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Dealing times

Most funds are priced at 12 noon and the dealing cut-off is 11am. However, there are a number of exceptions and certain funds do not price until the day after the dealing cut-off due to the market they are investing in. Funds with dealing cut-off times other than 11am are detailed below.
 

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Fund pricing

Fund prices are set on a forward-pricing basis, which means the price is determined at the next valuation point and you will not know in advance the exact price your client will pay or receive (the price of each unit or share can move up or down). The price may also take into account trading costs. Please note in the event of a fund pricing more frequently than once a day, we will only use the provider’s main valuation point. Where instructions are received in the 10-minute period after the cut off time, the instruction may be included in that day’s pricing otherwise the instruction will be included in the next available pricing.

We may apply an early cut-off time on certain public holidays or days on which markets close early, such as Christmas Eve and New Year's Eve, where this is imposed by fund managers or the brokers we use for trading. Any deals received after a revised cut-off will receive the price achieved at the next available daily dealing point.

Offshore funds

Offshore funds are generally not priced on a UK Bank Holiday. However, online dealing of Fidelity offshore funds will be priced and placed on a UK Bank Holiday (as long as the instruction to deal is in good order). All other deals will be placed on the next working day. Additional public holidays in a fund’s country of registration may affect your ability to place deals on those days.

Insured funds

Investments into the Smoothed Fund will first be placed in the Feeder Fund for an initial holding period of 10 days from the date of the instruction. At the end of this period Fidelity will instruct for the value of your investment to be switched into the Smoothed Fund. The dealing cut-off time to purchase these is 10am.

You can only make a single request to sell or switch out of the Smoothed Fund in any 90-day period and it is subject to a 10-working day delay period. Sales and switches cannot be made from the Feeder Fund. When you place an instruction to sell or switch out of the Smoothed Fund we will process your instruction on the same day.

Switching

Please note if you use our switching or rebalancing service, or Bed & ISA switching facility, deals may be aggregated and placed at different cut-off points. All switch and rebalance instructions require all sell deals to price before the buy deals can be placed. Buy deals will be timed to settle after the last sell deal has settled to allow the proceeds of the sell to be received so that we can settle buy deals. Additionally, trading and settlement of investments may be delayed due to a public holiday in the UK or in the country in which the investment is based or trades, which can lead to longer periods of time required to complete switches and rebalances.

Please note any funds which price the day after the dealing cut-off will extend the processing time for these types of transactions. 

In addition, the dealing cut-off for Bed & ISA deals is 10.30am, rather than the standard 11am.

Exchange Traded Investments

Cut-off times for Exchange Traded Investments are 9am and 3pm. These orders will then be sent for market execution as soon as is practicable after the cut-off point. In the unlikely event an order cannot be executed in full (i.e., 100% of the relevant number or value of securities), we will work with our dealing partner to execute as much of the order as possible. We will continue attempting to execute the remaining part of the order on each business day until the end of Friday in the relevant week (or until the end of the last business day in the relevant week, if sooner) at which point we will cancel any unexecuted portion of the order and allocate the executed portion to the client’s account. Partially executed aggregated orders will be allocated to our clients’ accounts on a pro-rated basis.

As finalisation of an exchange traded investment deal may take more than a day, this can have the effect of extending the time taken to rebalance an account by the number of days the deal takes to fulfil. If a deal cannot be made in full, the account may be left with investments not in the target allocation defined by the model portfolio.

Cut-off times (other than 11am)

10am buy
12pm cut off
1pm cut off
2pm cut off
3pm cut off
4pm cut off
11.59pm sell

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