How Trading Works

Trading procedures
Once you open your account with AXYS Stockbroking (ASL) and signed our client indemnity agreement, you will be able to place your transaction orders with us either in person, by telephone, email, fax, or by text message (as authorised by the indemnity agreement). Upon receiving your order we will place it on the SEM's Automated Trading System (ATS) and its execution should in most cases be instantaneous, although it may at times take several days to complete. Once the trade is effected, ASL will promptly send you a trade confirmation together with the applicable contract notes. Settlement is generally effected by cheque or bank transfer on the third day following the trade (i.e. termed as T+3). Hence, after effecting a purchase transaction, you will be required to settle your payment at latest 3 days after the trade.  Similarly, when a sale is effected,  ASL will reciprocate by having settlement payments made over to you on T+3.
 
Trading _works

Trading volumes
It is possible for you to buy or sell shares on the SEM in any amount and quantity. There are two automated stock trading boards on the SEM : the 'Main' and the 'Odd lot'. The Main board allows buying and selling of shares to take place in multiples of 100. On the other hand, the trading of between 1 and 99 shares requires the use of the Odd Lot board. Pricewise, any order must fall within the daily spread of the market price (i.e. 20% below or above). 
 
Trading fees
ACM does not charge any fees for opening an account nor for maintaining your portfolio. However, brokerage charges will apply on each 'buy' and 'sell' transaction, as per the SEM's standardised fee structure below:


Equities Broker SEM CDS FSC Total
[Rs M] [%] [%] [%] [%] [%]
Val. ≤ 3  0.75  0.25 0.20 0.05 1.25
3 < Val. ≤ 6 0.70 0.25 0.15 0.05 1.15
6 < Val. ≤ 10 0.60 0.25 0.15 0.05 1.05
Val. > 10 0.50 0.25 0.10 0.05 0.90
Debt Broker SEM CDS FSC Total
[Rs M] [%] [%] [%] [%] [%]
Val. ≤ 0.10 0.435 0.075 0.075 0.015 0.60
0.10 < Val. ≤ 2 0.385 0.075 0.075 0.015 0.55
Val. > 2 0.300 0.070 0.070 0.010 0.45

 

Trading Hours

The SEM is open daily from Monday to Friday (except on public holidays). The trading hours for each board is as follows:

Board Open Close Post Trades
Equity 10:00 13:30 14:15
Odd Lot 09:00 13:30 14:15
Govt. of Mtius T-Bills 09:30 11:30 12:00
Fixed Income Secs. 09:30 13:30 14:15
  
Trade Order Specifications
To ensure that an order is placed to your requirements, we recommend that you include the following details with your order:
  1. Your CDS Securities Account No;
  2. The type of your order (i.e. 'Buy' or 'Sell'; 'Market' (i.e. at Market Price) or 'Limit' (i.e. with a specified Price limit);
  3. Any price limit you wish to put to your order. If you do not specify any price limit, your order will be executed instantaneously at the best available offer/bid on the market. However, if you do set a price limit, your order will be placed on the ATS at the specified price and will be added to the queue;
  4. Volume i.e. the total number of shares that you wish to purchase (or dispose of). Unless specified, orders will be executed in the SEM's default minimum parcel size of 100;
  5. Block limits. Should you wish to dispose of (or purchase) shares in minimum 'blocks' of 100 or greater, you will need to specify your minimum quantity;
  6. A validity period to your order. i.e. for what duration (in days) you want your order to remain valid. The minimum validity is one day and the maximum is 30 days;
Please note that orders that carry block limits can only be placed as 'Day Orders' i.e. valid only for a single session.
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