Trading rules

Trading rules: Amsterdam

Opening times

Amsterdam is open from 9.00 am till 5.35 pm.

  • The orders are sent to the stock exchange from 8.30 am onward, but remain in "Wait" status until 9.00 am.
  • Day orders accepted by euronext on that trading day are cancelled at 6.15 pm.
  • Orders placed after 5.40 pm are sent to the exchange on the next trading day.
Group Equities Continuous Equities Double fixing Equities Continuous Warrants Double fixing
Pre-opening 07:15 07:15 07:15 07:15
Fixing 09:00 11:30 09:05 12:00
Pre-opening(2) 17:30 12:00
Fixing(2) 17:35 16:30 17:00
Session(2) TAL (17:35-17:40)
Closing 17:40 17:00 17:30 17:30
Shut down 17:40 17:00 17:30 17:30

N.B. TAL = 'Trading At last Price'

Types of orders and quantities allowed
  1. Market orders

    A market order makes it possible to buy or sell securities immediately at the best price available on the market. It gives you no guarantee on the final price of the transaction (especially if there is high activity in the security), but on the other hand there is a greater probability that your order will be executed. If you want to place a market order, do leave the "price" field empty.

  2. Limit orders:

    A limit order is more precise than a market order. It makes it possible to set a limit both when buying and selling, but of course gives no guarantee concerning the execution of the order.

    When you place orders via Keytrade Bank, you cannot indicate a price which differs by more than 40% from the last price.

    When setting the price of a limit order, it is important to take into account the following table

    Prices from to Tick Size
    € 0 € 9.999 € 0.001
    € 10 € 49.995 € 0.005
    € 50 € 99.99 € 0.01
    € 100 € 0.05

    Example :

    • share ABC quotes at € 5; you can indicate a limit price with three decimals, for example € 4.954 or € 4.953.
    • share DEF quotes at € 30; you can indicate a limit price with three decimals which are a multiple of 0.005; for example € 30.005 or € 30.010.

    Remark:
    Orders of less than 100 shares have no influence on the bid and ask price.

  3. Stop orders

    A stop order is a market price order, where you decide at which quote your order becomes a marketorder (Please note: This is therefore not an order limited to the specified stop price!)

    As soon as the share price has reached or passed the specified stop price, your order will be transformed into a market order. There is a high probability of execution, but you have no guarantee on price. These orders are valid both when selling and buying.

    Ex.: You bought a share at 100, that quotes at the moment 98. You wish to cover yourself against further loss. You place a stop sellorder with as stop 95. This means that if the share quote drops till 95, your order will be activated and becomes a marketorder that will be executed against marketprice.

    We recommend great prudence when placing such orders, since the distance between the bid and ask prices can be very large, especially for small shares. It is important to bear in mind that the order will be executed at the market price, and will not be limited in any way.

  4. Stop limit orders

    Stop Limit orders are similar to regular Stop orders in the way they are triggered. The difference is in the way they are executed: while a Stop order is launched "at market price" (and therefore does not allow any control over the execution price), a STOP Limit order is launched as a Limit order, the limit being determined when the order is placed. We recommend to use this type of order rather than a regular Stop order as it is safer in turbulent market conditions.

    When placing a sell stop limit order, please keep in mind that your stop price and limit have to be below the BID price at the moment you place your order. When placing a buy stop limit order, your stop price and limit have to be above the ASK price at the moment you place your order.

    Ex.: You bought a share at 100, that quotes at the moment 98. You wish to cover yourself against further loss. You place a stop limit sellorder. With as stop 95 and as limit 93. This means that if the share quote drops till 95, your order will be activated and becomes a sell limit order with 93 as limit.

  5. 'Iceberg' order

    'Iceberg' orders allow the execution of high volume orders without displaying the total quantity of that order (to gain efficiency). 'Iceberg' orders need to be showing at least 10 times the minimum trading unit of the stock concerned.

    This type of order is well adapted for illiquid stocks (low volume).

    For instance, you can sell 10.000 shares by displaying only 1.000 at a time. Every time 1.000 pieces will be executed, another 1.000 will be displayed in the order book (you do, however, loose your priority if another seller comes and places a sell order at the same limit. This would not be the case if you would sell the 10.000 shares in one block).

    'Iceberg' orders are only compatible with limit orders.

  6. Stop on quote order

    A stop on quote order can only be used for warrants and turbo’s.
    This type of order can be compared to a stop order.
    The stop price you introduce must be higher than the ask of the liquidity provider (to buy) or lower than the bid of the liquidity provider (to sell).
    The most important difference is that such an order is not activated on the last quote, but on the best bid or ask of the liquidity provider for the warrant of turbo.
    A limit order of a private investor will not activate your stop on quote order. Only the best bid or ask of the liquidity provider can activate it.

    A liquidity provider is a professional is always present ion the market to ensure the liquidity of the product. You recognize a liquidity provider by a large volume and equal bid and ask.

    You can also give an additional limit when you place a stop on quote + limit order. This type of order can be compared to a stop limit order.

  7. 'ALL or NONE' orders (AON)

    Euronext does not allow orders of the type ' All Or None' (AON) any more.
    This order type is only available on the US markets.

“Collar Logic” mechanisme

NYSE Euronext works with Collar Logic to protect investors, while avoiding blocking trades.

With Collar Logic, NYSE Euronext defines two thresholds (= the collar) between which trades can take place. The level of the thresholds adapts automatically to the last price traded. You can view the Collar on the secure site, on the page with detailed price information, under “price margin”.

When you enter an order with a limit that is outside the Collar, you will receive a warning that tells you your limit is outside the Collar. Nevertheless, you can confirm your order (by introducing your confirmation code), a confirmation message will then automatically be sent to Euronext and your order will be executed outside of the Collar.

When you introduce a market order, you will receive no warning and your order can be executed outside of the Collar.

Orders that are in the order book for a period longer than 30 seconds and that are matched outside of the Collar will be rejected by Euronext. This can only happen due to a sudden price movement, where the match price is outside of the Collar.

When an order is partially executed, the remaining part will be cancelled in case of a next match outside of the Collar.

Instruments with a fixing, ETF’s and Trackers have no Collar Logic mechanism.

You can find more information on the Collar Logic mechanism here.

Duration of the validity of orders

It is possible to specify how long placed orders are to remain valid. There are two possibilities:

  • Day: Your order will be valid for that day only. If it is not executed, then it will be automatically cancelled. In case you entered a dayorder after closure of the stock exchange, your order will be valid the next trading day.
  • GTC (Good Till Cancelled): Your order will be valid for 365 days.
    The orders can be cancelled by you, the stock market or Keytrade Bank.

Remark:
: When a dayorder partially gets executed during a tradingday, the remaining part that has not been executed yet will be cancelled at the end of the day. If you want the remaining part to be traded, you will have to enter a new order for the remaining part. For this new order a transaction fee will be counted.

When placing a GTC order the remaining part of the order will still be valid on the market until it will be executed or cancelled. In this case you only pay one transaction fee, regardless the number of partial executions.

Orders can be cancelled either by you, by the exchange or by Keytrade Bank.

Remark 2:

If you wish to use the revenue of a sell, you must take into account the value date of the generated cash.

Value dates per market:

Euronext (Brussels, Amsterdam, Paris) D+3
London stock exchange D+3
Milan D+3
Xetra (Franckfurt) D+2
Switzerland D+3
Madrid D+3
OMX (Helsinki, Stockholm, Copenhagen) D+3
US markets D+3
Canadian markets           D+3
European options D+1
US options D+1
Funds D+3 (the value date is
stipulated by the issuer)
Bonds D+3
Currency exchange D+2