Securities trading
Tradable instrument types
- Bonds, debt register claims
- Debentures
- Option bonds
- Notes
- Zero bonds
- Shares
- Participation certificates
- Structured products
- Investment funds
- Participatory notes
- Bonds with variable interest rate
- Floating rate notes
- Warrants
- Convertible bonds
- Convertible notes
Among the instruments that are not tradable are EUREX options and futures, share certificates, medium-term notes, entitlements, precious metals and OTC options.
Stock exchanges
Securities orders to electronic stock exchanges within Switzerland are processed directly in real time. Orders to all other stock exchanges, as well as investment funds, will be manually routed and processed. The stock exchange can be individually chosen, limited to those on the selection list (investment funds excepted). Please note the respective trading currency.
Trading hours
The customer acknowledges that the processing of his stock exchange orders do not, in part, take place directly, or not around the clock, but is dependent, among other things, on the trading days / trading hours of the respective stock exchange as well as the set holidays / working hours of the account-keeping office involved and/or the processing point.
Executions
The execution of securities orders can occur with a time delay if they involve orders to foreign stock exchanges or investment funds. Furthermore, delays can arise if manual post-processing of the order is necessary or in the event of system interruptions.
Pending stock exchange orders
The status of your securities orders can be queried in real time under “Order overview” for the Swiss electronic stock exchanges. For the remaining stock exchanges, the effective status of the issued but not yet executed stock exchange orders is not always shown. This particularly applies to investment fund purchases as well as orders for foreign stock exchanges.
Possible statuses for your stock exchange orders are:
| expired | The validity of the order has expired. |
| retraction pending | The annulment of the order is pending. |
| retracted | The order has been cancelled. |
| settled | The order has already been booked and settled. |
| cancelled | The order has been cancelled. |
| in trading | The order has been sent to the broker’s trading system, but has not yet been executed. |
| registered | The order has been captured, but not yet placed in the trading system. |
| partially executed | One or more portions of the order have been executed. |
Applicable order types
You can issue your securities orders as market or limited orders. We recommend a limitation of your securities orders. This protects you from price risks that can arise for volatile instruments.
Limits types
| Market (no limit) | Market orders are executed without limit for the next traded price. |
| Price limit | For a sales order the limit determines the minimal price for which the customer is prepared to sell. The order will only be executed if the price is not below the set limit. |
| Stop-loss | Stop-loss designates a stop-out price. As soon as the price goes below the set limit a sales order will be executed at the next tradable price. |
| Stop-limit | Execution occurs analogous to a stop-loss, but here, after the stop-loss price is reached, a limited sales order is generated. This is only executed if the price does not go below the set limit. |
Securities orders for investment fund purchases cannot be limited (only market orders) and the validity date must be set to “until revoked”. This validity date is automatically pre-set for investment funds and cannot be changed. It can take up to ten working days for the position to be visible in the deposit.
Trading lots
Shares: Generally 1 unit
Warrants: Generally 100 units (with some exceptions)
Exception: Japanese shares and certificates
Bonds: Smallest deliverable amount according to the nominal value
Orders for the Swiss Stock Exchange that do not correspond to a trading lot are executed as market orders. Other trading lots apply for all other stock exchanges. Our customer advisors are available to provide further information.
Price increments
Please note the following increments for your limits. Orders that do not correspond to the price increments will not be executed and will be deleted from the stock exchange! Please note: No additional deletion message will be shown to the customer.
Shares/Warrants
SIX Swiss Exchange and Scoach Switzerland AG
Purchase value / Limit
CHF 0.01 to CHF 9.99 / CHF 0.01
CHF 10.00 to CHF 99.95 / CHF 0.05
CHF 100.00 to CHF 249.90 / CHF 0.10
CHF 250.00 to CHF 499.75 / CHF 0.25
CHF 500.00 to CHF 999.50 / CHF 0.50
CHF 1,000.00 to CHF 4,999.00 / CHF 1.00
CHF 5,000.00 and more / CHF 5.00
Bonds SIX Swiss Exchange
Nominal value bonds / 0.01%
Other bonds / 0.05%
Shares Swiss Blue Chip Segment
Purchase value / Limit
CHF 0.01 to CHF 0.4999 / CHF 0.0001
CHF 0.5 to CHF 0.9995 / CHF 0.0005
CHF 1 to CHF 4.999 / CHF 0.001
CHF 5 to CHF 9.995 / CHF 0.005
CHF 10 to CHF 19.99 / CHF 0.01
CHF 20 to CHF 49.99 / CHF 0.01
CHF 50 to CHF 99.95 / CHF 0.05
CHF 100 to CHF 249.9 / CHF 0.1
CHF 250 to CHF 499.9 / CHF 0.1
CHF 500 to CHF 999.5 / CHF 0.5
CHF 1,000 to CHF 4,999 / CHF 1
CHF 5,000 to CHF 9,995 / CHF 5
CHF 10,000 and more / CHF 10
Other price increments apply for other stock exchanges. Our customer advisors are available to provide further information.