terms and conditions for trading in financial instruments - Danske Bank

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The bank acts as the buyer or seller in average price trades. The order is executed on or before the first business day after receipt by the bank of your order. We settle the trade at the weighted average price calculated by NASDAQ OMX Copenhagen at the closing of the trading day plus/less the bank’s usual premium/ discount. The bank’s premiums/discounts are available at www.danskebank.dk. Where the relevant share or unit is not traded regularly, we can determine a price. The same applies if no bid/ask prices have been provided in the execution venues of NASDAQ OMX Copenhagen at the time of trading on the relevant trading day. The price is determined taking into account • supply and demand • the price level of the most recent trades • events affecting the price – domestic as well as international • available information about the issuer and the issuer’s line of business • most recent price information from issuers (only applicable to units of collective investment schemes, e.g. units of investment funds). If the trading volume on the execution venue of NASDAQ OMX Copenhagen on the trading day is less than the size of the order, the bank is under no obligation to settle the order. Nor do we have any obligation to settle your order if we can only procure the securities at a price exceeding the calculated, weighted average price at closing on the trading day. 2.1.3.2. OTHER AVERAGE PRICE TRADES If your order constitutes a significant part of the average daily trading volume in the relevant security, we may offer, by individual agreement, to execute the order at a calculated volume-weighted average price. A volumeweighted average price transaction is executed based on trading during a specific period of time on a given trading day – e.g. the average price of all trades in the relevant security between 10 am and 2 pm in a selected market. 6 2.1.4. TRADING IN SPECIAL SECURITIES To some extent we offer you the option of trading in securities not admitted to trading in regulated markets or other markets – including mortgage deeds – with the bank acting as the buyer or seller at prevailing market prices. Our prices correspond to the prices we are able to obtain ourselves taking into account time, quantity and trading terms. 2.2. CANCELLATION OF MARKET ORDERS An order is cancelled automatically if it cannot be completed on the day it is placed or on the next following trading day provided that the order is placed at a time when we do not offer trading in the relevant security. However, this does not apply where a period of time has been agreed for the order. See paragraph 2.1.1. 2.2.1. SPECIAL MARKET SITUATION The bank reserves the right not to execute an order in the event of a special market situation. 2.2.2. OBSERVATION LISTS AND SUSPENSION OF TRADING If a security is placed on the observation list or is suspended from trading in the relevant regulated market, we will cancel all orders in such security when no trade has yet been concluded. 2.3 CANCELLATION OF TRANSACTIONS MADE Trades generated by mistake or accident can be cancelled according to the rules of the market in question or other regulations. An example of such cancellation could be if a trade is executed at a price deviating strongly from the actual market price. This applies whether or not trading is happening on or off the market. 2.4 FOREIGN EXCHANGE In connection with the execution of a trade in securities traded in foreign currency, we exchange the required amount unless otherwise agreed. Generally, such exchange is effected directly in continuation of the trade at the bank’s spot rate (rate changing regularly during the day) plus a charge on the purchase of foreign currency or less a deduction upon the sale of foreign currency.
If you trade through an adviser, you can instruct the adviser to postpone such exchange in relation to a specific trade until the rate is determined based on the quotations of the Danish central bank two days prior to the settlement date (value date) plus/less a charge/ deduction. 2.5. SETTLEMENT NOTE We will send a note stating the settlement price, trading venue, order type and other information for each trade. We will dispatch the note not later than the first weekday after the execution of the trade. 2.6. DELIVERY AND PAYMENT (SETTLEMENT) Settlement means delivery and payment in connection with securities trading. For Danish securities, the settlement date is the third business/trading day after the date of execution of the trade. With regard to international securities, different times of payment and settlement rules apply. We cannot sell international securities until they have been checked and registered by the bank’s relevant foreign business partner. The prices of custody of international securities are available at www.danskebank.dk. The bank retains the ownership of the securities bought by you until they have been paid for, and the bank may use securities being settled as collateral under the rules of law to that effect. When you buy securities, you acquire unconditional ownership of the securities purchased only if we receive final payment on the settlement date. When you sell securities, our payment of the settlement amount is conditional on us acquiring unconditional ownership of the securities on the settlement date. If a trade is placed with a counterparty who cannot deliver on time, we will seek to ensure that the transaction is executed as quickly as possible. If this is not possible, we have no obligation to independently execute the trade since we are not the counterparty. 2.7. TRADING COSTS We charge brokerage for all trades. In general, brokerage fees are lower when trading through our selfservice channels than through our departments. The rates are available at www.danskebank.dk. The brokerage rates are subject to change according to the same rules as those applicable to changes to our interest rates and fees as per the bank’s General conditions. The bank’s price of immediate trades in bonds admitted to trading on NASDAQ OMX Copenhagen may deviate by a premium/discount of up to 0.50 points from the quoted price. This is due to the fact that we determine a price of immediate trades reflecting the market of the specific bond at the time of trading in relation to the size of the order and the trading volume in the market. Trading costs in the form of a premium/discount to the price are not calculated for immediate trades in equities. However, we charge trading costs as a premium/ discount to the price of equities, investment units and bonds traded in average price trades. 3. GENERAL ISSUES Our terms and conditions are subject to change from time to time with effect for future trades. In the event of significant changes to the service(s) provided to you, you will receive reasonable advance notice by letter - either by ordinary mail or electronically. The updated terms and conditions are available in Danske eBanking, at www.danskebank.dk, or from our branches on request. Unless otherwise agreed with the bank, these terms and conditions will apply in conjunction with the bank’s General Conditions. 7
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terms and conditions for trading in financial instruments - Danske Bank

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