Trading modalities
Order Execution
Trading in open-end funds on ATFund takes place from 7:30 to 18:35 CET and is organized in the following operational phases:Phase |
Timing (CET) |
Operational description |
Order accumulation |
T+1 07:30– 10:40 |
Intermediaries can submit orders into the Euronext NAV Trading Facility for the ongoing trading session. |
Order validation |
T+1 10:40– 11:10 |
The Appointed Intermediary reviews the received orders and proceeds with their acceptance or rejection. |
NAV input and execution |
T+2 By 15:00 |
The Appointed Intermediary communicates the fund’s NAV to the NAV Trading Facility. The trading system uses the NAV to trigger the matching of previously pre-matched orders. |
Settlement |
T+3 |
Trades executed at NAV are settled via Euronext Securities Milan. |
Trading of open-ended funds takes place only on days when the issuer is required to calculate the net asset value (NAV) of the units or shares.
Settlement
Trades executed on ATFund:- Are valued at NAV
- Are settled on the day after the execution (T+3)
Settlement takes place through the system operated by Euronext Securities Milan.
Transactions are not cleared by a central counterparty (CCP).