Buying / selling securities

Orders of this type can be submitted either with a price limit or without a limit (“at best“). However, we recommend that you always specify a limit. For equities, the limit is always given as a price per share, while for bonds it is a percentage of the face value. The limit sets the maximum price for a buy order and the minimum price for a sell order, meaning the prices at which each order should be executed.

For a stop-limit buy order, the trigger limit (“stop-limit“) and the limit must be above the current market price. The trigger limit determines when the order will be activated for the relevant trading system. When the current market price reaches or exceeds the trigger limit, the order is entered into the trading system and treated as a limited order. The limit is the highest price at which the order is to be executed and must be greater than or equal to the trigger limit.

For a stop-limit sell order, the trigger limit (“stop-limit“) and the limit must be below the current market price. The trigger limit determines when the order will be activated for the relevant trading system. When the current market price reaches or falls below the trigger limit, the order is entered into the trading system and treated as a limited order. The limit is the lowest price at which the order is to be executed and must be less than or equal to the trigger limit.

For on-stop or stop-loss orders, you set a price as a trigger (“stop-limit“). For an on-stop order the trigger limit must be higher than the current price, and for a stop-loss order it must be lower. When the current market price reaches the trigger, the order is submitted to the trading system without a limit (“at best“). When there is a sudden, sharp spike in the market price, we recommend opting for the stop-limit order instead of the on-stop / stop-loss order.