Trading rules

Trading rules: Switzerland

Keytrade Bank offers online access to the SWX Swiss exchange en SWX Europe.

The SWX Swiss exchange is the market where you can trade Swiss and international shares.

SWX Europe has been created as a real response to the ever-growing demand from both the investment and corporate communities for a pan-European blue chip. You can trade bleu chips (Swiss as well as international).

Opening times

De SWX is open from 9 a.m. till 5.30 p.m.

SWX Europe is open from 9 a.m. till 5.30 p.m.

The orders are sent to the stock exchange from 8 a.m. onward, but remain in "Wait" status until 9.00 a.m.
Day orders are cancelled at 5.30 p.m.
Orders placed after 5.30 p.m. are sent to the exchange on the next trading day.

Types of orders allowed:

  1. Market order:

    A market order makes it possible to buy or sell securities immediately at the best price available on the market. It gives you no guarantee on the final price of the transaction (especially if there is high activity in the security), but on the other hand there is a greater probability that your order will be executed. If you want to place a market order, do leave the "price" field empty.

  2. Limit order:

    A limit order is an order at a certain price and certain quantity, which can be executed in total or partially. If there is a partial execution the non-executed part remains in the order book.
    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.
    For example, with a sell order the limit price is the minimum price at which you are prepared to sell, your order will not be executed at a lower price.
    When you want to place a limit order, you need to fill in the field "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, then 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 1 year. If the date you introduced is a holiday, your order will be valid till the closure of the working day after the holiday.
    You, the stock market or Keytrade Bank can cancel the orders.

Attention:
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.

Taxes

SWX
On each order (buy and sell) on the SWX there is a tax of 0,01% of the nominal amount. If it concerns orders on Swiss shares 0.075% stamp duty must be added.

For example: a buy order for Swiss shares on SWX

You buy 50 shares Swatch (UHR) at CHF 159
Value of the buy order: CHF 7950
Transaction fee: CHF 49.95
Tax on SWX 0.01% on the nominal amount: CHF 0.79
Stamp duty for Swiss shares (0.075%): CHF 5.96
Tax on the stock exchange transactions for Belgian residents (0.17%): 13.52
Total to pay: CHF 8020.22

SWX Europe
On each order (buy and sell) on SWX Europe there is a tax of 0,008% of the nominal amount.

For example: a buy order for shares on SWX Europe

You buy 50 shares Novartis (NOVN) at CHF 59.25
Value of the buy order: CHF 2962.50
Transaction fee: CHF 49.95
Tax on SWX Europe 0.008% on the nominal amount: CHF 0.24
Tax on the stock exchange transactions for Belgian residents (0.17%): 5.04
Total to pay: CHF 3017.73

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