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Trading Services

Place Order
This feature is limited to the customers only, of KMEFIC site. The customer can place order to buy or sell subject to various constraints on the type of order. The order that the customer places should necessarily have the following elements: -

  • Transaction type (Buy or Sell)
  • Ticker symbol of the company
  • Order quantity
  • Type (Limit, Stop, Stop Limit, Market) along with the necessary details for each
  • Duration (Day, Good Till Date) along with necessary details
The customer is then asked to review the placed order and enter his trading PIN before the order is finally submitted for trade.In case of Buy orders, if the necessary cash balance is not available in the currency in which it is required, then the KMEFIC system will check for the same in the other currency, based on the conversion rate quoted by KMEFIC. The system will display the shortfall, the amount that has to be converted and the conversion rate on the review screen for the customer to validate the currency conversion before the order is placed. 

The KMEFIC system after validating the trading PIN and necessary balances in the account i.e. cash balance in both currencies for buy order and stock availability for sell order would then save it in the database and send a copy to the US clearing broker for trade. In case the cash balance for buy or stock for sell is not available in the customer account the system would display appropriate error message and stop further processing.

The conversion that the Customer has authorized due to shortfall in cash balance in one currency, will take place only at the time of execution of trade.

The US clearing broker would send the system an acknowledgement, for the receipt of the order. In case the system receives this acknowledgement within a time span of 30 seconds, it would display the message to the customer, else it will display a message requesting the customer to check the status of the order later on the order status screen.

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Modify Order
The customer can modify order, that are active and not yet been fulfilled. Modification is not permitted for orders that have been partially filled.
The customer is then asked to fill in the new details in the case of order modification. The details he would be allowed to modify in such a case is: 

  • Order quantity:This may only be changed if the order has not yet partially filled.
  • Type (Limit, Stop, Stop Limit, Market)
  • Limit Price
  • Stop Price
  • Duration (DAY, GTD)
  • No. Of days (validity for a GTD order)
The customer is then asked to review the placed order and enter his trading PIN before the order is finally submitted for trade.In case of Buy orders, if the necessary cash balance is not available in the currency in which it is required, then the KMEFIC system will check for the same in the other currency, based on the conversion rate quoted by KMEFIC. The system will display the shortfall, the amount that has to be converted and the conversion rate on the review screen for the customer to validate the currency conversion before the order is placed. 

The KMEFIC system after validating the trading PIN and necessary balances in the account i.e. cash balance in both currencies for buy order and stock availability for sell order would then save it in the database and send a copy to the US clearing broker for trade. In case the cash balance for buy or stock for sell is not available in the customer account the system would display appropriate error message and stop further processing.

The conversion that the Customer has authorized due to shortfall in cash balance in one currency, will take place only at the time of execution of trade.

The US clearing broker would send the system an acknowledgement, for the receipt of the order. In case the system receives this acknowledgement within a time span of 30 seconds, it would display the message to the customer, else it will display a message requesting the customer to check the status of the order later on the order status screen.

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Cancel Order
The customer can cancel orders that are active. These orders could either be the unfulfilled orders or remaining quantity of partially filled orders. The request for cancellation is sent to the US clearing broker after the system validates whether the order is still active. The US clearing broker then confirms whether the order has been cancelled or not to the system.

The customer can check the status of the order in the check order status screen. 

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Check Order Status
The check order status allows the customer to check the current status of the partially filled or unfilled orders, placed successfully by him. The table displays the details of the order placed as well as provides the customer with links to cancel or modify them. Check Different Order Status for detailed information.

  • Pending: This order passed all validations and was submitted to the clearing broker but not yet acknowledged by him.
  • Active: The order is acknowledged by the clearing broker but not cancelled and not yet filled.
  • Filled: The order has been traded in its entirety.
  • Cancelled: The order has been cancelled in its entirety.
  • Cancelled Pending: A cancellation request has been sent the clearing broker, however, the clearing broker has not yet acknowledged the cancellation.
  • Partially Filled: The order is partially traded and the remaining quantity is still active.
  • Filled Cancelled: The order was partially traded and the remaining quantity was cancelled.
  • Rejected: Clearing broker rejected the order.

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View Executed Trade
The view executed trade enables the customer to view all his trades in the US markets (for the Day, including GTD active/partially filled). A link is provided for the customer to view the order details, which resulted in this trade.

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Currency Conversion
The currency conversion feature allows the Customer to convert online from Kuwait Dinar to US Dollar and vice-versa. 

The Customer will be provided a form to enter the amount, which he wants to convert, and the currency from which he would like to covert. The conversion rate quoted by Alawasat.com will be displayed upfront to the customer. 

The Customer is then asked to review the placed order for currency conversion and enter his trading PIN before the order is finally submitted. 

The KMEFIC system after validating the trading PIN and necessary balances in the account i.e. cash balance in the account from which he will like to convert to opposite currency. In case the cash balance is not available in the customer account the system will display appropriate error message and stop further processing. 

The conversion will take place as soon as the customer submits his order after reviewing. The available balance in both the currencies will be displayed to the customer in the acknowledgement screen.

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