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You are here :   Home > INVESTING IN THE STOCK MARKET > Placing an order

Last modified date : 15/08/2013
 INVESTING IN THE STOCK MARKET

Placing an order


What is an order?

A stock market order is an instruction in which you authorize your financial intermediary to buy or sell shares on your behalf.

Who should you contact to place an order?

To place a stock market order, an investor must already own an account. It is the responsibility of the financial intermediary to execute the order as well as to manage the account, including collecting dividends. The intermediary also issues a  transaction notice specifying details of the order executed in terms of price, quantity, time...

What information is contained in an order?

For an order to be valid, it must include the information below :

 

pictos01.gif Name of the sender (company or individual name);

 

pictos01.gif Account number ;

 

pictos01.gif Date ;

 

pictos01.gif Security concerned ;

 

pictos01.gif Buy or Sell ;

 

pictos01.gif Number of shares to be bought or sold ;

 

pictos01.gif Price;

 

pictos01.gif The period of validity of the order

An order can either written (fax or signed order) or by phone (followed by a written confirmation).

At what price should the order be placed?

The price is probably the most essential point to consider when placing a stock market order. There are many types of orders. The most common type of orders are market orders, limit orders and best limit order). The exchange has recently introduced stop orders.

Market order
You may choose this formula if you definitely want your order to have priority over all other orders. The Order at Market has no price indication.

Your order will be executed at different prices according to market conditions.
    - For the buyer, the order will be executed at the best ask offers until the designated quantity is fulfilled;
    - For the seller, your order will be executed at the best bid offers, until the order is filled.

pic_texte02.gif Best limit order
You can opt for this option when you definitely want your order to be executed at the best price upon its arrival.
    - If you are a buyer, the price at which you are willing to buy will be equal to the best ask available on the market sheet;
- If you are a seller, the price at which you wish to sell will be equal to the price of the best purchase offer available in the market.

pic_texte02.gif PLACE YOUR ORDER AT A LIMITED PRICE 
This formula allows you to master of the execution price.
When it is a buy order, the transaction will be executed at your price or less;
When it is a sell order, the transaction will be executed at your price or more.

The order at a limited price is executed totally or partially executed depending on the market conditions.
   

What is the validity period of orders?

The validity of an order A can be :
A Day:
The order expires at the end of the stock market session if it is not executed.

For a limited period :

It may be valid for a period of time ranging between 2 and 30 calendar days, as specified by the client.

Good until cancelled :

The order expires at the end of the calendar month or when the client issues a cancellation.

What happens to a stock market order ?

An order is subject to the following stages :

 

pictos01.gif A buy or sell order is placed with a financial intermediary. If it is a bank, the order is automatically transferred to a brokerage firm ;

 

pictos01.gif The order is sent to the stock market by the brokerage firm’s dealing agent. When the order is executed, a notice of transaction is sent to the client.

If it is a buy order, the client’s securities account is credited and cash account debited on T+3 (T being
the transaction Day date).

If it is a sell order, the client’s securities account is debited and cash account credited on T+3.

 

   


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