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Trading order with requested price

You have to determine the quantity of securities and the requested transaction price in order to give an order with requested price.

You have to set out the quantity of securities, the requested transaction price and the term of the order if you want to give an order with requested price to the bank. The maximum term of an order is 30 days on Estonian, Latvian and Lithuanian markets and 1 day on all other markets. An order is active until it is filled or until it expires.

The bank reserves purchase amount and service charge on the client’s current account or the securities to be sold on the securities account immediately after the purchase or sales order is received. The bank removes the reservations in the value date and transfers the cash and securities. The bank removes reservations immediately when a transaction order is cancelled.

The additional condition of ‘fill or kill’ or ‘fill and kill’ can be added to orders with requested price for Baltic shares.

You determine the price for which you agree to go through with the transaction when you submit an order with requested price. An order cannot be filled if there are no securities with a suitable price.

On a sales order, set out the lowest price for which you agree to sell the securities. On a purchase order, set out the highest price for which you agree to buy the securities. The bank performs the transaction for the market price that is the best possible price for you.

Examples

  1. You would like to buy 1000 shares of company ABC and you enter an order with a term of two days. The current price of the share on the market is 9 euros. The requested price you set out in your order is 8 euros. The share price drops to 8.1 euros in two days, which is very close to the price specified by you. However, the transaction is not performed even if you did agree to pay 8.1 euros for a share.
  2. You send a purchase order with requested price (8.1 euros per share) to the bank. The price of the best sales order on the market has dropped to 8 euros by the time the order is received in the bank. The transaction is performed for the price of 8 euros if the number of shares for sale at this price is sufficient to fill your order in full. If the number of shares for sale at the best price level is not sufficient, the order is filled for an increasingly higher price until it is completed or until the limit of the order (the requested number of shares) is achieved. The same applies to sales, i.e. the order is filled for the price that is the best possible one for the client until it is completed in full or until the limit of the order is achieved.
     

Scheme of a transaction with requested price


Cancellation of a transaction with requested price

An order for a transaction with requested price can be cancelled. Transaction orders can be cancelled in the transaction statement in the Internet Bank. Click on ‘Cancel’ by the relevant transaction order to cancel it. After confirmation, the cancellation order is sent straight to the market in the case of Estonian, Latvian and Lithuanian markets and to the broker in the case of other markets.

A transaction order can be cancelled only before it is filled on the market.


Value date

The value date of transactions with securities traded on the market is usually T+2 (transaction date + two banking days).
You do not always have to wait for the value date of the relevant purchase or sales order if you want to sell the securities you purchased or buy new securities instead of the ones you sold.

  • For example, you have submitted an order to purchase securities in the Internet Bank and its value date is T+2. The price of the share goes up on the same day and you want to sell some of the shares before the arrival of the purchase order's value date. You do not have to wait until the value date of T+2 to sell the shares, as you can immediately enter a new order for selling securities. However, you can only do so if the broker has confirmed your purchase order in the bank before you sell.

 

Date Details Current account Securities account
06.08   balance 10,000 euros  
06.08 purchase of 500 shares
price 10 euros/share
value date 09.08
balance 5,000 euros
reserved 5,000 euros
500 shares pending receipt
06.08 sale of 300 shares
price 10.2 euros/share
value date 09.08
balance 5,000 euros
reserved 5,000 euros
3,060 euros pending receipt
300 shares reserved
08.08 value date balance 8,060 euros balance 200 euros

 

Money and shares move during the same day if a sale and purchase order are made on the same day.

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