Trading rules

Trading rules: Canadian markets

Opening times

The Canadian markets are open from 3.30 p.m. till 10 p.m. (GMT-5).

Types of orders allowed
  1. Market orders
    A market order makes it possible to buy or sell shares immediately at any price. The final price is therefore not guaranteed (especially if there is a 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 purchasing and selling, but of course gives no guarantee regarding the execution of the order.
    Ex: if you want to sell, your limit is the minimum price against which you want to sell. If the quotation is below your limit, your order will not be executed.
    When placing a limited order, you do fill in the "price" field.
Quantity

On the Canadian markets, they work with `board lot' orders. A ‘board lot' order is an order which acts on a volume determined in advance.
The board lot size depends on the trading price of the security:

  • The trading price per unit is lower than $ 0.10 - the board lot size is 1,000 units
  • The trading price per unit is between $ 0.10 and $ 0.99 - the board lot size is of 500 units
  • The trading price per unit is of $ 0.10 or more - the board lot size is of 100 units

Example: if you wish to buy an action X which is for the moment quoted at $ 0.90 and you give an order for 500 shares, then your order will be carried out at once.
If you carry out an order for 700 shares, then you will receive a first execution of 500 shares and 200 shares will remain on the market, even if those are in the same limit on the market as the trading price of the moment.

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, it will be automatically cancelled. In case you entered a day order 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 1 month.
    The orders can be cancelled by you, the stock market or Keytrade LUX.
Remark 1:
When a day order partially gets executed during a trading day, 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 LUX.

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:

Canadian markets           D+3