Transaction Rules Equiduct

Here are the opening hours of markets, the types of orders authorised under the markets, their validity periods, the trading hours. That is to say, all the information you need to invest better!

All orders will be routed to Equiduct except for the orders that are sent just before the market open (9h00) and orders that are sent in just before the market close (17h30), during this short time frames the orders will be sent to the home market (Euronext)

From a certain order size – that varies per instrument – the optimal best execution can not be guaranteed on Equiduct, these orders will be sent automatically to Euronext.

For more information please have a look at our best execution policy.


1° 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 order book as a 'market order' (without a limit) and is executed at the price of any new incoming order at the opposite of the order book. However, the final price is not guaranteed, especially if there is high activity in the share in question.

When placing market orders, the "price" field should be left 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.

Limit orders can be placed both on the cash and forward markets.

When creating a market order, it is important to take into account the tick size.

3° Stop orders

A stop order is a market price order, where you decide at which quote your order becomes a market order (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.

When creating a Stop order, it is important to take into account the tick size.

Example You bought a share at € 100, that quotes at the moment € 98. You wish to cover yourself against further loss. You place a stop sell order with as stop € 95. This means that if the share quote drops till € 95, your order will be activated and becomes a market order that will be executed against market price.

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.

The stop price can be activated when the stop price is hit on the reference markets or Equiduct like for example; Euronext, CHI-X etc.. or it can be hit on Equiduct itself (Hybridbook).

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.

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.

When creating a Stop Limit order, it is important to take into account the tick size.

Example 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 sell order. 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° Trailing Stop orders

When placing a trailing stop order, you specify a 'distance to market’, instead of a limit or stop price.

If you are selling shares with a trailing stop order, your stop price will always follow the share’s last price upwards. The stop price can never go down. The initial reference price will be the current last price. Your stop price will then automatically follow the last price when it goes higher respecting the distance you specified. Your stop price is going to change intraday.

For a trailing stop order on the buy side, your stop price follows the share’s last price downwards. The price can never go upwards. The initial reference price will be the current last price. Your stop price will then automatically follow the last price when it goes lower respecting the distance you specified. Your stop price is going to change intraday.

Once the stop price is reached, a market order is automatically sent to the market. This order is valid until the end of the current day. Caution: for illiquid shares, you may receive a bad price or even no execution at all!

An example of a sell order A share quotes 100 euro. You place a trailing stop order to sell with a distance of 1. Your stop price is 99 euro. As long as the share does not fall to 99 euro, the sell order will not be activated. The stop price will follow the share price upward while keeping a distance of 1 euro. The stop price can never go down. When the price reaches a new high of 104 euro, the new stop price will be adjusted to 103 euro.

An example of a purchase A share quotes 50 euro. You place a trailing stop order to buy with a distance of 0.5. Your stop price is 50.5 euro. As long as the share does not rise to 50.5 euros, the order will not be activated. The stop price will follow the share price down while maintaining a distance of 0.5 euro. The stop price can never rise. When the price reaches a new low of 45 euro, the new stop price will be adjusted to 45.5 euro.

The reference price for the trailing stop orders comes always from Euronext never from Equiduct.

During the continues phase on the market we will send a market order to the market when the stop price is reached, outside the continues faze we will send a limit order where the limit is the last traded price. (on Euronext this phase is known as the TAL period (Trading At Last)

Trailing stop orders are not possible for warrants, turbo’s and other derivatives

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 90 days. The orders can be cancelled by you, the stock market or Keytrade Bank.

Remark: 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:

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

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