Transaction Rules London

Keytrade Bank offers online access to the SETS (Stock Exchange Trading System).

The Stock Exchange Trading System - SETS is an electronic limit order book used to trade blue-chip stocks including all FTSE 100 and all UK FTSE Eurotop 300 stocks plus those with traded options.

Opening times

The London Stock Exchange is open from 8 am until 4.30 pm CET On the Sets the continuous trading period is preceded by a 10 minutes auction time and by a 5 minutes time auction closing period.

Type of order allowed

1° Market order

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 orderbook as a 'market order' (without a limit) and is executed at the price of any new incoming order at the opposite of the orderbook. 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 order

An order submitted to our trading system with a specified size and price which is either held on our trading system or executes, either in part or in full, against eligible orders with any remaining unexecuted portion being added to the order book.

3° 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.

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.

Stamp-duty

On buy orders on the London Stock Exchange there is a stamp duty of 0,50% of the nominal amount.

Duration of the validity of orders

It is possible to specify how long placed orders are to remain valid. There are two possibilities:

• DayYour 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 - Valable jusqu'à annulation)Your order will be valid for 90 days. 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.

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: