Keytrade LuxembourgTrading rules
Trading rules: Paris
Opening times| 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 |
For detailed market hours please visit euronext.
N.B. TAL = 'Trading At last Price'
Types of order allowed- Market orders
A market order makes it possible to buy or sell shares immediately at the best price available on the market if the quantity of the counterparty is large enough. The non-executed part of a market order remains in the orderbook as a 'market order' (without a limit) and is executed at the price of any new incoming order at the opposite of the orderbook. However, the final price is not guaranteed, especially if there is high activity in the share in question.
When introducing a market order, 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 buying and selling, but naturally gives no guarantee concerning the execution of the order.
When setting the price of a limit order, it is important to respect the following principle: The limit must be a multiple of 0.01 EUR.
Example: On 2/1/1999, the ABC share quotes at 207.30 EUR. If you want to place a buy or sale order, then the limit price you indicate will have to be, for example: 207.31, or 207.30 + 0.01.
- 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.
- Open orders
An open order is placed when you want an execution at the opening of the stock exchange or at the fixing. (With this type of order you do not place a limit and you don't know at what price your order will be executed.) You can enter this type of order when:
- the exchange is still closed
- there is a period of pre-opening in case a share is suspended
- you place an order on the simple and double fixing before the fixing
- 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.
Remark:
On the Paris market, the difference between stop price and limit price for a stop limit orders must be a multiple of 0,1 with a minimum of 0,1 - '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 possible on Euronext Brussels and Amsterdam and are only compatible with limit orders.
- '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.
- Static thresholds
The reference price of a security prior to the market opening is its previous close or, failing this, an indicative price set by Euronext Paris. After markets open, the reference price is the the opening price.
Security prices may vary by at most 10% (up or down) from their reference price. If an order setting the price beyond these limits is confirmed, the security is reserved and trading is halted for four minutes. Following this, the new reference price is the threshold (high or low) just exceeded.
During the reservation period, the orderbook is open but there is no trading.
In any one continuous trading session, the price may not vary more than would result from two successive reservations. Thus, the variation within a given session is a maximum 21% rise and a 19% decline, to the nearest tick.
- Dynamic thresholds
Dynamic reservation is intended to limit the impact of any single order on market price. The security is "reserved" and trading halted when the price varies more than 2% from that last traded. This procedure applies throughout the trading day. If an order is confirmed, a dynamic reservation lasts four minutes.
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 |
| US 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 |
