Late Trading definition
Late Trading means the illegal practice of pricing a purchase or redemption order for shares of an open-end Fund with the current day share price even though the order is received after the pricing time established in the Fund’s prospectus. Late trading often involves a coordinated effort by the investor and a broker or service provider for the Fund.
Late Trading means the acceptance of a subscription, conversion or redemption order after the cut-off time for the acceptance of orders on the relevant trading day and its execution at the price based on the net asset value applicable to that day.
Late Trading means effecting purchases or sales of shares in a registered open-end investment company (mutual fund) after its net asset value per share has been determined (typically following the 4:00 p.m. close of normal trading on the New York Stock Exchange) at such previously-determined net asset value per share.
Examples of Late Trading in a sentence
The Company agrees to provide each Fund or its designee with a copy of the Late Trading Procedures and such certifications and representations regarding the Late Trading Procedures as the Fund or its designee may reasonably request.
The Company will promptly notify the Fund in writing of any material change to the Late Trading Procedures.
Upon the request of MBSC, the Service Provider shall provide such information, representations and certifications regarding the Late Trading Procedures, as may reasonably be requested.
The Company agrees to provide the Fund or its designee with a copy of the Late Trading Procedures and such certifications and representations regarding the Late Trading Procedures as the Fund or its designee may reasonably request.
The Company will promptly notify the Funds in writing of any material change to the Late Trading Procedures.
More Definitions of Late Trading
Late Trading means: (1) any transaction involving mutual fund shares or the separate account or sub accounts of a life insurance company (including, without limitation, the placement or confirmation or cancellation of trades or orders for, or the purchase or redemption of mutual fund shares by the mutual fund or an intermediary) made after the mutual fund’s or separate account’s or sub account’s net asset value (as defined in Rule 2a-4 of the Investment Company Act of 1940, as amended, in the case of the mutual fund) for a particular date has been made, or should have been made, but which transaction is made at a price based upon said mutual fund’s or account’s net asset value for that date; or (2) any transaction defined as late trading by any federal or state statute or regulation, or any prospectus, policy, limitation, agreement or procedure of the mutual fund or life insurance company.
Late Trading means the practice of placing orders to buy or redeem mutual fund shares after the mutual fund has calculated its net asset value, usually 4:00pm Eastern Standard Time, but receiving the price based on the net asset value calculated on the previous day.
Late Trading means accepting a subscription or conversion or redemption order after the cut-off time of the relevant day and its execution at the price based on the applicable net asset value of the day.
Late Trading means the acceptance of a subscription, redemption or exchange order received after the respective acceptance deadline (cut-off time) of the day in question and its execution at the price based on the NAV applicable on that day. Late trading allows an investor to profit from knowledge of events or information published after the cut-off time of the orders but not yet reflected in the price at which the investor's order is settled. As a result, this investor has an advantage over investors who have
Late Trading means when a mutual fund order is received from a client after the trading deadline of a series of the Corporation and after the day’s closing price (NAV) is calculated in accordance with Rule 22c-1.
Late Trading means when a mutual fund order is received from a client after the Fund’s trading deadline and after the day’s closing price (NAV) is calculated in accordance with Rule 22c-1.
Late Trading means when a mutual fund order is received from a client after the Fund's trading deadline and after the day's closing price (NAV) is calculated in accordance with Rule 22c-1.