⚠️ Right trading and subscription run in parallel.
The right trades intraday (same-day buy/sell) — confirm the formal settlement cycle with the depositary/broker.
A subscription right is a short-lived security that lets you buy a new share from the company's capital increase at the set subscription price. After the trading window, unexercised rights expire.
Compare the right's market price to its theoretical value = current stock price minus subscription price. Below it = discount, above it = premium.
The right trades separately from — to —. After that you either exercise (pay the subscription price) or the right lapses.