Trading at VIAC takes place weekly on Tuesdays (exception: there is no trading between Christmas and New Year). Deposits are therefore invested once a week and strategy changes can be implemented on a weekly basis. On Tuesday, shortly after 9:00 a.m., the calculation of the trading orders of all customers is started. Any strategy changes must therefore be entered in the app before 9:00 a.m. To be on the safe side, it is advisable to make these changes the evening before at the latest.
For trade placement and booking, we distinguish between three cases:
ETF (Exchange Traded Funds)
ETF trades are forwarded to the exchange immediately after the calculation is completed (still in the morning of the trading day). The booking takes place with t+2, i.e. with a delay of 2 business days, usually on Thursdays. The booking period of t+2 corresponds to the usual stock exchange practice.
Index funds with t+2
Index funds are tradable only once a day at the closing price (NAV; intrinsic value). All index funds without Asia exposure are settled at the closing price of the trading day. The closing price of the underlying shares or index is relevant, e.g. for US shares the closing price on the US stock exchange is decisive. Here, too, the booking takes place with t+2 on Thursday.
Index funds with t+3
Index funds with Asia exposure are traded at the closing price of the following day. The reason for this is that the Asian stock exchanges have already closed (due to the time difference) at the time of the latest order entry (cut-off time). Subscription and redemption also take place at the closing price of the underlying shares, meaning that they can only be settled on the following day. As a consequence, the booking takes place with t+3, i.e. with a delay of 3 business days compared to the trading day – on Fridays.
- Performance runs from the respective purchase time, even if the booking takes place at a later time. The booking on value date t+2 or t+3 is not relevant for the performance since you already participate in market developments from the time of purchase. However, the actual flow of money (settlement) takes place on the day of booking, which is decisive for the calculation of interest and fees.
- We consistently optimize all ancillary costs incurred during trading through Pooling and Netting and pass on 100% of the cost savings directly to our customers.
- if exchanges are closed due to public holidays, it may take longer until booking than indicated above.