Ordering         

The ordering page allows to capture buy and sell orders.

First, verify the preselected securities account and settlement account and choose another one if required. The dropdowns also provide additional account details like account balance.

Next enter WKN or ISIN of the product to be ordered. This field supports some basic search by querying most frequently searched products. For complex and full scope search please use Security Search menu. A security can also get selected from the Inventory tab which provides all securities of the selected securities account. To change the selected product click on the pencil icon to the right of the entry field.

Additional product information will be provided – if available – for downloading and printing.

On the appearing form a decision must be made whether to buy or sell the product. This is done by selecting the applicable tab. The product can only be sold if there is sufficient tradable quantity in the selected securities account.

Once the quantity – or notional, for bonds – has been entered all mandatory details have been specified and the order can get submitted. If required, optional details like markets/exchange, limit and order expiry can be specified.

Section “Markets/Exchanges” allows to specify a dedicated exchange or – in particular for investment funds – a dedicated market like OTC. An order can be processed according to the Best Execution policy of Deutsche Bank. The Best Execution policy defines which market or exchange will be selected per security class and the criteria to be applied. The policy can be found at www.deutsche-bank.de under section Rechtliche Hinweise/AGB/C. Bedingungen für die einzelnen Bankprodukte/IV. Bedingungen für Wertpapiergeschäfte. The market or exchange selected based on this policy will be displayed on the summary page when prompted for a TAN or when prompted for confirmation.

To better control the execution rate a Limit or a Stop rate can be used. A Limit ensures the product is not bought too high or sold too low. Alternatively, a Stop can be used to reduce loss (Stop-Loss) or to participate with a trend (Stop-Buy). If no Limit or Stop is provided the order will be executed unlimited (“at best”), i.e. at next available tradable rate.

If required, orders can also have an order restriction or price restriction assigned.

By specifying an expiry date the duration of the order can get controlled. If no expiry date is specified then the system will define a date based on order type. This date will be printed above the TAN entry and confirmation button. Please consider the cutoff times specific to each market and adjust expiry date as required. Expiry date defined by the system is already taking cutoff times into account.

Clicking “validate” button will initiate order validation. This will verify data entered and provide remediation suggestions for incorrect data.

If validation has passed a confirmation page will be shown reflecting order details again as well as documenting order number, order acceptance data and time.

Order Types

Note: Not all order types are supported by all markets. Further information is available at the relevant market.

Unlimited – At Best
An order is called unlimited – or “at best” – when neither Limit nor Stop have been specified. The order will get executed at the next tradable rate. This rate might differ substantially from the current rate and might lead to undesired buy or sell rates.

Limit
By this order type a limit is defined in order to purchase a product below – or at - the defined rate or sell above – or at - the defined rate. There is no need to monitor the market.

A Limit-Buy order defines the maximum rate you are willing to pay for the product. As long as the market rate is above the limit value the order will not get executed. If the market rate drops below or at the limit value then the order will get executed based on the next tradable rate.

Similar for Limit-Sell orders which define the minimum rate you are willing accept for the product. If the market rate is above or at the limit value the order will executed based on the next tradable rate. If the market rate stays below the limit value the order will not get executed.

Stop – Stop-Loss/Stop-Buy
Stop-Buy orders are useful to participate an inclining trend.

Stop-Loss order are used to minimize loss or take profit, i.e. exit a declining trend.

A Stop order requires a stop value when the order is captured. When the Stop value is crossed the order is converted into an unlimited order.

If a Stop-Buy order is placed above current market rate then the order will likely get executed as an unlimited order when the stop value gets touched or broken by raising rates.

If a Stop-Loss order is placed below current market rate then the order will likely get executed as an unlimited order when the stop value gets touched or broken by falling rates.

Order Restrictions

Note: Not all restrictions are supported by all markets. Further information is available at the relevant market.

Fill or Kill (FOK)
If an order has a “Fill or Kill” order restriction the broker will try to execute the order in full. If the order cannot get executed in full it will get cancelled by the broker.

Immediate or Cancel (IOC)
This order type defines an order to be deleted if it cannot get executed immediately. This is similar to “Fill or Kill” order. However, different to “Fill or Kill” order this order type allows the order executed partially. If part of the order cannot get executed then that part gets cancelled whilst the executable part gets fulfilled.

Price Restrictions

Note: Not all restrictions are supported by all markets. Further information is available at the relevant market.

Opening Rate
The order will get executed at the market’s opening rate of the trading day.

Closing Rate
The order will get executed at the market’s closing rate of the trading day.

Spot Rate
The order will get executed at a rate quoted at a fixed predefined time (can be multiple) by the market. This price restriction has no real relevance anymore and hence not much supported by markets.