Transaction Rules Milan

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!

Opening times

The Italian market is open from 9.00 am till 5.40 pm.

The orders are sent to the stock exchange from 8 am onward, but remain in "Wait" status until 9.00 am.

Day orders are cancelled at 5.45 pm.

Orders placed after 5.40 pm are sent to the exchange on the next trading day.


Types of orders and quantities allowed

1° Limit order

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.


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

Attention: Every third friday of the month, all pending orders (totally or partially unexecuted) will be cancelled by the Italian Exchange if their limit is 10% higher or lower than the last price traded on the stock.

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 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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