1.Cash Orders vs. Principal Orders

Buy orders can take two forms: cash orders or principal orders.

-Cash Orders: A cash order will purchase an amount of bonds (including accrued interest) that equals the specified cash amount.

-Principal Orders: A principal order specifies a target bond principal amount. For example, if you place an order for £100k of principal and the bond is trading at 105, the equivalent cash amount would be £105k (excluding accrued interest).

Princial orders will get cancelled at the end of the day if not complete.

2.Why Doesn’t the Traded Price Match My Confirmation Price?

Orders on the Wisealpha marketplace are treated as market orders. This means your order will execute at the best available market price at the time of execution. Consequently:

-The execution price may differ from the confirmation price displayed on your buy order ticket if market prices move during the trade:

-We allow for price changes of ±0.5. If the price moves beyond this range, the order will be suspended, and you will receive a reconfirmation request.

3.Accrued Interest and Delays:

While your order is being processed, the bond continues to accrue interest. If the order takes multiple days to execute, the amount of accrued interest you pay for will increase.