Frequently Asked Questions
Dealing online
We have included a list of our most frequently asked questions about Dealing online.
- Can I add or amend my bookcosts?
You can now add or amend your own book costs online for both UK and International listed stock, providing a truer picture of your profits and/or losses and helping you to make informed investment decisions. Once logged in go to Accounts/Portfolio and follow the instructions on the page.
- Can I amend or cancel a trade?
Once the trade has been executed then you can't amend or cancel it. If the order is still pending (this applies to limit orders and orders placed outside of market hours) and hasn't been executed then you can cancel the order. To do this you need to go to the My Orders page (under the Trading menu) and click on cancel next to the order. You will then have the chance to review the order details and if you want to go ahead and cancel it you can click on the Cancel Trade button.
- Can I give specific instructions for my trade?
Yes you can give specific instructions for your trade. Please note that by providing specific instruction to us we will execute your order in line with your instruction which may prevent us applying our Best Execution Policy. If your instruction relates to only part of the order, we will apply our Best Execution Policy to the aspects of the order not covered by your instruction where possible.
- Can I monitor the value of stock I have certificates for?
You can use the Stockwatch facility, which allows you to create virtual portfolios for UK stock. If you want to add these shares to your Nominee portfolio simply complete a Crest Transfer Form and send this to us with your share certificate.
- Can I place a trade when the market is closed?
You can place a trade when the market is closed but it won't be executed until the market is open. If you place a market order it will be executed as soon as possible after the market next opens. If it is a limit order it will remain pending until we can execute it at your limit price or better.
- How can I place an order outside market hours?
You can place an order outside market hours through your Trading Account. Outside market hours, the trading screen will display "Market is closed". Any orders are taken as "pending orders" which can be viewed in the My Orders screen. These "pending orders" are executed in turn as soon as practically possible, at the best available market price. There is no guaranteed time by which these orders will be placed.
Pending orders can be cancelled prior to the market opening on the next business day. To cancel a pending order go to the My Orders screen and follow the instructions in the help link.
- How do I find the price of a share?
You can get a real time price quote for a stock at the bottom of every page. Just type in the short code for the stock and press Quote. If you do not know the short code for the stock you can click on the Lookup button to find it.
- How do I find the symbol for an equity?
The "Symbol Lookup" facility is available either by using the real-time prices tool found in the left hand menu throughout the site, or selecting the "Symbol Lookup" on the My Orders page.
- What type of orders can I place?
There are four different types of order you can place:
Market during market hours when we can get an electronic quote for your order you will see a firm quote that will be valid for 15 seconds and if you accept that quote the order will be dealt immediately at that price. If there is no firm quote available electronically we will give you the option to send the order to our team of dealers who will ring the market to place your trade for you. It will be dealt at best so you won't know the price you've received until the order has been dealt.
An alternative option is to place a fill or kill order. Fill or Kill the order is sent through to our dealers who will try to get your limit price or better for your order. If they can, then the order will be filled, if not then it will be rejected, or killed.
Limit lets you leave an order to automatically place a trade in a stock once the price hits your limit. This allows you to set an order to buy a stock once the price has fallen to your chosen limit or to sell once it has risen to your chosen limit. You can choose how long you wish the limit to be valid for up to a maximum of 90 days for UK orders and 20 days for international orders.
Stop Loss lets you leave an order to automatically sell if the price of a stock falls to your chosen level. The order will be dealt at market best as soon as the stop loss price has been reached.
- How do I know if my market trade or limit order has been placed?
Whenever you place a market trade or limit order you will be given a confirmation that includes a bargain reference number. If the order has been executed then you will also receive notification that you have a contract note via email or the post. If the order is still pending (e.g. a limit order that hasn't been dealt yet) then you can check its status on the My Orders page.
- How long does it take before my Market Order is executed?
If you are unable to gain an electronic price for your order, you will be informed that we have been unable to gain a firm price and you will have the choice of routing your order to a registered Market Dealer at TD Waterhouse.
Once your order is picked up by our Market Dealers, they will approach the relevant market maker to attempt to trade your order. When your order is routed through to a Market Dealer it will be placed in a queue and will be executed fairly in the same order as it is received. If the market is particularly volatile this would usually result in high levels of trades, which may increase the time taken to execute your order. In times of increased market activity, it may take more time for market orders to be dealt manually, which can unfortunately expose your order to movements in price. During these busy market times, it may be suitable for you to place a Fill or Kill order if you cannot gain a live price. By placing a Fill or Kill order you can specify the price at which you are willing your order to be executed at, therefore if the price falls outside your order price your order will not be executed.
For further information about the different orders you can place, please see the Order Types page of the Learn About Investing section of the website.
- How long does my order last for?
Market Order
A Market Order will always expire at close of business on the same day as the order is placed. Therefore any Market Order placed whilst the market is open will cancel at 4:30pm if the order is not dealt. For example; if you were to place a Market Order on a UK listed stock at 4:25pm, this would expire at 4:30pm (market close) if it had not been dealt in time. Please note that your order would be carried forward to the following day.Limit Order
When placing a Limit Order, you will have the option to specify the duration of your order. The duration of your order can be between one day and 90 days. If you select a good for one day order, your order would expire at 4.30pm (market close) on the same day the order is placed. If your one day order is placed after market close, then your order will apply for the following market day.Fill or Kill Order
A Fill or Kill Order will always expire at close of business on the same day as the order is placed. Any Fill or Kill Orders placed whilst the market is open will cancel at 4.30pm if the order is not dealt. Please note that your order would not have been carried forward to the following day. - How quickly am I able to trade?
Once you have received your account number and login password you will be able to trade immediately.
- Is the price I receive real time or is it delayed?
Prices on the quick quote facility and trading quotes are always real time. Other prices on the site are delayed by up to 20 minutes.
- What do I do if I want someone to trade on my behalf?
For someone else to have authority to trade on your account, just complete, sign and return a Third Party Trading Authorisation Form. This form must be signed by all the account holders and the nominated individual(s). Please note, the delegated authority extends only to buying and selling instructions.
- What factors can affect my order being placed electronically via the TD Waterhouse website?
When trading online, you may find that at times you are unable to gain a live price for your trade. This is usually the case if market makers are not providing any electronic quotes for your order size. On most occasions it is usually one or more of the following factors that will prevent your order being placed electronically.
Market Volatility. During times of market volatility, it is not uncommon for market makers to temporarily disable electronic price quotes to help them monitor prices whilst stocks are particularly volatile.
Exchange Market Size (EMS). The EMS is the term used to express the maximum number of shares (SEAQ classified stocks ONLY) market makers are obliged trade at their displayed prices. EMS is based on a percentage of the share's average daily turnover in the previous year. If you are attempting to trade a number of shares above the EMS for the stock you are trading, you may find that you may not be able to gain an electronic price.
- What happens when I place a Limit Order?
When the touch price (current indicative live price) hits the limit price of your order, it will then be routed to our Retail Service Providers (RSPs) so that it can be dealt at the best available price from the RSPs, provided this is within your limit. If your order is above the Exchange Market Size (EMS), which is the maximum number of shares that the market makers are obliged to quote for, then it may not be possible to place your trade electronically. It will be routed to a registered market dealer who will approach the relevant market maker to deal your order if possible.
- What is the settlement period?
When you place a trade the stock and cash doesn't change hands until the settlement date which is normally 3 working days after the day you placed the trade (T+3). This means that if you place a trade to buy stock you must deliver the payment for it by the settlement day when the stock will be delivered to you.
Similarly, if you sell stock then it will be delivered to the buyer on the settlement day and you will receive payment for it (for certificated sales you will need to send us the share certificate along with a signed Crest Transfer Form). Standard market settlement is T+3 (3 working days after the trade date) but in some markets this can be T+2. You don't have to wait until the settlement date to sell shares that you've bought. You can place a closing deal (a date where the settlement date is the same as for the original purchase) from the My Orders or Closing Deals pages under the Trading menu. Just click on Close next to the shares that you want to sell and then place your trade as normal.
- Why can I see trades going through at a better price than the touch price?
If you have access to level two pricing, you may at times see trades that have been executed at a price that is better than the current touch price. There are a number of factors that can affect this such as:
- Delays in the trades being published may mean that some trades may appear at a different price from the current touch price.
- The size of the order may also influence the price at which it has been executed, as large trades above the Exchange Market Size (EMS) of a stock may not necessarily be executed at the current touch price.
- The Execution Venue with whom the order is traded will also affect the price which is offered for a trade.
- Some trades may not indicate if they are a sell or buy. It is important to note that the touch price is indicative and therefore may not always correlate with recent trades.
- Why can't I view the bid/offer price in my portfolio page outside of market hours?
The bid/offer price is linked to the live market and is updated throughout the day. Outside market hours no price is available as the market is not trading.
- Why do I have the choice to publish my Limit Orders?
Publishing Limit Orders means that your Limit Order will be made publicly visible to other market participants to facilitate earlier execution. One way of doing this would be to put the order on the order book of the London Stock Exchange (LSE). You should also be aware that by publishing your order on the LSE order book your order may not be filled (executed) immediately or it may be executed in multiple fills.
For example, an order of 3,000 shares may be split into amounts of 1,000, 1,200 and 800 and traded separately. Orders published on the LSE order book are executed in order of price and then time, so if your order was made public after another placed at the same price, your order would be executed after that order, i.e. in due turn, should the price be achievable.
By agreeing not to publish your Limit Order we are able to offer you the following benefits:
- Price improvement; because we deal directly with competing Market Makers.
- Online commission rates where applicable.
- One single trade per order placed and therefore one commission.
The circumstances when we can publish your Limit Order(s) are:
- The Limit Order must be placed by telephone during normal market hours;
- Be within the normal market size dictated by the market upon which the stock is listed, i.e. London Stock Exchange (LSE);
- The stock must be an order driven stock, i.e. a stock that can be published on the LSE order book;
- You may only choose a settlement period of T+3; and
- The limit order is good for the day i .e. your order will be published until the market closes on the same day.
- Why does my portfolio show a mid price for all my stocks?
Your portfolio shows a mid price against all of your stocks so that we can show a value for everything held in your portfolio as some instruments don't have a bid or offer price. If you want to get a real time bid and offer price for a stock then you can get one by putting the short code for the stock in the box that shows at the bottom of every page and click on the 'quote' button. If you don't know the code for a stock, click on 'lookup' to find it.