Late Trading and Market Timing. If there is a suspicion that an applicant conducts late trading or market timing, as described hereunder, the Management Company and/or the Depositary may refuse acceptance of subscriptions, conversions or redemptions until the applicant has dispelled any doubts with regard to the subscription, conversion or redemption. Late trading is the acceptance of an application for subscriptions, conversions or redemptions received after the cut-off time for applications for that specific day provided that the execution of such application is at a price which is calculated and known at the time when this application is accepted. Late trading provides an investor with the possibility to benefit from the knowledge of events or information published after the cut- off time. Such investor therefore has an advantage over those investors who comply with the official cut- off time. This advantage is even more marked when the investor combines late trading with market timing. Market timing is an arbitrage transaction in which an investor systematically subscribes, redeems or converts Units of the same Sub-Fund and/or the same Unit Class on a short-term basis, thereby exploiting time differences and/or errors or weaknesses in the system for calculating the net value of a fund and/or Unit Class.
Late Trading and Market Timing. If there is a suspicion that an applicant conducts late trading or market timing, the AIFM and/or the depositary will refuse acceptance of the application for subscription, conversion or redemption until the applicant has dispelled any doubts with regard to the application. Late trading Late trading is the acceptance of an application for subscription, conversion or redemption received after the cut- off time for applications on the relevant day and the execution of such applications at a price based on the net as- set value applicable on that day. By means of late trading, an investor may derive gains from the knowledge of events or information published after the cut-off time for applications but not reflected in the price at which the in- vestor’s application will be settled. This investor therefore has an advantage over those investors who observed the official cut-off time. The investor's advantage is even more marked when late trading and market timing are combined. Market timing Market timing is an arbitrage process in which an investor systematically subscribes shares of the same fund on a short-term basis and then either redeems or converts them by exploiting time differences and/or errors or weak- nesses within the system for the calculation of the net value of the fund.
Late Trading and Market Timing. If there is cause to suspect that an applicant is engaging or intends to engage in late trading or market timing, the AIFM and/or the Depositary may refuse to accept the subscription, conversion or redemption application until such time as the applicant has dispelled all doubt with regard to his or her application. Late trading Late trading is the acceptance of a subscription, conversion or redemption application that was actually received after the acceptance deadline (cut-off time) for unit transactions on the day in question and the execution of that application at the price based on the net asset value prevailing on that day. Late trading may enable investors to gain advantages or profit from the knowledge of events or information published after the acceptance deadline but not yet factored into the price at which the investor's order is settled. The investor in question therefore has an unfair advantage over those investors who have complied with the official acceptance deadline. This advantage is magnified if the investor is able to combine late trading with market timing. Market timing The term "market timing" is given to arbitrage trading whereby an investor systematically subscribes to and then quickly sells back or converts units of the same AIF or unit class in order to exploit the time lag and/or errors or shortcomings of the system in calculating the net asset value of the AIF or unit class concerned.
Late Trading and Market Timing. If a requester is suspected of pursuing late trading or market timing, the management company and/or the depositary shall refuse to honor the subscription, exchange, or re- purchase request until the requester has eliminated all doubts with respect to the re- quest. Late trading Late trading is understood to mean the acceptance of a subscription, exchange, or repurchase request received after the acceptance deadline for such orders (cut-off time) of the respective day for execution at the price that is based on the applicable net asset value on that day. Late trading allows investors to benefit from their aware- ness of events or information published after the acceptance deadline for orders but that are not yet factored into the price at which the investor's order is executed. Thus, such investors have an advantage over investors who complied with the official dead- line. Such investors stand to gain even more if they can combine late trading with mar- ket timing. Market timing Market timing is understood to mean an arbitrage process with which an investor sys- tematically buys and resells or exchanges units of the same unit class on a short-term basis and utilizes time differences and/or errors or weaknesses of the system used to calculate the net asset value of the unit class.
Late Trading and Market Timing. If a requester is suspected of pursuing late trading or market timing, the management company and/or the depositary shall refuse to honor the subscription, exchange, or repurchase request until the requester has eliminated all doubts with respect to the request.
Late Trading and Market Timing. If there is a suspicion that an applicant conducts late trading or market timing, as described hereunder, the Management Company and/or the Depositary may refuse acceptance of subscriptions, conversions or redemptions until the applicant has dispelled any doubts with regard to the subscription, conversion or redemption.
Late Trading and Market Timing. If there is a suspicion that an applicant attempts late trading or market timing, the AIFM and/or the Depositary will refuse acceptance of the application for subscription, conversion or redemption until the applicant has dispelled any doubts with regard to the application. Late trading Late trading is the acceptance of a subscription, conversion or redemption order received after the deadline for the receipt of orders (cut-off time) on the relevant day and its execution at the price on the basis of the prevailing net asset value on this date. An investor can use late trading to make a profit from the knowledge of events or information which is published after the cut-off time for orders but which is not reflected in the price at which the investor’s order is charged. This investor is therefore at an advantage compared to investors who have adhered to the official cut-off time. The advantage of this investor is even more significant if he/she is able to combine late trading with marking timing. Market timing Market timing is an arbitrage process in which an investor systematically subscribes units of the same fund or the same unit class on a short-term basis and then either redeems or converts them by exploiting time differences and/or errors or weaknesses within the system for the calculation of the net value of the fund or a possible unit class.
