Keytrade LuxembourgTrading rules
Trading rules: Frankfurt (Xetra)
Opening timesXetra is open from 9 am till 5.30 pm.
Types of order and quantities allowed- 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.
- Limit orders
A limit order is more precise than a market order. It makes it possible to set a limit both when purchasing and selling, but of course gives no guarantee regarding the execution of the order.
- 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.
- 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.
- Quantities
Buy or sell orders for at least 100 pieces are traded immediately on the continuous market. Orders for less than 100 pieces are traded during fixing seesions that occur three times a day (8h50, 13h00, 17h30).
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 90 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. When an order is partially executed on different days, a transaction fee will be counted for each execution on a different day.
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 |
