does not create a market order, and so it can execute for any value, and it does not have any associated broker fee.
An order for any duration, however, does create a market order, and so must obey the new rule for creating market orders with no more than 4 significant digits. You also pay the broker for setting up that order. In your case, you don’t see the order because it matches an existing order immediately, but all the same magic happens whether your order matches instantly or takes 90 days.
Legacy orders with more than 4 significant figures will last a maximum of 90 days, so your experience should go back to what you are used to by then. You will be paying a broker fee you don’t have to, though, if you don’t switch your mode to immediate when you want to sell an item immediately, which is what CistaCista is probably referring to above.
Ah, that’s the explanation for all the misplaced sell orders recently. There seems to be a lot of people not realizing the difference between immediate sale and a market order, and they waste a lot of money.