Transaction Rules Paris

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

Group EquitiesContinuous EquitiesDouble fixing EquitiesContinuous WarrantsDouble 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
-
-
-
Closing
17:40
17:00
17:30
17:30
Shut down
17:40
17:00
17:30
17:30

(*) TAL = 'Trading At last Price'


Types of order allowed

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 introducing a market order, 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 buying and selling, but naturally gives no guarantee concerning the execution of the order.

When creating a Limit 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 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.

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 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.

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. 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.

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.

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

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

6° '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, lose 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 compatible with limit orders.

7° Stop on quote order

A stop on quote order can only be used for warrants and turbo’s.

This type of order can be compared to a stop order.

The stop price you introduce must be higher than the ask of the liquidity provider (to buy) or lower than the bid of the liquidity provider (to sell).

The most important difference is that such an order is not activated on the last quote, but on the best bid or ask of the liquidity provider for the warrant of turbo.

A limit order of a private investor will not activate your stop on quote order. Only the best bid or ask of the liquidity provider can activate it.

A liquidity provider is a professional is always present ion the market to ensure the liquidity of the product. You recognize a liquidity provider by a large volume and equal bid and ask.

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

8° 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.


“Collar Logic” mechanism

NYSE Euronext works with Collar Logic to protect investors, while avoiding blocking trades.

With Collar Logic, NYSE Euronext defines two thresholds (= the collar) between which trades can take place. The level of the thresholds adapts automatically to the last price traded. You can view the Collar on the secure site, on the page with detailed price information, under “price margin”.

When you enter an order with a limit that is outside the Collar, you will receive a warning that tells you your limit is outside the Collar. Nevertheless, you can confirm your order (by introducing your confirmation code), a confirmation message will then automatically be sent to Euronext and your order will be executed outside of the Collar.

When you introduce a market order, you will receive no warning and your order can be executed outside of the Collar.

Orders that are in the order book for a period longer than 30 seconds and that are matched outside of the Collar will be rejected by Euronext. This can only happen due to a sudden price movement, where the match price is outside of the Collar.

When an order is partially executed, the remaining part will be cancelled in case of a next match outside of the Collar.

Instruments with a fixing, ETF’s and Trackers have no Collar Logic mechanism.

You can find more information on the Collar Logic mechanism here.


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

Remark 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 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:

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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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