Which type of bonds are available for online trading on Rock Trader “Bond” ?
The most liquid corporate and government bonds for Africa, Europe, Asia and the Middle East. A certain amount of Latin American bonds are also available but these together with US corporate bonds will be increased in due course.
What happens if a bond cannot be traded online?
investorseurope executes orders for more than 30,000 bonds manually (as opposed to fully online). Manual executions appear in the account summary of your account just like for any other online positions. If you want to trade a specific bond, contact our sales traders and we will confirm availability.
What is the maximum trade size?
The maximum limits are determined by ongoing liquidity in underlying bond markets and vary from €1m (or higher) for corporate bonds and €25m (or higher) for government bonds.
What is the minimum trade size?
Bonds have different individual minimum trading sizes. These can be accessed on individual bonds under ‘account > Trading conditions‘ as well as on the trade ticket. There is a minimum trade size of 10k in € or $ on all online bonds, even if the technical underlying minimum trade unit for the bond, itself, may be lower.
How does a market order work?
Market order is the default order for bond trading. The market orders for bonds, unlike for equities, are not executed on exchanges, but are routed to a global large pool of liquidity providers who execute the trade. The live indicative price serves as the maximum limit price for the market order. If not executed within 45 seconds, the order will automatically be cancelled or ‘killed’. It is not possible to change the duration of the market orders.
What happens if an order gets killed?
If an order price received is not better or at the maximum limit price, the order will automatically be cancelled or killed. The kill will take place after 30-45 seconds, depending on the specific bond market. Feel free to contact investorseurope to enquire about trading the specific bond offline.
Can there be partial fills?
Ths system operates on the basis of ‘all-or-nothing’ and orders are either filled 100% or not, so that no partial fills are possible.