If you’re buying exchange traded instruments, the price you buy at depends on which type of order is placed:
Market order – you’re provided with a quote online based on the latest price which is available for 15 seconds. If you’re happy with the quote, you can buy or sell the shares immediately. If you’re not happy with the price, you can request another quote at the end of the 15 second period.
Limit order – you tell us a specific price online you’re willing to buy or sell per share which if reached will trigger your order to be placed. You can invest a monetary amount (for example, £50 of shares at 200p per share) or purchase a quantity of shares (for example, 200 shares at
200p). we send your request to the market and it is executed if your limit price (or better) is achieved for the full amount of your order. Limit orders expire at the end of the day if the market is open or at the end of the following day if it is closed.
At best order – in exceptional circumstances, transactions over the phone (and paper) will only be processed on an at best price available at the time of execution. This type of order is also available online when the markets are closed or a quote cannot be provided for either a market-related or technical reason. This means we send your request to the market for a set quantity of shares or for a set amount of money. We’ll then attempt to fill that order at the best price available from numerous different market makers. In addition, transactions for regular savings and dividend reinvestments are combined with other customers’ orders (known as aggregated transactions) and are placed at certain times of day, at the best price then available at the time of execution.
How quickly will my share orders be executed?
Unlike with fund deals, you will be able to deal at any time of day, while the markets are open – there isn’t just one daily pricing point. With a market order your deal will go through straightaway at the price you have been quoted. If you place a limit order, the transaction will go through if the stock reaches the price you have specified, regardless of when this happens, as long as it is on the same business day that you placed the order. You can place a deal when markets are closed and it will go through as soon as they re-open. London markets are open from 8am to 4.30pm.