Keytrade LuxembourgTrading rules
Subscription procedure for Funds
The NAV (Net Asset Value) for most of the funds is calculated on a daily basis (when the market closes). This value is published the following day on the site.Sales and purchases never take place at this NAV. The actual trade date depends on the policy of the fundcompany.
The table below indicates at which NAV the fund company will normally execute the transaction. Attention: this table gives only an indication.
| Buy orders | Sell orders | Comments | |
| ABN AMRO | t | t | |
| Aviva | t+1 | t+1 | |
| Axa Rosenberg | t | t | 1+ for Japan |
| Banque de Luxembourg | t+1 | t+1 | |
| BlackRock Merrill Lynch | t+1 | t+1 | |
| BNP Paribas | t | t | 1+ for Japan, Asia, Australia |
| Capital@Work | t+1 | t+1 | |
| Carmignac | t | t | |
| Credit Agricole | t | t | |
| DWS | t | t | 1+ for Russia |
| Fidelity | t | t | |
| Franklin Templeton | t | t | |
| Gartmore | t | t | |
| Henderson | t | t | |
| Invesco | t+1 | t+1 | |
| J.P. Morgan Fleming | t | t | |
| Quest Management | t | t | |
| Robeco | t+1 | t+1 | |
| Sarasin Bank | t+1 | t+1 | |
| Schröders | t | t | |
| SGAM | t+1 | t+1 | |
| Threadneedle | t | t |
Example:
Today, before 11.30 a.m. (date t) you give a buy order for 10 units of a Franklin Templeton fund. The published NAV is € 125.11 per unit. This is the NAV of the previous day. Your purchase will be at the rate of today's NAV (date t), which is only fixed when the market closes. In the meantime, this could have moved to € 124.97, for example.
Let's now imagine that today, before 11.30 a.m. (date t), you give a buy order for a Henderson fund. This fund will be bought at tomorrows' NAV (date t+1). This NAV will be published the day after tomorrow.
Attention:
- Occasionally, the actual execution dates can differ from the table above.
- It is possible that your order remains ‘pending’, even if it is already executed on the correct date and at the right price. This is due to the fact that the market of investment funds doesn’t work in real time and Keytrade Bank therefore has to wait on the definitive confirmation of the execution by the funds managers. And this can take some days.
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:
| Euronext (Brussels, Amsterdam, Paris) | D+3 |
| London stock exchange | D+3 |
| Milan | D+3 |
| Xetra (Franckfurt) | D+2 |
| Switzerland | D+3 |
| Madrid | D+3 |
| OMX (Helsinki, Stockholm, Copenhagen) | D+3 |
| US markets | D+3 |
| Canadian 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 |
