Wash sale occurs when an investor is engaging in transactions in which there is no change in beneficial ownership of a security.
Example: When an investor enters a purchase order and a sale order at the same time. This is considered as a wash sale. It creates an appearance of activity in a security which may induce others to buy or sell.
Please be informed that this series of transactions is not allowed. FirstMetroSec's system validates all new orders (limit or conditional) for wash sale against existing open orders which are already sent to the exchange. This is in compliance with the Phil Stock Exchange (PSE) rules. May we suggest to post the conditional sell order first, then post the limit buy order after so that there will be no validations against existing orders sent to the exchange.