Stockbrokers
Terms and Conditions
for Stop Orders and
Trailing Stop Orders
These terms and conditions relate to Stop Orders and
Maximum Trailing Value, in pence per share, which creates
Trailing Stop Orders. You should read and understand
a Trailing Limit Price that repositions itself as the share
these before using the service. These terms and conditions
price moves.
should be read in conjunction with the master terms and
conditions for your account.
About Stop Orders and Trailing Stop Orders
1. Stop Orders without a Limit Price will only be carried
Definitions
out if a price equal to your Stop Price has been reached
“Stop Price” means a price set by you at which you are
or passed within the expiry period of the order and
prepared for an order to be triggered for dealing.
then at the best price available to us for the order size.
“Limit Price” means the maximum or minimum price at
which you are willing to buy or sell specified shares. Setting
2. Stop Orders with a Limit Price will only be carried out
a Limit Price effectively creates a price ceiling when you are
if a price equal to your Stop Price has been reached or
buying and a floor when you are selling.
passed within the expiry period of the order and then
“Stop Order” means an order to buy or sell specified shares
only if the price is within your specified dealing zone as
but only when your Stop Price is reached or passed.
defined by your Stop and Limit Prices.
“Stop Order with Limit Price” means a Stop Order with
a further Limit Price attached which creates an acceptable
3. Trailing Stop Orders to sell without a Maximum Trailing
zone in which you are prepared to trade. The deal will only
Value will only be carried out if a price equal to the
be done if, and when, the price is within your dealing zone.
highest price of the shares after the order is placed,
“Minimum Trailing Value” means the minimum number
less your minimum trailing value, is reached or passed
of pence per share that a share price is required to fall from
before expiry of the order.
its peak value, for sales, or rise above its lowest value, for
purchases, in order to trigger a Trailing Stop Order. Setting
4. Trailing Stop Orders to buy without a Maximum Trailing
a Minimum Trailing Value effectively creates a price ceiling
value will only be carried out if a price equal to the
when you are selling and a floor when you are buying.
lowest price of the shares after the order is placed,
“Maximum Trailing Value” means the maximum number
plus your minimum trailing value, is reached or passed
of pence per share that a share price can fall from its peak
before expiry of the order.
value, for sales, or rise above its lowest value, for purchases,
in order for a Trailing Stop Order to be dealt. Setting a
5. Trailing Stop Orders to sell with a Minimum and
Maximum Trailing Value effectively creates a price floor
Maximum Trailing Value will only be carried out if the
when you are selling and a ceiling when you are buying.
price is equal to or less than the highest price of the
“Trailing Stop Order” means an order to buy or sell
shares after the order is placed less your minimum
specified shares but only when a Stop Price specified by
trailing value and equal to or greater than the highest
you in relation to the share’s lowest/peak price has been
price of the shares after the order is placed, less your
reached or passed. Instead of specifying a definitive Stop
maximum trailing value.
Price, you specify a Minimum Trailing Value, in pence per
share, which creates a Trailing Stop Price that repositions
itself as the share price moves.
Maximum Trailing Value will only be carried out if the
“Trailing Stop Order with Limit Price” means a Trailing
price is equal to or more than the lowest price of the
Stop Order with a further Limit Price attached which creates
shares after the order is placed plus your minimum
an acceptable zone, relative to the share’s lowest/peak
trailing value and equal to or less than the highest
price, in which you are prepared to trade. The deal will only
price of the shares after the order is placed, plus your
be done if, and when, the price is within your dealing zone.
maximum trailing value.
Instead of specifying a definitive Limit Price, you specify a
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6. Trailing Stop Orders to buy with a Minimum and
7. It is your responsibility to confirm whether an order has
13. Stop Orders with a Limit Price or Trailing Stop Orders
been carried out and, if it has not, whether you require
with a Maximum Trailing Value are designed to execute
a new Instruction to be placed.
when the price of a security falls within a specified
dealing zone. You should be aware that certain factors
8. Stop Orders and Trailing Stop Orders will expire in line
may cause the bid-offer spread of a security to increase
with your Instructions and be confirmed to you at the
momentarily to an unrealistically wide level, which
time of placing the order and will remain in a queue
may cause your order to trigger for dealing. We will
for dealing until the date specified for expiry or until
endeavour to prevent triggering from occurring in these
the order is dealt, rejected or cancelled by you. You
instances but if the order is executed, it will have met
may place multiple instructions using the same shares.
best execution rules, and we will not be liable for any
A new instruction does not cancel one already in place.
resulting discrepancy in value.
9. When we accept your Stop Order or Trailing Stop
14. For Stop Orders with a Limit Price and Trailing Stop
Order, we will endeavour to follow your Instructions
Orders with a Maximum Trailing Value should the price
and will generally carry out orders by reference to time
move through your dealing zone then the order will be
of receipt. However, all orders for the same stock and
retained for the remainder of the expiry period. It will
with the same Stop Price and Limit Price (if applicable)
then be dealt only if, and when, the price enters your
received outside of normal market hours will be treated
dealing zone.
as having been received at the commencement of
trading the following Business Day.
15. A ‘Sell All’ Instruction will result in all shares owned in
a security being sold. This type of Instruction will take
10. Once a Trailing Stop Order to sell has been carried out
into account any pending order for the same stock
then any new highest price achieved by the shares
irrespective of order type and include withdrawals or
will have no relevance to the order i.e. we only look for
lodgments of stock since the original Stop or Trailing
the peak price after the order is placed until it is dealt,
Stop Order was placed.
rejected, cancelled or expired.
16. Once you have placed your Stop Order or Trailing
11. Once a Trailing Stop Order to buy has been carried out
Stop Order you may be able to cancel or amend your
then any new lowest price achieved by the shares will
Instructions, as long as the order has not been carried
have no relevance to the order i.e. we only look for the
out or is not in the process of being executed and we
lowest price after the order is placed until it is dealt,
accept the cancellation or amendment. If you amend
rejected, cancelled or expired.
your order it will be dealt according to the time of
receipt of these new Instructions.
12. Stop and Trailing Stop Orders are designed to execute
when the price of a security falls below or rises above
Placing Stop Orders and Trailing Stop Orders
a Stop Price. You should be aware that certain factors
17. Stop and Trailing Stop Orders can only be placed
may cause the bid-offer spread of a security to increase
on FTSE 350 stocks. However, we reserve the right
momentarily to an unrealistically wide level, which
to amend the range of stocks which are available
may cause your order to trigger for dealing. We will
for dealing.
endeavour to prevent triggering from occurring in these
instances but if the order is executed, it will have met
18. Stop and Trailing Stop Orders can be placed for a
best execution rules, and we will not be liable for any
monitoring period of up to a maximum of 30 Business
resulting discrepancy in value.
Days and will always expire at the close of trading
on the last day of the expiry period.
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19. You can normally use the Service at the times
26. We will ask you some security questions when you
specified in our literature and on our website. Routine
deal by telephone, and we may refuse to deal for you if
maintenance, demand on the systems, and other
you cannot answer them correctly. We may also refuse
circumstances beyond our control may mean that this
to buy or sell if you have gone over your dealing limit,
is not always possible.
which is set at our discretion, or if you owe us money
from a previous deal, or for any other reason we deem
20. Instructions can only be processed during normal
justifiable in the circumstances.
market hours even though the Service may be
available outside these hours. This means that your
27. We will not accept your Instructions to deal by fax
Instructions may not always be processed as soon as
or e-mail or any form of communication through
we receive them.
the Internet other than through the dealing section
of our website.
21. There is no minimum monetary value required when
placing a Stop or Trailing Stop Orders to buy and the
28. We will treat any orders placed by a User as being
maximum value allowed when placing an order will be
placed by you. You are responsible for ensuring that any
determined by your amount ‘Available to Invest’.
Users who have access to your account have read and
understood these terms and conditions.
22. For Stop and Trailing Stop Orders to sell you will
need to have the number of shares available in your
Risk warnings
portfolio at the time of placement, even if there are
29. Your Stop or Trailing Stop Order to sell may trigger
other outstanding order instructions set on the same
when the LSE quoted price matches your Stop Price or
shares. The total value of the order must at least cover
the highest price minus your minimum trailing value.
commission and charges at the time of dealing.
However, as we will generally obtain an improved price
from the market, the order may be dealt at a better
23. To ensure purchase orders placed can be dealt, when
price than the LSE price.
the order is placed funds will be ringfenced to cover
settlement and will not be available for other orders, or
30. Your Stop or Trailing Stop Order to buy may trigger
for withdrawal, unless the Stop/Trailing Stop Order is
when the LSE quoted price matches your Stop Price
cancelled and your amount ‘Available to Invest’ will be
or the lowest price plus your minimum trailing value.
adjusted accordingly.
However, as we will generally obtain an improved price
from the market, the order may be dealt at a better
24. To ensure sale orders placed can be settled, if dealt,
price than the LSE price.
when the order is triggered for dealing it is validated
against your current stock holding. If there are
31. If your order is deemed to be outside the normal
insufficient shares available to settle the order at the
market size for the security we may not act upon your
time validation takes place, due to other orders of the
Instruction, in which case, we will attempt to contact
same or different type being dealt since your order was
you using the details you have supplied.
placed, then your Stop/Trailing Stop Order may not
be dealt.
32. If you place a Stop or Trailing Stop Order in a stock and
the stock subsequently becomes subject to a corporate
25. We will record the date and time that you place an
Instruction and all relevant price movements between
be obliged to, cancel any pending Stop and Trailing
when the order is placed and when it is dealt, rejected,
Stop Orders.
cancelled or expires. These records will be conclusive
when determining whether a Stop or Trailing Stop
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action or dealing suspension, we may, but will not
Order should be dealt.
33. If you place a Stop or Trailing Stop Order and your
36. If we think you may not have authorised an Instruction,
Account is subsequently suspended, we may but will
we will try to verify this with you. We may refuse to
not be obliged to cancel any pending Stop and Trailing
act on it or take steps to reverse it. We will not be
Stop Orders.
responsible for loss to you as long as we have acted
reasonably.
34. If, after an order is placed on your behalf with the
Market and we are asked by the Market to cancel any
37. We reserve the right to withdraw the facility to place
dealings in the relevant stock, we will not be liable for
Stop Orders and Trailing Stop Orders through our
any loss that you may incur.
website.
35. Please note that demand for the Service and market
conditions may fluctuate. We cannot accept any
Liability
38. The Stop and Trailing Stop Order Service is offered to
responsibility for any actual or potential financial loss
customers on a strictly best endeavours basis. We will
or expense you incur if for any reason (other than
not be liable for any failure to execute an Instruction for
our negligence) there is a delay or change in market
technical or operational reasons, save for negligence on
conditions before execution of your order is complete.
our part.
This may include periods where LSE declare a fast
market. During this period, market prices are indicative
and cannot be guaranteed.
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Barclays offers wealth and investment management products and services to its clients through Barclays Bank PLC and its subsidiary companies. Barclays Stockbrokers is a trading
name of Barclays Bank PLC (Registered No. 1026167 Registered VAT No. 243 8522 62) which is a member of the London Stock Exchange and ISDX. Barclays Bank PLC is registered
in England and authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The registered
address is 1 Churchill Place, London E14 5HP.
Item ref: IBIM3621. November 2014