PRACTICAL COMMENTARY CONCERNING TRADING, CLEARING, AND CUSTODY IN EUROPE
TABLE 5.1 Europe
Although most exchanges quote in dollars and cents (or equivalent in currency), United Kingdom, South African, and Israeli stocks quote in local equivalents to cents. So if British Petroleum has a price in the United Kingdom of GBP 4.75, it would be quoted on the exchange (and among traders) as 475 pence. This is often confusing for investors used to seeing the usual dollars and cents convention.
Most U.K. stocks have a stamp duty of 50bps for buy transactions. Irish stocks have a stamp duty of 100bps for buy transactions. Irish stocks trading on the LSE still have a stamp duty of 100bps. Spain also applies a transfer tax.
Irish stocks trade on the LSE in EUR, not GBP.
Certain exchanges (Scandinavian primarily) do not support simple market orders electronically. Such orders must be entered with a limit. So an order to buy @ mkt is really entered as an order to buy with a limit @ best offer.
Many exchanges (Scandinavian and Swiss, for example) have tick increments. For example, if a stock in Sweden ...
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