terms and conditions for trading in financial instruments - Danske Bank

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The following is a description of the conditions applicable to trading in financial instruments offered by the bank (as securities trading). Currency and derivatives trading is subject to special agreements and to Terms and conditions for currency and derivatives trading. 1. BEFORE TRADING You can engage in securities trading when you have entered into an agreement on custody services and trading in financial instruments. 1.1. CATEGORISATION OF CUSTOMERS We are required to group our customers into three categories as described in the Executive Order on Investor Protection in connection with Securities Trading issued by the Danish Financial Supervisory Authority. The three categories are: • eligible counterparties (other banks, pension funds and insurance companies, etc.) • professional investment customers (typically very large corporate customers) • retail clients (all other customers). Based on objective criteria, the categorisation impacts the level of protection afforded to you as an investor – that is the information and advice you are entitled to receive from us. Retail customers enjoy the highest level of protection, professional customers are afforded less protection and eligible counterparties are generally not afforded investor protection. To some extent you may be able to change your category – in such case you should contact your adviser. 1.2. EXPERIENCE AND KNOWLEDGE If you are a retail client, we will assess what types of 2 This is a translation of the document “Betingelser for handel med værdipapirer” in the Danish language. In case of discrepancies, the Danish version prevails. securities you have knowledge of and experience of trading in – we call it your trading range. In order to identify your trading range and determine the securities that would be appropriate for you, we require some information. After we have received the necessary information, you will be notified of the types of securities included in your trading range. We recommend that you do not trade in securities not included in your trading range without seeking advice. Such securities may be associated with risks unknown to you. 1.3. MARKET ABUSE (INSIDE INFORMATION AND PRICE MANIPULATION) Please note that you are not permitted to buy, sell or invite others to buy and sell securities if you have inside information that may be of importance to the trade. Nor are you permitted to trade in a manner that are likely to influence the price of a security in a direction deviating from the value of the relevant security in the market. Violation of the prohibitions against misuse of inside information and price manipulation is punishable by fine or imprisonment. 2. WHEN TRADING You can contact us either by telephone or in person if you want to seek advice. If you do not wish to speak to an adviser, we recommend that you use our self-service systems. These systems ensure speedy identification of you and proper execution of your trading order. However, please note that not all securities we offer for trading can be traded through the self-service systems. If you place orders by letter, e-mail or fax, you should expect longer processing times, because we must check the order documentation manually. You can shorten the processing time by calling us, when you transmit the order.
We are entitled to record telephone conversations about securities trades. Such recordings may serve as proof of any agreements made. The recordings are for our own use only. If you place an order outside the bank’s normal opening hours, such order will be executed on the next following business day. You can find the bank’s normal opening hours at www.danskebank.dk. Your order will be binding upon receipt by the bank, and consequently you will not be able to delete or withdraw the order, unless it has not yet been executed. If you use the ”delete order” command in a self-service system, you should be aware that the bank may have executed your order before your request for deletion is processed. If your order has already been executed, your request for deletion cannot be met. We will execute your order according to the terms described for each type of order and in accordance with our Order Execution Policy. The policy applies to retail customers and professional customers. If changes have been agreed in the way we are permitted to execute an order when the order is placed, we may not be able to execute your order in whole or in part according to the principles defined in our Order Execution Policy. You can find our Order Execution Policy on the bank’s website. 2.1. ORDER TYPES We offer the following order types Market orders • Market orders with limit (limit order) • Market orders without limit (market order) • Immediate trade Average price orders The short forms ”limit order” and ”market order” are used in e.g. e-banking and on contract notes. 2.1.1 MARKET ORDERS WITH AND WITHOUT LIMIT We choose the trading venue and the order execution method that is most advantageous to you. For certain securities traded in several trading venues, we may seek to execute your market order in one or more transactions on these trading venues. We may use IT systems that mainly execute your order on the basis of price and costs in selected trading venues with sufficient liquidity and where we expect to obtain the best available price in accordance with our Order Execution Policy. The trades are made or agreed in our name, but for your account. Thus, trades are executed on a commission basis. You may instruct that your order applies for a period of time by selecting an expiry date Limit You have the option of placing your order as a ”market order with limit” or as a ”market order without limit”. If you choose a ”market order with limit”, it means that you must set a limit price. Choose this option if you want to buy or sell at a specific price. There may be restrictions on individual securities as to how much a limit may deviate from the prevailing market price. When limiting an order, you also agree that your limit order will not be published if it cannot be executed immediately under prevailing market conditions. We, or the broker selected by us, seek to execute the order when the price corresponds to the price set by you. If you choose a ”market order without limit”, we will set the limit price at which we will seek to execute the order based on the applicable market conditions. If we decide for the order to be executed through another broker, the limit may be set by that broker. 3
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terms and conditions for trading in financial instruments - Danske Bank

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