Market Orders
Certain exchanges do not support Market orders. If a client places a market order in these markets, Standard Bank will automatically convert the order to an aggressive Limit order within a certain percentage limit “in the money”.
The Percentage Limit varies between 1% and 4% depending on the exchange and the type of instrument. Please note that it is a client’s responsibility to check if the order is filled in the market after order entry.
If you experience or suspect any errors with your order, you should contact the Standard Bank Webtrader call centre immediately. Standard Bank will not be responsible for miss fills due to this. Some of Standard Bank’s execution brokers may choose to translate market orders on various markets into aggressive limit orders 3% in the money. This is due to their internal compliance and is set to protect clients from "bad fills".
Standard Bank will not be responsible for missing fills due to this.

Split Orders
In cases where an order regarding a security is split, and filled partially over a period of more than one day, the total trading costs may increase. The reason is that the minimum fee may be charged more than once based on the number of days necessary for the total execution of the order.

Dividends from Share Positions
Dividend payments from share positions will be credited to the relevant client's trading account with any applicable standard withholding taxes deducted.
Standard Bank cannot currently support or offer preferential withholding tax rates that may be available due to residency or legal status. Note that Standard Bank currently does not offer a tax reclaim service in-house but it can refer you to an internationally recognized tax reclaim service that can assist you. Contact the call centre for further details in this regard.

Transferring Shares
Should you wish to transfer shares to or from the Webtrader platform, please contact our call centre.

Pre Opening Order Fills in US Markets
In US markets, Standard Bank consolidates liquidity from a number of sources in addition to the primary exchanges. When there is a delay in the opening of the primary exchange, orders can be filled from these other sources before trading commences on the primary exchange.

Odd Lots in Nordic Markets
Orders traded in the Nordic markets (Denmark, Sweden and Norway) may be split into an "even lot" which will be traded, and a remainder which may be routed to an odd-lot order book. For the parts of an order routed to the odd-lot order book:

• Limit Orders will be filled if possible or left until a fill is possible.
• Market Orders will be filled immediately if possible, or otherwise cancelled (fill or kill principle).

One-Cancels-Other (O.C.O.) Order
One-Cancels-Other Orders really consist of two orders. If either of the orders is executed because its market conditions have been met, the related order is automatically cancelled.

Right Issues
Clients holding Share positions on the last date to trade as specified by the issuer, may receive rights and can choose to sell the rights or subscribe for a new Share by a specified date. These new Shares may be renounceable (tradeable) or non-renounceable. If Standard Bank has not received a response from clients by the reply deadline date stipulated by Standard Bank on Webtrader, Standard Bank may (but is not guaranteed to) sell the rights on behalf of our clients before they expire.
If the rights are non-tradable, they will lapse and become worthless. The proceeds from the sale will be distributed to our clients, less standard commission for the account. The reason Standard Bank carries out this action is to prevent rights from becoming worthless when they expire.

Australian Listed Event
For certain event types including but not limited to Non Renounceable Rights Distributions, Subscription Offers, Entitlement Offers, Rapid Offers, Retail Offers, Australian Listed Companies have the right to reduce entitlements to zero in certain circumstances and Standard Bank will therefore only be booking entitlements to clients on the Payment Date.
Note that since March 2009 it is the policy of the ACSA (Australian Custodial Services Association) not to offer Share Purchase Plans Events (SPP) to underlying beneficial owner clients and thus Standard Bank cannot participate in such events.

Cash Dividends
Cash dividends are booked on the Ex-date reflecting the market price movement on the Ex-date, but the actual value of the payment will be settled on the Pay Date.
Dividend payments from Share positions will be credited to the clients trading account with any applicable withholding taxes deducted.

Optional Dividends
The default payment form is cash. However, clients can elect to receive Shares proportional to the Shares held at the record date. The Shares will be allocated once the reinvestment rate is confirmed for the value Pay Date, once the Shares have been received by Standard Bank’s custodian. Webtrader does not support currency option dividends which allow the shareholder to receive payment in a different currency to the currency in which the dividend has been declared.

Share Dividends and Bonus Shares
Additional Shares are allocated on the Ex-date for value on the Pay Date, but shall only be available to trade once the Additional Shares have been received by Standard Bank’s custodian. In a Bonus Issue, shareholders will receive additional shares in proportion to their existing holding. Additional Shares are allocated on Ex-Date for value on Pay Date but shall only be available to trade once the Additional Shares have been received by Standard Bank’s custodian.

Share Splits / Reverse Share Splits/ Spin Offs
A Share Split is an increase in a issuer’s number of issued shares proportional to a reduction in the par value of the existing shares. Shareholders will receive additional shares, allocated on the Ex-Date, but at a reduced price.
A Reverse Share Split is a decrease in the number of issued shares proportional to an increase in the par value of the existing shares. Shareholders will see their position being reduced on the Ex-Date, but the shares will be reflected at an increased price.
A Spin Off means that shareholders will receive additional shares in a new share in proportion to their existing holding. Such Additional Shares are allocated on the Ex-Date.
In respect of Share Splits and Spin Offs any additional shares allocated on the Ex-Date will only be available for trading once the additional shares have been received by Standard Bank’s custodian.

Tender Offers
Clients holding Shares in their portfolio will have the possibility to tender in accordance with the terms notified on Webtrader.

Mergers & Mergers with Elections
For mandatory Mergers there are different outcomes:

• Cash (distributed on Pay-Date)
• Shares (distributed on Ex-Date)
• Mix of Cash & Shares (distributed on Ex-date)

For mergers with elections, clients have the possibility to elect prior to the deadline, failing which the default specified in the relevant notice of the merger will be applied. Any shares allocated as a result of the merger will only be available for trading once such shares have been received by Standard Bank’s custodian.

Deletion of Open orders due to a Corporate Action
The day before a Corporate Action event is scheduled to take effect (the Ex-date), open orders are deleted for certain event types.
The following details the rules of behavior:

Event Type	Never delete orders	Always delete order	*Rule Defined below
Tender Offers	X
Stock splits		X
Reversed Stock Split		X
Bonus Issues		X
Mandatory Mergers		X
Spin Offs		X
Ticker Changes		X
De-Listings		X
Cash Dividends			X
Share Dividends			X
Optional Dividends			X
Right Issues			X

*For dividends and rights issues, all open orders for the given instrument will be deleted if the change in the market price is calculated to be over 20% due to the Corporate Action event.

New Positions in non-online traded Instruments
Sometimes a Corporate Action involves an instrument that is not tradable online with Standard Bank through Webtrader.
Under those circumstances, the procedures are as follows:
Positions in new instruments that are not tradable online, assigned as a result of a Corporate Action, are booked to the clients trading account. The instrument will be added to the client trading account for reporting purposes.
In instances where there is an election and the alternative to cash settlement is settlement in an instrument that is not supported by Standard Bank or its third party broker on Webtrader, the Client will not have the option to elect and will receive the cash settlement.

Fractional Compensation
A fractional share is less than one full share, and can arise as a result of a Corporate Action entitlement calculation.
For the following Corporate Actions, Standard Bank pays cash compensation for fractions whenever fraction compensation is applicable:
• Share splits
• Reverse share splits
• Optional dividends on share positions
• Mergers

Taxes and Fees on Corporate actions
Taxes and fees may also occur on other Corporate Action other than cash dividends such as fee on a share dividend or tax on a merger.
When such taxes and fees occur Standard Bank will debit the client’s trading account accordingly.

Special Corporate Action Events
Special and infrequent Corporate Actions that do not come under the descriptions above may occur.
Standard Bank, through its third party broker, will handle such Corporate Actions in the overall best interest of its clients to the extent that time and operational procedures will allow.

Voting
Due to the structure of the custodial relationship with its third party brokers it is not practical for Standard Bank to support the exercise of voting rights by clients.