Where do I find the new portfolio?

Once you have logged into our website, under the tab Trading > Portfolio you will see a bar near the top saying 'Switch to the new version'. If you click on that you will automatically be shown the new portfolio display. You can use the same route to switch back to the details of the old portfolio.

Which accounts can I see in my portfolio overview?

In the portfolio view you can see all the trading accounts where you are the account holder or you have the right of signature. If you are not the account holder, this is shown by means of a label 'Not holder'.

Note: If you are the operator of an account, then you can carry out all types of transaction for this account. If you do not have the right of signature (e.g. in an investment club) then you can only query the account. In that case you cannot carry out any transactions, and the buy and sell buttons will not be active.

Why can I not see any information about my Strateo Pro accounts?

Strateo Pro is a separate platform and that is why we do not show this information in this portfolio. Use the platform or the web version of Strateo Pro to find the information for these accounts.

How can I view my trading account?

If you click in your portfolio overview on a trading account, then you will immediately see an overview of this account. In this view you can easily look up the total value of your trading account, as well as seeing individual positions, cash values and your orders (on different tabs).

What return is shown in the performance chart?

If you click top right on 'Charts', you will see a performance chart showing your account's returns over the past 12 months. This is the return on your portfolio calculated from the same day of the previous year until now, so it gives you an indication of your portfolio's performance over the year.

How is the return over the past 12 months calculated?

Your account's return over the past 12 months (indicated as '12M') shows the percentage return for all positions that are still present on your trading account (taking into account your cash transfers in and out, and any transfers in or out of shares). This return is calculated using the MWR (Money-Weighted Return) method.

Attention! Your account's return is not the same as the individual return rates of your positions which you find in the tab 'Positions'. These individual rates are based on the difference between the current price and the break-even price of a certain instrument.

Example:  Imagine that you bought, in September 2009, stocks of company X at 30 CHF (excl. costs and taxes), and that you haven't sold or bought anything up to now. This means that the break-even price equals 30 CHF. If the current price is 45 CHF, then the return (excl. costs and taxes) is 15 CHF (45 EUR/30 CHF). This corresponds with a return rate of 50% over a period of 5 years (return/investments, so 15 CHF/30CHF).

Also the total return rate which you find below every group (market, instrument type or A-Z), shows you the return in percentage over all positions within this group. This means that this rate is based on the individual returns of these positions.

I don't see the return on some accounts. Why is that?

For certain types of product in Strateo, it is not possible to view the YTD return.

For some, including Treetop, Merit Capital and Wealtheon, the return is calculated by the manager. This return is shown in the detailed annual reports that they send you.

How can I see market news?

You can see the latest market news by clicking top right on the 'News' button.

How can I export all my positions to an external file?

Click top right on the 'Tools' button and click on 'Export as'. Then you can select the file format you want (Excel, XML or CSV). Finally, you can opt to either open this file or store it on your computer.

How can I exchange currencies?

Click top right on the 'Tools' button and click on 'Currency Exchange'. Then you can simply enter an exchange order.

How do I view my trading account and positions in a different currency?

Click top right on the 'Tools' button and select the currency you want from the Display currency' menu.

Note: This is simply a different way of displaying the values. Your financial instruments' actual values and currencies remain unchanged.

How can I transfer money from my trading account to my current or savings account?

If you want to transfer money from your trading account, you can do this very simply, by clicking top right on 'Tools' and then on 'Transfer money'. Then you enter the amount, select the right account number and confirm the transfer.

Note: You can only transfer money in CHF. And you must remember to allow for the value date.

What is shown in each of the different views (Basic, Performance, Fundamentals and Detailed)?

In order to show you the information about your portfolio that interests you the most straight away, we have created a number of views. These views each include different data, offering you a number of different perspectives. You can even create a new view for yourself. The view you selected most recently is remembered for each account, so when you return to your portfolio you immediately see your favourite view.

• The Basic view shows the number of units, the purchase or break-even price (BEP), the current price and today's market value.
• For each position, the Performance view shows the performance of the instrument as well as the return in percentages and in points, as well as the change since the closing price on the previous trading day.
• The Fundamentals overview shows relevant information for each type of instrument. So for a share you can immediately see its price, earnings per share (EPS), price/earnings ratio (P/E), and its market capitalisation (M) and the dividend per share. For a fund it will be its price, its Diamond Rating, its risk, its volatility and the fund value that you will see. For an option you will see its price, expiration date and the exercise price of the option.
• The Detailed view shows more detailed information for each instrument in your portfolio, together with a historical chart where this is available.
  

One important point is that you cannot change the Fundamentals and Detailed views. But you can edit the Basic and Performance views. Just click the Edit link to the right of 'Views'.

How can I modify a view?

Click on the pencil to the right of 'Views'. In the screen that is then displayed, you can select at the top on the right what it is you want to change.

In the left-hand frame you have a list of all the columns that you can display in the view. Drag the column you want from the left-hand frame (headed 'Available columns') to the right-hand frame (headed 'Columns in your view'). If you want to change the sequence of the columns in your view, you can do this by dragging them to a different position within the right-hand frame. You can also remove selected columns from your view by clicking on the waste-bin icon next to the column in the right-hand frame. Finally, close the screen to save your changes. 

Note: You cannot amend the Fundamentals and Detailed views. You can change the others.

How do I create my own view?

Click on the pencil to the right of 'Views'. In the screen that is displayed, click on the plus sign at the top on the right. Enter the name you want to give your new view at the top, and then click on the disk icon. Then you can select the columns you want. When you close the screen, these columns are automatically saved.

The new view you have created is automatically available for your other accounts.

Alongside each position there is a green button with a plus and a red button with a minus. What do these buttons do?

The buttons to the left of each position with a plus and a minus sign are the rapid purchase and sales buttons. If you click on the green button with the plus sign, you can very quickly buy additional shares. If you click on the red button with the minus sign, you can very quickly sell some or all of the shares in this position.

How can I group my positions?

Top right in the 'Positions' tab you will see 'Group by'. There you can choose grouping by market, by instrument or no grouping.

How can I see the history of a position?

You can easily look up the history of a position by clicking on the blue button with the three dots to the left of the position. Then you can select 'Transaction history for this instrument' to see the history for this position.

Another way is to go to the 'History' tab and then search for your instrument by name. Then you will also see the history per instrument.

How can I see more details for a position?

If you click on the 'Name/Symbol' of your position in the 'Positions' tab, you will immediately see more details for that specific instrument.

What exactly is the break-even price (BEP)?

The break-even price (BEP) for a position is the selling price you need to achieve to recover your costs for the position, allowing for the purchase and sales costs which you have already incurred for this position. 

How can I modify my break-even price (BEP)?

Now you are able to modify the break-even price (BEP) yourself. The BEP can be changed in the positions screen by clicking on the BEP field for a given position. A frame will then appear where you can enter and save the BEP you want.

Want to go back to the original BEP? You can enter '0' in the BEP field. When the page has been refreshed (press the F5 key to do so), you will again see the original BEP.

How can I switch the 'Auto Sell' function (for options) on or off?

To the left of your option positions, you will see a blue button with three dots. If you click on this button, you can switch the 'Auto Sell' function on or off. By default, the 'Auto Sell' function is always switched on.

Note: It is only possible to switch the 'Auto Sell' function on or off for options.

What is the difference between available and reserved cash?

In the 'Cash' tab, you will see all the cash on your trading account that is not invested in financial instruments.

Your available cash is the difference between your total cash and your reserved cash.

Your reserved cash shows cash that is blocked for orders in process that have not yet been executed. The reserved cash also shows the costs and taxes arising from orders in process and/or issued put options.

Where do I see my orders in process?

In the 'Orders' tab, you will see pending orders (that have not yet been executed). You can use either the 'Basic' or the 'Detailed' view to see the information which interests you most.

Where can I see my executed, rejected or cancelled orders?

In the 'Orders' tab, you will see all of your executed, cancelled or rejected orders. You can use either the 'Basic' or the 'Detailed' view to see the information which interests you most. In addition you can select the time period you want to see (day, week, month).

How do I cancel an order?

In the 'Orders' tab, you can check the orders you want to cancel. Then you enter the confirmation code (if one is needed) and click on the button 'Confirm removal?.

If you have defined in Your preferences > Site preferences > Order preference that no confirmation code is required before placing stock market orders, then you do not need to enter one here, but can immediately confirm your deletions by clicking on the 'Confirm removal' button.

How can I look up the history of a position?

In the 'History' tab, you can view the transaction history of your trading account. Then you can view the history of a single instrument by searching for it by name or symbol. You can also select the period you want to see.

If you would like to see more information for each transaction, you can download a PDF by clicking on the PDF icon in the first column on the left.

You will also find two PDFs at the top of the history with an overview of the entire portfolio: one for the last day of the previous year and one for the most recent trading day.

Why is the total amount of my trading account higher in the new portfolio?

In the new portfolio, two corrections were made to the calculation of the total amount of your trading account. On the one hand, the accrued interests of your bonds are incorporated in the total amount of your trading account. On the other hand, the costs and taxes are only subtracted from the total amount when the orders are effectively executed.

How do I find the price of a share?

You can find shares (or other financial products) very easily. Please click on « Trading » and « Invest » on the homepage of the secure site to find the search engine. You have the option to search on Symbol, name or ISIN and by market. An easy and quick way is also to type name or symbol in the « search » function which you find on the top right on the homepage.

How do I activate real-time quotes?

By default real-time quotes are not activated on your account. In order to activate real time quotes for one or several other markets, please use "Your preferences" and "Quotes". We offer real time quotes for 7 market groups. Please use your confirmation code to confirm your choice. Real time quotes are offered free of charge of the Swiss market and are free for other markets from 3 trades per month for the relevant market group.

For any questions please contact us by phone on 0800 15 20 20 (from abroad: +41 800 15 20 20), by email to info@strateo.ch or by Skype (ID strateo.ch) between 8.30 am and 6 pm (Monday to Friday).

How to transfer securities to your new portfolio?

The first possibility is to instruct your bank to deliver your securities to your portfolio at Strateo. Alternatively we can take care of the process for you.If you would like to mandate us to arrange the transfer on your behalf, please return a duly signed copy by post of the document "Mandate Securities Transfer". You can find the document in the Document Center on the website.Strateo charges no fees for incoming securities. However there might be charges on the side of the bank where you currently hold the securities.

What is a dividend?

A dividend is the payout of a portion of the corporate profit of a company to its shareholders. The Board of Directors of a company makes a dividend proposal, that has to be approved by its shareholders on the Annual Meeting of shareholders. Usually, the dividend is paid out a couple of days or weeks after the Meeting, if approved during that meeting.

Since a majority of the (Swiss) companies plan their Annual Meeting in April, May or June, it is quite logic that most dividends are distributed in these months.

We can distinguish different types of dividends: although a dividend is mostly paid in cash, it also occurs that dividends are paid in shares.

The frequency of a dividend payment can differ as well. Most dividends are paid once a year, but in other countries (e.g. United Kingdom, United States, ...), a quarterly or semestral dividend payment is more frequent.

In which case are you entitled to a dividend?

In order to be able to claim a dividend, you need to possess the stock on the ex-dividend day. On this day, the value of the dividend will be deducted from the share's value.

You need to buy a stock during the day prior to the ex-dividend day at the latest in order to be entitled to claim the dividend. The dividend is deducted from the stock's value before market opening on the ex-dividend day. So, the stock is trading "ex dividend" as of the ex-dividend day. Whoever buys the stock on the ex-dividend day or later won't be entitled to claim the dividend.

Example: A certain share has a value of 10 CHF and the company decides to pay a dividend of 1 CHF. As of the ex-dividend day, the share will have a value of 9 CHF. Investors who have the stock on their trading account, will automatically receive the dividend on that account.

How to proceed in case of a dividend payment?

If you are entitled to a dividend, you won't have to do anything. When you have the stock on your trading account, the dividend will be automatically booked on your trading account.

You have to take into account that there's often a difference between the ex-dividend date and the date on which the dividend will be paid out (the pay date). The pay date is typically a couple of days or a couple of weeks after the ex-dividend date. The tax that you are due will automatically be withheld by Strateo.

How do I know if and when a company will be paying a dividend?

This kind of information is published on the company's website. For most listed companies, you will find a section "investor relations" on their website. In this section, you will be able to find more information on dividends.

Usually, this information is published in the (financial) press as well.

How will I be taxed when receiving a foreign dividend?

When you receive a foreign dividend, you are only subject to withholding tax to the country of your residence (except for US dividends that Switzerland applies a 15% additional withholding tax for Swiss residents). The withholding tax is based on the country of origin of the company that pays the dividend and applies to the gross dividend.

How to recover a part of the withholding tax of a foreign dividend?

It depends on the nature of the income and the country which they came from. Switzerland has signed agreements against double taxation with many countries so it is usually possible to recover all or part of the foreign withholding tax.

Part of the withholding tax can be recovered directly in the country of source.

The forms in order to request the application of a Convention are available on the website of the Federal Tax Administration in Berne.

What are the different types of dividends?

The most common types of dividends are:

- Cash dividend

- Choice dividend

- Stock dividend

- DRIP (Dividend Reinvestment Plan)

What is a cash dividend?

A cash dividend corresponds to a dividend paid entirely in cash. A dividend paid by a Swiss company is subject to the Swiss withholding tax of 35% (whether you are resident in Switzerland or abroad). A dividend paid by a foreign company is not subject to Swiss withholding tax but is subject to withholding tax at the local source.

What is a choice dividend?

A choice dividend gives the shareholder the opportunity to chose between a payment in cash or in stocks.

On the ex dividend date of a choice dividend, you'll receive dividend rights on your trading account. These dividend rights will appear in the section "other markets" of your trading account.

If you do not indicate a preference, dividends will by default be paid out in cash by Strateo.

If you prefer to receive a choice dividend in cash, you do not have to do anything. It will be paid in cash by default.
If you prefer to receive choice dividends in stocks, you can communicate your choice through our website. There is a tool available on our platform which allows you to tell us that you always want to receive a choice dividend in stocks (whenever such a choice dividend is offered).

Despite your choice of receiving choice dividend in stock, it may occur that choice dividend are paid in cash nonetheless. This is due to the "conversion multiple": a certain amount of dividend rights is required to be entitled to one whole new stock. If you are not holding enough dividend rights to be entitled to a whole new stock, the choice dividend can be paid out in cash, despite your preference to receive choice dividend in stocks.

What is a stock dividend?

A stock dividend is a dividend that is automatically paid out in stocks. Shareholders don?t have the possibility to opt for a payment in cash.

In case of a stock dividend, on or after the ex-dividend date, dividend rights will be booked on your trading account. You fill find these dividend rights in the section ?other markets? of your trading account.

How do I know which type of dividend a company will be paying?

This kind of information is often available in the section 'Investor Relations'   of the company's website.

What is the procedure for fractions?

When a choice dividend or DRIP dividend is distributed, there might be fractions of unused dividend rights left on your trading account. This is the case when not all of the dividend rights can be converted into whole new shares, because of the conversion multiple.

If the fractions equal the value of at least half a stock, Strateo will normally* convert these fractions into one new stock. If the fractions don't equal at least half a stock, they won't be used to be converted into a new stock.

You will have to pay the value of the fractions needed in order to receive an entire new stock (if your fractions equal the value of at least half a new stock). On the other hand, you will receive the value of the fractions that have been sold on your account if the fractions don't equal at least half a stock.

In both of the above mentioned cases, Strateo charges a transaction fee of 2.5 EUR.

* Exceptionally, it may occur that a dividend paying company insists that fractions of unused dividend rights are automatically not converted into a new share, even if those fractions of unused dividend rights equal the value of at least half a stock.

How do I communicate my preferences with regard to dividends?

In most cases, shareholder cannot make a choice with regard to dividends. A cash dividend is always paid out in cash. In case of a stock dividend, you receive stocks as a dividend. In both cases (cash dividend, stock dividend), no alternatives exist.

In case of a choice dividend or a DRIP dividend, there is a possibility to make a choice as shareholder.

With regard to stocks listed on Euronext (Brussels, Amsterdam and Paris), it is possible to use a tool on the secured website which allows you to tell us whether you prefer choice dividend (or DRIP dividends) to be paid in cash or stocks (whenever such a choice dividend is offered). By default, Strateo will opt for choice dividend or DRIP dividend in cash.

Where do I find the tool?

You can find this dividend tool in the section "Your preferences" of your Strateo account. Once in the section "Your preferences", please select "Dividend".

An exception for your choice?

If you wish to receive a choice or DRIP dividend exceptionally in "cash", although your default choice is "stocks", please send us an e-mail to this e-mail address:

operations@strateo.ch

Please don't forget to mention the following information:

- your name
- your trading account number
- the name of the stock
- your choice for the cash dividend for this stock, despite the fact you have chosen "stocks" as a default choice in the preferences of your Strateo account.

It works the other way around as well: did you choose "cash" by default, but do you prefer the dividend in stocks for a specific choice dividend or DRIP dividend, than you can alert us by e-mail.

Please be aware that the election period is often limited in time. Such an election period takes usually a couple of days up to some weeks. Please alert us in time if you want an exception of your default choice for a certain stock.

For stocks not listed in Euronext, but another exchange, the default choice is always cash, or the default choice of the customer if this would be different of the dividend cash distribution. On the website, it is not possible to pick your default choice with regard to stocks that are not listed on Euronext.

At what rate can I buy or sell?

The NAV (Net Asset Value) for most of the funds is calculated on a daily basis (when the market closes). This value is published the following day on the site.
Sales and purchases never take place at this NAV. The actual trade date depends on the policy of the fundcompany.
The table below indicates at which NAV the fund company will normally execute the transaction.
Attention: this table gives only an indication.For eastern markets for example, the NAV you receive will be always one day later.If you want to be certain which NAV you'll receive, we advice you to check the prospectus.

• occasionally, the actual execution dates can differ from the table above.
• It is possible that your order remains "pending", even if it is already executed on the correct date and at the right price. This is due to the fact that the market of investment funds doesn't work in real time and Strateo therefore has to wait on the definitive confirmation of the execution by the funds managers. And this can take some days.

How much does a transaction cost?

Independently of the size of the order, the transaction costs are CHF 20*.

*Please note that some funds have as entree fee a percentage of your total purchase instead of a fixed fee of CHF 20.- per purchase order.

Concerning stock exchange taxes:
Buying SICAV mutual funds is exempt of stock exchange taxes.
There are no stock exchange taxes on the sale of distribution mutual funds (those that pay a dividend).
However, the sale of capitalised funds (that do not pay dividends) is subject to a sales tax of 1,00%.

Do I have to pay custody fees?

As a private investor, you pay custody fees at Strateo. Even for investment funds.

How is an order executed?

To place a purchase order, you must have enough liquidities on your trading account or own a margin account. Once you have introduced your purchase order, we block the liquidities on your trading account for the estimated value of your order. This is handled at 11.30 a.m. and sent for execution. Depending on the fundcompany, the transaction is carried out at the NAV (Net Asset Value) calculated when the market closes (day t), the day after (day t+1) or even on "day t+2". Please read also FAQ "At what rate can I buy or sell"?

Until what time can I cancel an order?

An order can be cancelled up until 11.30 a.m. After this time, it is no longer possible.

What is the minimal value of an order?

For purchases, this can vary between CHF 300 and CHF 1,000, depending on the type of fund. This minimum amount is indicated in the fund description.
For sales, there is no minimum amount.

Can I work within limits?

No, the orders cannot be limited. All the transactions (buy and sell) are carried out at that evening's NAV.

What difference is there between a unit and a value order?

You give a unit order when you want to buy a certain number of units. As you do not know the exact NAV when you place the order, you do not know the exact value of the transaction.

A value order is one in which you want to buy or sell for a given amount of money. So you know exactly how much will be debited or credited to your account, but you don't know the exact number of units that you're buying or selling. The number of negotiated units is calculated when the NIV is fixed. In general, the number of units exchanged will not be a round number, but a six-decimal figure.

What do the terms level of risk or volatility mean ?

The level of risk or volatility is a measure of by how much the current earnings of the fund differs from its average over a long period of time. The greater the difference, the more the fund can fluctuate and therefore the greater the risk involved.
Strateo uses this "average disparity" to calculate the level of risk.
To simplify things, we could say that in the case of a volatility of 7 and an average return of 8%, the expected return will vary between 1% and 15% (i.e., 8% - 7% = 1% as a minimum and 8% + 7% = 15% as a maximum).

Ultimately, the following empirical rule is applied:

What is the annual management commission ?

This is the commission paid to fund managers. It is deducted directly by the manager on the fund's NAV. So you do not pay it. All the figures governing returns are calculated with the management commission.

What is the return of a fund, and how is it calculated?

A fund's return is the increase (or diminution) of a fund's value as a percentage, perhaps corrected by paid dividends.
The return can be calculated over various periods (from 1 day to 7 years). For periods over one year, the return is annualised.
You can find the returns of each fund in it's factsheet.

Do you ever give advice about the choice of funds?

No, we do not advise you on the choice of funds. But use the search engine to help you pinpoint the fund that is perhaps best adapted to your situation.

My order is still in status pending. Why is that?

It is possible that your order remains "pending", even if it is already executed on the correct date and at the right price. This is due to the fact that the market of investment funds doesn't work in real time and Strateo therefore has to wait on the definitive confirmation of the execution by the funds managers. And this can take some days.

What is the diamond rating?

The diamond indicates how a fund performed over the past 5 years. The performance is calculated by comparison of the funds with funds of an identical peer group. This calculation is done on the basis of end-of-month data. Only funds that belong to a clearly defined category are taken into account for this type of rating.

Moreover the fund must exist minimum 5 years. This means that not all funds can obtain 1 diamond or more.

The rating is based on 5 criteria, which each have an equal weight:

• Consistency : 20%
  
• Performance: 20%
• Volatility: 20%
• Alpha: 20%
• Capital Preservation: 20%

The weighted average of the five percentages results in the final percentage. This percentage is the basis for the assignment of the crowns.

• 5 diamonds for the 10% best performing funds within the category
  
• 4 diamonds for the next 22.55% best performing funds within the category
• 3 diamonds for the next 35% best performing funds within the category
• 2 diamonds for the next 22.55% best performing funds within the category
• 1 diamond for the 10% lowest performing funds within the category

Comment est déterminé le prix d'une obligation ? Comment se fait-il que le prix d'une obligation fluctue ?

Le prix d'une obligation et donc aussi son rendement actuariel est déterminé par différents éléments. Les plus importants sont :

• Le taux du marché et le coupon
  Si une obligation déterminée offre un coupon qui se situe considérablement au-dessus des taux du marché, cette obligation va être cotée à un prix élevé. Car, qui ne serait pas intéressé à investir dans une obligation qui rapporte du 10%, alors que le taux du marché n'est que du 3% ?
  L'obligation deviendra donc plus chère (le prix va être à la hausse, et le rendement actuariel à la baisse) selon que le taux du marché baisse. Le cours de l'obligation va aussi baisser (le rendement actuariel va grimper) si le taux du marché part à la hausse.
• La durée de vie restante de l'obligation
  A l'inverse du cours des actions, le cours d'une obligation ne va pas grimper sans limite. Ceci s'explique par le fait que chaque obligation a une date d'échéance, à laquelle l'obligation sera remboursée à sa valeur nominale (souvent 100%).
  Au plus on se rapproche de la date d'échéance (où l'obligation est remboursée à 100%), au plus le potentiel de baisse et de hausse est limité.
  
  Une obligation à court terme va donc toujours moins fluctuer qu'une obligation à long terme.
• La qualité de l'émetteur
  Si vous avez le choix d'investir dans deux obligations identiques, une qui est émise par une entreprise multinationale très solvable et une autre par une entreprise qui connaît des difficultés financières, vous allez choisir l'émetteur le plus solvable. Cette obligation sera donc plus chère que la même obligation émise par une entreprise affaiblie. Autrement dit, le rendement actuariel de l'émetteur affaibli sera plus élevé que celui de l'émetteur le plus fort. Le surplus de rendement que vous pouvez recevoir en investissant dans une obligation moins solvable, vous pouvez la considérer comme une "prime de risque".
  Si vous avez une obligation dans votre portefeuille dont le rating (qui est une bonne mesure de la solvabilité de l'émetteur) s'améliore soudainement (par ex. Standard & Poors élève le rating de A à AA ), ceci entraîne une hausse du prix de l'obligation et donc en même temps une baisse du rendement actuariel.

Quelle est la différence entre le rendement (actuariel) et le coupon ?

The coupon of an obligation is determined by the issuer and remains in theory valid throughout all the obligation lifespan. Even for obligations with a floating coupon, the terms of the coupon are laid down. On the other hand, the actuarial return does not remain constant. According to whether the price of the obligation goes up or drops, the actuarial return will drop or go up. The price of an obligation always follows the opposite evolution of the actuarial return of an obligation.

Example :
An obligation has the following characteristics:

Que sont les intérêts échus et qui doit les payer à qui ?

A l'exception de l'obligation à zéro coupon, toutes les obligations paient à l'investisseur un coupon périodique (souvent annuel). Ce paiement d'intérêts, dans le cas d'un coupon annuel, n'intervient qu'une seule fois (un seul jour) sur l'année, le jour de la date du coupon. Si vous détenez une obligation que vous souhaitez vendre un jour avant qu'elle ne paie son coupon, vous recevrez un pro-rata du coupon. Vous allez alors être payé 364/365 du coupon. C'est ce qu'on appelle les intérêts échus. L'acheteur de l'obligation devra payer ces intérêts échus. A la date du coupon, l'acheteur recevra alors l'entièreté du coupon.

Autrement dit: le vendeur reçoit un pro-rata du coupon pour la période qui court depuis la date de paiement du dernier coupon jusqu'à la date du jour où il a vendu son obligation.

C'est toujours l'acheteur de l'obligation qui doit payer ce montant à titre d'intérêts échus au vendeur de l'obligation.

Ici réside une différence essentielle avec le paiement de dividendes d'une action: l'investisseur qui un jour avant le paiement du dividende vend son action, ne touchera aucun dividende. L'acheteur d'une action ne devra jamais rembourser le vendeur un pro-rata du dividende auquel le vendeur pensait avoir droit.
En tant qu'investisseur en obligations, il ne vous est pas non-plus nécessaire d'attendre la date du coupon avant de vendre votre obligation. Vous êtes toujours payés pour les intérêts échus auxquels vous avez droit.

How much is the Swiss withholding tax on Eurobonds coupons?

• If you are resident in Switzerland : 0% withholding unless a tax is deducted by the country of your residence.
• If you are resident within the EU (25 countries) : 35% unless you sign the document "Authorisation for EU regulation on savings income taxation".
• If you are resident outside the EU: 0% withholding unless a tax is deducted by the country of your residence.

Puis-je introduire des ordres limites ?

Il est possible d'introduire des ordres limites pour les obligations qui peuvent être négociées en ligne.

Pour les obligations qui ne peuvent être négociées qu'offline, il n'est pas possible d'introduire des ordres limites. Seuls les ordres au prix du marché sont acceptés.

Combien d'obligations différentes peuvent être négociées online sur le plateforme de trading de Strateo ?

Actuellement, il y a environ 250 obligations que nous cotons en temps réel et qui sont négociables online. Cette offre va être systématiquement complétée.

Pourquoi dois-je signer un contrat pour voir le Rating Moody?s dans le module de recherche des obligations?

Il s?agit d?une condition qui nous est imposée par Moody?s. Cependant vous pouvez toujours faire des recherches sur d?autres critères (type de coupon, maturité, etc) sans signer le contrat.

Attention : Les ratings attribués par Moody?s ne donnent aucune garantie de rendement quelconque.

On which markets may I invest?

You have direct access to the most important stock exchanges in Europe such as the Swiss stock market ( SWX ) , Xetra Frankfurt, Euronext Paris, Euronext Brussels , Euronext Amsterdam, London Stock Exchange, the Milan stock exchange, the Madrid stock exchange and also the Nordic stock exchanges with Helsinki, Stockholm and Copenhagen.

In addition, you also have access to the American market (NYSE, AMEX, Nasdaq and OTC-BB) and to the Canadian market (TSX & TSX Venture).

For the American stock exchanges, you also have access to ?Extended Hours Trading?, which gives you the possibility to trade not only before, but also after opening hours of the stock exchange.

Besides the traditional stock exchanges, you also have access to trading in options, which is possible on both the European option stock exchange (LIFFE) and the American option stock exchange (CBOE).

Trading in stocks and bonds is also at your fingertips.

You may find more explanation about the different stock exchanges by clicking on market regulations.

I am interested in Strateo Pro. Where can I find the information about the products available on Strateo Pro and about the applying prices?

You can find all the useful information on our website Strateo Pro

What is a margin?

The "margin" is the amount you have to deposit on your Strateo Pro account before starting to trade. This amount is used to cover potential losses. Your margin has to be cash (in CHF) on your Strateo Pro account.

Depending on the deposited margin (minimum CHF 2,500), you will be authorised to take some positions. The largest is your margin, the largest your positions can be.

Can I deposit stocks as a margin?

No, that is not possible.

Is it possible to open a Strateo Pro account in another currency than CHF?

Yes this is possible. You can choose from three different currencies - CHF, EUR and USD. Having a Strateo Pro account in one currency is actually not a problem to take positions in another currency. The Strateo Pro account is only a margin account, therefore you do not have to support any exchange operations to take position on a Dow Jones Future, for example. Only the profits (or the losses) will be expressed in USD and automatically converted in CHF, but not the nominal amount (much larger). Considering this, the exchange costs remain very small.

I have downloaded and installed the live platform. How can I start to trade?

You have to transfer your margin amount on your Strateo Pro account. You have to transfer a minimum amount of CHF 2,500.

Why is the demo version limited to 20 days?

Strateo Pro is a very powerful platform. The demo version of Strateo Pro is the exact copy of the live version; this version is therefore very heavy for our servers. Furthermore, people who are not clients of Strateo can download the demo platform. We think that 20 days is sufficient enough for the interested investors to know the platform. Opening a demo version of the platform for a too long period could be harmful for the live version.

How can I transfer money to my Strateo Pro account? And how can I withdraw money from this same account?

This operation has to be made on the Strateo platform and not on the Strateo Pro platform.
Go to: Bank>Transfer>Internal transfer.

I have asked to transfer money to my Strateo Pro account. The money is not yet on my Strateo Pro account.

These transfers are not possible when the Bank is closed. And this can take 15 minutes before the money is transferred on your account.

Why should I transfer the money to my Strateo Pro account? I already have a trading account at Strateo!

The principle of a "margin account" at Strateo Pro is completely different from the principle of a "trading account" at Strateo:

• A "margin account" is used as a guaranty for all the positions taken on the Strateo Pro platform.

• On the other hand, a "trading account" is used to buy and sell securities.

Where can I see a detailed overview of all the positions I have taken on Strateo Pro?

This overview is only available on the Strateo Pro platform and not in the historic of Strateo.

In the overview of my accounts on the Strateo website appears my Strateo Pro account with a date. What does this date mean?

In order to have a global overview of your financial statements at Strateo, you can find the balance of your Strateo Pro "margin account" on the secure website of Strateo.
Attention: These are liquidities you have on your "margin account" at the beginning of the day at the mentioned date or in other words available liquidities the previous evening of the mentioned date.

Do I receive interests on my Strateo Pro account?

Yes, the interest rate changes regularly. If you wish to know the current interest rate, please contact our helpdesk.
These are paid quarterly on your "trading account" of Strateo. The taxation of savings is applied.

How can I receive my passwords to log on Strateo Pro?

You will receive, by mail, a login and a password from our services. With these data, you will be able to log on for the first time. Afterwards, you have to activate your Key. In order to do it, you have to contact our services by phone: 0800 15 30 30. When your Key is activated, you can change your password.

What is the Market Watch?

Our Market Watch is a streaming tool that provides you with live updates for stocks on 18 markets.  You can view all the main shares at a glance and their information refreshes automatically.

Use the buttons for rapid buying and selling and follow your own favorite shares in a separate watch list.  You can activate real time quotes for each market.  This option is free for the Swiss market and free from 3 trades per month on the relevant market.

What is the Global Analyzer?

The Global Analyzer is a powerful tool of analysis which characterizes a certain share according to five key aspects: Valuation, Outlook, Timing, Quality and Risk.

For each of these five aspects an in-depth analysis is realized which always leads to a clear conclusion going of inferior until excellent.

To finish, the conclusions of each of the aspects are combined in a single global analysis. It can be: sell, sell gradually, keep, accumulate or buy.

On what does the Global Analyzer base itself to form an analysis?

Global Analyzer is the fruit of years of research.

Global Analyzer is fed by thousands up-to-ate data on ten thousands shares.

Those data are collected from the biggest suppliers of data such as Factset, Interactive Dated and Reuters. These data are processed daily in several analysis modules which base themselves on the most important economic literature in each of 5 key aspects (Valuation, Outlook, Timing, Quality, Risk).

How much costs the use of the Global Analyzer?

There are two versions of Global Analyzer:

- A free version (BASIC): only the synthesis of the results of the analysis is available. These results are identical to those of the version PREMIUM.
- A paying version (PREMIUM): it is a complete analysis of the share including a descriptive text, graphs and a conclusion

The BASIC is completely free and all the clients of Strateo can consult it unlimitedly. For all the shares you have in your portfolio, you will have free access to the PREMIUM analyses. This will allow you, without any charges, to manage in an optimal way the shares you possess.

The PREMIUM costs CHF 25 per month for an unlimited number of analyses. On the other hand, this version is free if the client has at least 3 executed stock exchange transactions in the month. For that month, the monthly cost will not be charged.
For all the shares of your portfolio, you receive an unlimited number of analyses PREMIUM. It will allow you, without any charges, to manage in an optimal way the shares that you possess.

What is the difference between the free version (BASIC) of the Global Analyzer and the paying version (PREMIUM)?

The PREMIUM Global Analyzer is a complete report of analysis which is comparable to a research note established by a broker or by a financial analyst. It contains a detailed and clear analysis, illustrated with graphs, tables and a conclusion.

A PREMIUM report contains on average of 3 to 4 pages.

The BASIC Global Analyzer is a mini-report where you only have the conclusion of the PREMIUM report.

How can I have access to the PREMIUM Global Analyzer ?

Each Strateo client has an automatic and free access to the Global Analyzer BASIC. In addition, each client has free access to the PREMIUM Global Analyzer for shares he holds in his Strateo portfolio. This access is also automatic.

For an unlimited access to the PREMIUM Global Analyzer, you have to indicate it in "Your preferences", in the section "Site Preferences".

How may I stop my subscription to the PREMIUM Global Analyzer?

In case you would like to stop your PREMIUM subscription, go to Your preferences > Site Preferences > Global Analyzer on the secure website of Strateo. There, you need to click on Cancel. Your subscription will be cancelled as from the month following your demand.

How does the invoicing of the PREMIUM version works?

For the unlimited use of the PREMIUM Global Analyzer, the monthly cost is CHF 25 . This cost has to be paid at the end of every calendar month. It means that if for example you activate the PREMIUM Global Analyzer on April 20th, you will be able to use the PREMIUM service only 10 days and will also have to pay CHF 25 for these ten days.

Every month started counts for a whole month. When you stop your subscription, it will be cancelled as from the month following your demand.

The monthly CHF 25 fee will be credited on your trading account.

The monthly CHF 25 fee will not be charged, if you have at least three executed stock exchange transactions in that month.

Can I use the Global Analyzer for other types of assets (such as bonds, funds, structured products, options, turbo's,...)?

No, the Global Analyzer limits itself only to the analysis of shares.

What is the difference between the Global Analyzer and the Idea Center?

The Idea Center is a tool for the trader who wants to make a quick list of all the potentially interesting shares. Such a list is obtained by the implementation of fast selection according to several criteria.

It is absolutely necessary that the investor analyses the shares on the list thoroughly before taking an investment decision. This analysis can, among others, be made by the Global Analyzer.

Is the Global Analyzer a completely automatic tool?

Yes.

In this way, each subjective element is excluded from the analysis and the Global Analyzer can concentrate itself only on objective and reliable data.

Does Strateo have its own positions in the shares recommended by the Global Analyzer?

No, Strateo does not have its own "trading book " and thus, does not hold any position.

In this way, we can guarantee an optimal objectivity of the Global Analyzer.

Are the analyses of the Global Analyzer reliable?

The Global Analyzer uses up-to-date information from reliable data suppliers, such as Factset, Reuters and Interactive Dated. The analysis models which are used by the Global Analyzer are based on the most relevant literature published in the last 50 years.

Therefore, we can say that Global Analyzer is a reliable and scientifically supported investment tool.

It is however incorrect to state that all the recommendations of the Global Analyzer lead inevitably to successful investments. The Global Analyzer is certainly no crystal ball which can predict the evolution of the price of a share!
Therefore, we can say that Global Analyzer is investment tool.

On the other hand, it would be false to say that all the recommendations of the Global Analyzer lead inevitably to success for an investment.

The Global Analyzer is not certainly a crystal ball capable of predicting the evolution of the price of a share!

Does the Global Analyzer take my investor's profile into account?

No. The recommendations of the Global Analyzer are totally independent from your investor's profile.

Does the Global Analyzer take my trading portfolio in account?

No. The recommendations of the Global Analyzer are totally independent from your trading portfolio.

How frequently are the analyses of the Global Analyzer updated?

The update happens daily for all the shares.

This way, you can consult every day the up-to-date analyses of the shares which interest you.

What can you find in the Idea centre?

The 'Idea Centre' is a practical tool which allows you to compare stocks at a glance. In this way, you can make a first selection out of thousands of stocks.

On one hand, you can do this via predefined investment themes in the first tab of the 'Idea Centre'. An investment theme is a list with fixed selection criteria regarding one specific theme allowing you to find stocks based on these criteria. Different investment themes are set up, all viewed from a different investment angle, and all resulting in a shortlist of the most interesting stocks for each theme. In these investment themes, you'll find among others 'Conservative European Large Caps', 'Stable Income Shares' and 'Rising Expectation Shares'.

On the other hand, you can search stocks based on your preferred criteria in the second tab of the 'Idea Centre', namely 'Advanced Options'. You can select different criteria and verify which stocks meet your criteria.

WARNING: The Idea Centre is a tool helping you with your online investments, but it cannot be considered as investment advice.

'Advanced Options' does not give any result. Why?

Some of the criteria's you chose for your selection are probably too restricted. Check the selection criteria you gave in and  adapt if you want

Some investment themes do not give any result. Why?

The selection criteria's used for the investment themes are very restrictive. Under certain market conditions, it is possible that no shares satisfy these severe criteria's and that some investment themes do not give any result.

The investment themes results are daily updated. So, if you do not want to miss any of the information one of you favourite investment themes could give you, we advice you to check it on a daily basis.

Yesterday, I saw a share noted in one of the investment theme lists and today it has disappeared.

Every day we get thousands of data's on all shares (company results, new perspectives, analyst's recommendations) and we carry out new analysis (technical analysis and fundamental analysis). These new figures can lead to new ideas or can lead to the withdrawal of certain shares of a list of an investment theme.

For this reason, each list can change every day. If you do not want to lose any information an investment theme can offer, we advise you to consult it on a daily basis.

I bought a share that was recommended in one of your investment themes, but this share has dropped since then! Apparently, it was not an interesting share?

The lists proposed via our Investment themes do not guarantee a positive evolution of the share's quotes. These lists are not investment advices, but are meant to give you investment ideas which are the result of very strict selection based on severe and objective criteria's.

The world of investments is not an exact science. What today can be seen as an opportunity can radically change the day after!

What is Equiduct and how does it work?

Equiduct, a regulated European market, is an alternative trading platform with Börse Berlin AG as a supervising authority. It analyses and compares the prices on different platforms (Chi-X, Turquoise, BATS) and Euronext. Equiduct then executes at the best price.

What are the advantages for me as a customer?

You are sure to get the "Best Execution" on the market. According to the "Best Execution" principle, Strateo is taking into account a variety of factors of which price and total cost are the most important ones.

Click here to take note of the order execution policy of Strateo and click here to take note of the Equiduct transaction rules.

Which orders are sent to Equiduct?

Currently only specific stocks and trackers on Brussels, Amsterdam and Paris will be negotiated on Equiduct. The other financial instruments (warrants, turbo's, speeders) are not tradable on Equiduct. In the future other shares might be added. As soon as a stock is negotiable on Equiduct, the buying or selling will be automatically sent to Equiduct, except if you decided to sent your stock orders to Euronext.

What do I have to do to be eligible for this new service?

You don't have to take any action. The stock orders on certain stocks and trackers on Brussels, Amsterdam or Paris will be automatically sent to Equiduct. You are sure to get the "Best Execution". There is no change to the transaction fees or any other tariffs.

How can I still continue to send my orders to Euronext ?

When you don't want the "Best Execution" service, you may choose via "Your Preferences" on the secured website to send ALL your orders to Euronext. In this case you also have to take note of the fact that your orders will be considered as a specific instruction as described in article 5 of the order execution policy of Strateo. Afterwards you may choose to send your orders again on Equiduct via "Your Preferences" on the secured website with as a consequence that a stock bought on Euronext can be sold on Equiduct and vice versa.

Will I still be able to see my orders in the order book?

When your order is sent to Equiduct, the order will not be visible in the Euronext order book. Only the market depth of Euronext will be shown, in other words only the orders sent to Euronext will be shown.

Where can I find more info on Equiduct ?

You can find more info on http://www.equiduct.com/en/

Why Euronext uses a Collar Logic?

The Collar is designed to protect the investor and aims at avoiding order executions to far from the last traded price.

What is Collar Logic?

With Collar Logic, NYSE Euronext defines two thresholds (= the collar) between which trades can take place. The level of the thresholds adapts automatically to the last price traded. You can find information on the collar on the page with detailed price information, under "price margin".

What will happen if you place an order outside of the Collar?

Strateo has chosen to execute automatically all orders outside the Collar after showing a warning message. When you enter an order with a limit that is outside the Collar, you will receive a warning that tells you your limit is outside the Collar. Nevertheless you can confirm your order (by introducing your confirmation code) and a confirmation message will then automatically be sent to Euronext and your order will be executed outside of the Collar. When you introduce a market order, you will receive no warning and your order can be executed outside of the Collar. Orders that are in the order book for a period longer than 30 seconds and that are matched outside of the Collar will be rejected by Euronext. This can only happen due to a sudden price movement, where the match price is outside of the Collar. When an order is partially executed, the remaining part will be cancelled in case of a next match outside of the Collar.

Do you have a complaint?

Strateo is dedicated to an excellent customer service.  An independent survey by Link AG (March 2013) confirmed the excellent level of our customer satisfaction.

If nevertheless you have a complaint about our services, please contact our customer care on 0800 15 30 30, or by e-mail info@strateo.ch. They will do all the necessary to help you.

I have a question concerning Corporate Actions

Strateo established a document in order to guide its customers through various questions regarding Corporate Actions.

Companies take strategic decisions in regard to their capital structure (capital increase, a capital reduction, a split, a spin off, mergers and acquisitions, an IPO, etc.). This document will help you understand these transactions.

You can find this guide here.