RATES & CONDITIONS
30th March 2016
Price Plans
Forex
CFDs
Stocks
Futures
Contract Options
Single Stock Options
ETFs
Bonds
Saxo Capital Markets – Rates & Conditions – March 2013
Saxo Capital Markets – Rates & Conditions
Price Plans
Saxo Capital Markets UK Price Plans:
Saxo Capital Markets UK offers clients the freedom to choose the FX and equity pricing
structure that they feel is best suited to their needs.
FX Volume Price Plans
The FX Volume Price Plans offer typically tighter, more variable spreads with a post-trade
commission applied. Commission charges per USD million traded vary from USD20 to USD60
per million traded and correspond with prospective total trade volume per month.
Commission rates and corresponding monthly FX volume are detailed below.
Forex commission price plans
Commission
($ per $ million)
Minimum
commission
(monthly)
Corresponding FX
Spot
volume (monthly)*
FX Active 60
FX Active 30
FX Active 20
60
30
20
Zero
USD 600
USD 2,000
USD 0-20mln
USD 20-100mln
above USD
100mln
* Cumulative USD equivalent volume across all currency pairs on a monthly basis
The FX60 (USD60 per million traded) price plan is applied to all Standard accounts by default.
To change to FX30 (USD30 per million traded) or FX20 (USD20 per million traded) price plans
clients should contact us on +44 20 7151 2100 or email [email protected].
Where price plans have a minimum cumulative monthly commission requirement it is
important to note that if the minimum cumulative monthly commission requirement for that
plan is not reached a client will be charged the shortfall.
For example, a client who selects the FX30 (USD30 per million traded) price plan needs to
meet minimum cumulative commission charges of USD600 per month which equates to USD20
million trade volume. If in one month the client trades USD8million, this would result in
cumulative monthly commissions of USD240. USD240 is less than the monthly minimum of
USD600 (in order to qualify for the USD30 level), the client will be debited the difference of
USD360 (USD600 minus USD240).
For full Forex terms and conditions, please visit the Trading Rates and Conditions section on
our website.
FX All Inclusive Price Plan
The All Inclusive FX price plan allows clients to trade without a post-trade commission as all
Saxo Capital Markets – Rates & Conditions
Price Plans
charges are built into the price/spread.
This plan typically provides a slightly wider but more consistent spread width throughout the
trading period. There are no post-trade commissions and no minimum monthly volume or
commission requirements.
Clients can transfer their accounts from our standard FX Volume Price Plans to the All
Inclusive Price Plan by contacting us on +44 20 7151 2100 and via email
[email protected].
Equity Active
The Equity Active Price Plan is designed for active equity traders who anticipate executing 100
trades or more per calendar month on Stocks, ETFs and Single Stocks CFDs. Clients on the
Equity Active Price Plan will benefit from lower per trade commissions.
If a client is on the Equity Active Price Plan and does not execute 100 trades in a calendar
month, the account will revert to standard commission rates.
Clients can transfer their accounts to the Equity Active plan by calling their Account Manager.
Read the full Rates and Conditions here
Saxo Capital Markets – Rates & Conditions
Forex Trading Rates & Conditions
Forex Spot
Listed below is a selection of the major currency pairs. For further information, please
refer to our website for a comprehensive list of currency pairs offered by Saxo Capital
Markets UK Limited (SCML).
FX Target Spreads
Currency Pair
AUDUSD
EURCHF
EURGBP
EURJPY
EURUSD
GBPUSD
USDCAD
USDCHF
USDJPY
Target
spread¹
0.00016
0.00016
0.00016
0.019
0.00015
0.00018
0.00015
0.00016
0.015
Margin
Requirements
2%
3%
2%
2%
2%
2%
2%
3%
2%
Commission
Threshold2
AUD 100,000
EUR 100,000
EUR 100,000
EUR 100,000
EUR 50,000
GBP 50,000
USD 50,000
USD 50,000
USD 50,000
The target spreads listed are our best possible spreads used in normal market conditions.
Under certain market conditions, - such as over the release of key economic figures, during
periods of volatile market conditions, and during the sometime illiquid European night time
- spreads may be wider and auto execution limits may be lowered or disabled.
For Forex trades below the Commission Threshold listed, a small ticket fee of USD 10 is
added to the trade to cover administration costs.
Leverage available - margin requirements
With Saxo Capital Markets it is possible to leverage FX positions up to 100:1 (1% margin) on the
notional value of the position.
Margin levels are tiered based on USD notional amounts, the higher the notional amount
potentially the higher the margin rate. The tiered margin requirement is calculated per
currency pair.
Example 1:
You have deposited 10,000 EUR on your trading account with Saxo Bank. You buy 250,000
EURUSD, as you expect EUR to increase in value against USD. The trade ticket on your trading
platform will display the margin required for making the trade as:
2,500 EUR (250,000 EUR * 1.10 = 275,000 USD) or (275,000 USD * 1% = 2,750 USD / EUR @ 1.10)
Example 2:
Saxo Capital Markets – Rates & Conditions
Forex Trading Rates & Conditions
You have deposited 250,000 EUR on your trading account with Saxo Bank. You sell 10M USDCAD,
as you expect CAD to increase in value against USD. The trade ticket on your trading platform
will display the margin required for making the trade as:
200,000 EUR (1% * 3M USD + 2% * 2M USD + 5M USD * 3%) or (30,000 USD + 40,000 USD + 150,000
USD) = (220,000 USD / EUR @ 1.10).
The DEFAULT margin requirements by currency pair are listed under the Forex Trading
Conditions tab in the trading platforms and can also be viewed under 'Margin & Trading
Requirements'.
For further explanation of the above methodology, please click here.
Margin requirements may be changed without prior notice. Saxo Capital Markets reserves the
right to increase margin requirements for large position sizes, including client portfolios
considered to be of very high risk.
For a complete and up-to-date overview, please visit the Forex trading Rates and Conditions
on our website.
Saxo Capital Markets – Rates & Conditions
CFD Trading Rates & Conditions
Stock CFDs and ETF CFDs
Exchange name
Symbol
Commission
Min.
Commission
Min. Order
value
North America & Canada
NASDAQ
NASDAQ & NSC
0.02 USD/share
20 USD
50 USD
New York Stock
Exchange
NYSE & ARCA
0.02 USD/share
20 USD
50 USD
NYSE MKT
AMEX
0.02 USD/share
20 USD
50 USD
OTC Bulletin
Board/Pink
Sheets
OOTC &
OTCBB
0.02 USD/share
20 USD
50 USD
Toronto Stock
Exchange
TSE
0.03 CAD/share
25 CAD
100 CAD
TSX Venture
Exchange
TSX
0.03 CAD/share 2
25 CAD
100 CAD
Europe / Middle East / Africa
Athens
Exchange
AT
0.3%
12 EUR
100 EUR
BME Spanish
Exchanges
SIBE
0.10%
12 EUR
100 EUR
Deutsche Börse
(XETRA)
FSE
0.10%
12 EUR
100 EUR
Irish Stock
Exchange
ISE
0.10%
12 EUR
100 EUR
London Stock
Exchange (IOB)
LSE_INTL
0.10%
20 USD
100 USD
London Stock
Exchange
LSE_SETS
0.10%
8 GBP
100 GBP
Milan Stock
Exchange
MIL
0.19%
15 EUR
100 EUR
NASDAQ OMX
Copenhagen
CSE
0.10%
65 DKK
1,000 DKK
NASDAQ OMX
Helsinki
HSE
0.10%
10 EUR
100 EUR
NASDAQ OMX
Stockholm
SSE
0.10%
65 SEK
1,000 SEK
NYSE Euronext
Amsterdam
AMS
0.10%
12 EUR
100 EUR
NYSE Euronext
Brussels
BRU
0.10%
12 EUR
100 EUR
Saxo Capital Markets – Rates & Conditions
CFD Trading Rates & Conditions
NYSE Euronext
Lisbon
LISB
0.10%
12 EUR
100 EUR
NYSE Euronext
Paris
PAR
0.10%
12 EUR
100 EUR
Oslo Stock
Exchange
OSE
0.10%
65 NOK
1,000 NOK
Prague Stock
Exchange
PRA
0.28%
500 CZK
2,500 CZK
SIX Swiss
Exchange
SWX
0.10%
18 CHF
150 CHF
SIX Swiss
Exchange
(Blue-Chip)
VX
0.10%
18 CHF
150 CHF
Vienna Stock
Exchange
VIE
0.10%
12 EUR
100 EUR
Warsaw Stock
Exchange
WSE
0.30%
65 PLN
300 PLN
Johannesburg
Stock Exchange
JSE
0.25%
100 ZAR
750 ZAR
Australian
Securities
Exchange
ASX
0.10%
8 AUD
150 AUD
Hong Kong
Exchanges
HKEX
0.25%
90 HKD
1,000 HKD
Singapore
Exchange
SGX-ST
0.15%
25 SGD
150 SGD
Tokyo Stock
Exchange
TYO
0.15%
1,000 JPY
1,000 JPY
Asia / Pacific
Saxo Capital Markets – Rates & Conditions
DMA CFD Trading Rates & Conditions
Commission
Min.
Commission
CFD
Financing
(Long/Short)
NASDAQ &
NSC
-
0.05 USD/share
0.03 USD/share
15 USD
15 USD
3.5pp/-3.0pp
3.5pp/-3.0pp
NYSE &
ARCA
-
0.05 USD/share
0.03 USD/share
15 USD
15 USD
3.5pp/-3.0pp
3.5pp/-3.0pp
AMEX
-
0.05 USD/share
0.03 USD/share
15 USD
15 USD
3.5pp/-3.0pp
3.5pp/-3.0pp
TSE
0.03 CAD/share
25 CAD
3.5pp/-3.0pp
AT
0.30%
20 EUR
4.5pp/-4.0pp
BME Spanish
Exchanges
SIBE
0.10%
20 EUR
3.5pp/-3.0pp
Budapest Stock
Exchange
BUX
0.50%
6,000 HUF
3.5pp/-3.0pp
Deutsche Börse
(XETRA)
FSE
0.10%
20 EUR
3.5pp/-3.0pp
ISE
0.10%
20 EUR
3.5pp/-3.0pp
Istanbul Stock
Exchange
IST
0.20%
50 TRY
4.0pp/-5.0pp
London Stock
Exchange
LSE_SETS
0.10%
15 GBP
3.5pp/-3.0pp
London Stock
Exchange (IOB)
LSE_INTL
0.10%
20 USD
3.5pp/-3.0pp
MIL
0.25%
22 EUR
3.5pp/-3.0pp
CSE
0.10%
65 DKK
3.5pp/-3.0pp
HSE
0.10%
10 EUR
3.5pp/-3.0pp
NASDAQ OMX
Stockholm
SSE
0.10%
65 SEK
3.5pp/-3.0pp
NYSE Euronext
Amsterdam
AMS
0.10%
20 EUR
3.5pp/-3.0pp
NYSE Euronext
BRU
0.10%
40 EUR
3.5pp/-3.0pp
Exchange name
Symbol
North America & Canada
NASDAQ
Share Price > 10 USD
Share Price < 10 USD
New York Stock
Exchange
Share Price > 10 USD
Share Price < 10 USD
NYSE MKT
Share Price > 10 USD
Share Price < 10 USD
Toronto Stock
Exchange*
Europe / Middle East / Africa
Athens Exchange
Irish Stock Exchange
Milan Stock Exchange
NASDAQ OMX
Copenhagen
NASDAQ OMX Helsinki
Saxo Capital Markets – Rates & Conditions
DMA CFD Trading Rates & Conditions
Brussels
NYSE Euronext Lisbon
LISB
0.10%
20 EUR
3.5pp/-3.0pp
NYSE Euronext Paris
PAR
0.10%
20 EUR
3.5pp/-3.0pp
Oslo Stock Exchange
OSE
0.10%
65 NOK
3.5pp/-3.0pp
PRA
0.25%
500 CZK
3.0pp/-5.0pp
SWX & VX
0.10%
30 CHF
3.5pp/-3.0pp
Vienna Stock
Exchange
VIE
0.20%
30 EUR
3.5pp/-3.0pp
Warsaw Stock
Exchange
WSE
0.25%
100 PLN
3.5pp/-3.0pp
Johannesburg Stock
Exchange
JSE
0.25%
100 ZAR
5.0pp/-3.5pp
ASX
0.10%
8 AUD
3.5pp/-3.0pp
Hong Kong Exchanges
HKEX
0.32%
150 HKD
3.5pp/-3.0pp
Singapore Exchange
SGX-ST
0.22%
25 SGD
3.5pp/-3.0pp
Tokyo Stock Exchange
TYO
0.15%
1,200 JPY
3.5pp/-3.0pp
Prague Stock
Exchange
SIX Swiss Exchange
Asia / Pacific
Australian Securities
Exchange
*Due to limited liquidity in the exchange order book, market orders are not supported on this
exchange as the fill price can vary considerably from the indicated market price. Use Limit
Orders instead to guarantee the minimum price for your order.
**Automated trading from 09:30 – 16:30 with a break between
12:00 – 13:30
***South African Stocks and Single Stock CFDs are not available for trading to residents of
South Africa due to regulatory restrictions.
Saxo Capital Markets – Rates & Conditions
Margin Requirements – Rating Groups
Saxo Capital Markets' tradable CFDs are grouped into five different margin classes based on
the market capitalisation, liquidity and volatility of the underlying asset.
The leverage available on Single Stock CFDs begins at 10:1 which corresponds to only 10%
margin.
Rating Group
1
2
3
4
5
Product / Instrument
Single Stock CFDs & ETF/ETC CFDs
Single Stock CFDs & ETF/ETC CFDs
Single Stock CFDs & ETF/ETC CFDs
Single Stock CFDs & ETF/ETC CFDs
Single Stock CFDs & ETF/ETC CFDs
Margin
Requirement
10%
20%
40%
80%
100%
Individual Stock CFD Margins
For more information on CFD margin rates and for individual stock ratings, please refer to our website
or trading platform.
Saxo Capital Markets – Rates & Conditions
Index CFDs
Stock Index
Symbol code
Margin
Spread*
Trading
Hours**
Netherlands 25
Australia 200
Belgium 20
Denmark 20
Denmark 20
Cap
EU Stocks 50
France 40
Germany 30
Germany MidCap 50
Germany Tech
30
Hong Kong 40
Italy 40
Japan 225
Norway 25
Spain 35
Sweden 30
Portugal 20
Switzerland 20
UK 100
UK Mid 250
US 30 Wall
Street
US SPX500
US Tech 100
NAS
South Africa
40 Index
NETH25.I
AUS200.I
BELG20.I
DEN20.I
DEN20CAP.I
3%
2%
5%
5%
5%
0.25
1.5
13
2.5
2.5
08:01-21:55
10:10-16:25
09:10-17:30
09:10-16:55
09:10- 16:55
CFD Financing
requirements
(long/short)***
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
EU50.I
FRA40.I
GER30.I
Ger50MID.I.
4%
5%
3%
5%
2
2
1.5
15
08:01
08:01
08:01
09:10
21:55
21:55
21:55
17:30
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
GERTECH30.I
5%
4.5
09:10 - 17:30
3pp/-2.5pp
HK50.I
ITALY40.I
JP225.I
NOR25.I
IBEX35.I
SWE30.I
PORT20.I
SWISS20.I
UK100.I
UK250MID.I
US30.I
5%
5%
3%
5%
5%
5%
10%
4%
2%
5%
2%
12
12 (+0.02%)
12
1
8
0.65
25
3
1
44
3
09:16
09:01
09:01
09:01
09:01
09:01
-
16:10
17:25
00:30
16:15
19:55
17:25
08:01
01:01
08:10
18:00
-
21:55
20:55
16:30
16:00
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
US500.I
USNAS100.I
2%
2%
0.9
1
18:00 - 16:00
18:00 - 16:00
3pp/-2.5pp
3pp/-2.5pp
ZA40.1
10%
10
-
3pp/-2.5pp
* Normal market conditions. If the underlying future trades at a spread that is larger than
the minimum spread, the Index spread will be increased with the additional spread from the
future. Example: GER30.I normal spread is 3 index points if the future spread is 0.5
indicating normal conditions. If the liquidity is low in the future and the spread is 1, the
Index spread will be 3 (1-0.5) = 3.5.
** The trading hours stated in the above table are the local hours of the underlying exchange please note that the Hong Kong trading session has a mid-session break between 12:00-13:00 and
the trading session in Japan between 3:25 pm and 4:15 pm. For UK100 there is a trade break
from 07:50-08:01.
***This is charged on top of the relevant interbank rates.
Saxo Capital Markets – Rates & Conditions
Index CFDs
Details of the other indices offered by Saxo Capital Markets UK can be made available on request.
Contract Details
Instrument
Name
Symbol
Spread
Minimum
Min.
trade
size
Margin
Trading hours
Expiry
date
METALS
Gold
Silver
Platinum
Palladium
US Copper
GOLD
0.60
1
4%
18:00-17:15
EST
FND -2
SILVER
3.5
25
8%
18:00-17:15
EST
FND -2
PLATINUM
1.7
1
8%
18:00-13:05
EST
FND -2
PALLADIUM
1.75
1
8%
18:00-17:15
EST
FND -2
COPPERUS
0.55
500
4%
18:00-17:15
EST
FND -2
ENERGY
US Crude
UK Crude
Heating Oil
Gasoline US
Gas Oil
US Natural Gas
CO2 Emissions
OILUS
0.05
25
4%
18:00-17:15
EST
LTD -2
OILUK
0.05
25
4%
01:00-22:15
BST
LTD -2
HEATINGOIL
0.35
500
4%
18:00-17:15
EST
LTD -2
GASOLINEUS
0.25
500
4%
18:00-17:15
EST
LTD -2
GASOLINEUK
1.25
1
2%
01:00-22:15
BST
LTD -2
NATGAS
0.017
200
8%
18:00-17:15
EST
LTD -2
EMISSIONS
0.07
25
8%
07:00-17:00
BST
LTD -2
AGRICULTURE
Corn
Wheat
CORN
1.25
200
5%
19:00 – 13:15
CST
FND -2
WHEAT
2.25
200
5%
19:00 – 13:15
CST
FND -2
Saxo Capital Markets – Rates & Conditions
Index CFDs
Soybeans
SOYBEANS
1.75
200
5%
19:00 – 13:15
CST
FND -2
SOFTS
NY Sugar No.
11
NY Coffee
NY Cocoa
SUGARNY
0.05
5,000
5%
03:30-13:00
EST
LTD -2
COFFEE
0.45
1,000
5%
03:30-14:00
EST
FND -2
COCOA
9
1
4%
04:00-14:00
EST
FND -2
09:05-13:00
CST
LTD -2
MEATS
Live Cattle
LIVECATTLE
0.175
2,000
2%
FND= First Notice
LTD= Last trading
For all other CFDs the above table indicates the normal margin rate.
Similar to Futures, Commodity CFDs expire CFDs will expire each month and will be cash
settled on the expiry date of the underlying future. Front month (current contract) and back
month (following contract) will be offered to enable clients to manually roll positions from
one contract to the next.
See the Trading Rates and Conditions for full contracts details and specifications. All
information in this document is subject to change.
Saxo Capital Markets – Rates & Conditions
Forex CFDs
Currency Pair
Ticker
Min. spread1
Margin
Requirements²
Euro/US Dollar
EURUSDEC
0.0002
2%
Euro/Japanese Yen
EURJPYRY
0.03
4%
Euro/Swiss Franc
EURCHFR
0.0003
10%
Euro/British Pound
EURGBPRP
0.0003
2%
British Pound/US Dollar
GBPUSDBP
0.0003
2%
Australian Dollar/US
Dollar
AUDUSDAD
0.0003
4%
USD Index
USDINDEX
0.01
2%
1. The target spreads listed are our best possible spreads used in normal market
conditions. Under certain market conditions, - such as over the release of key economic
figures, during periods of volatile market conditions, and during the sometime illiquid
European night time - spreads may widen and auto execution limits may be lowered or
disabled.
2. Please refer to the CFD Trading Conditions page in the trading platform or on our website.
Similar to Futures, FX CFDs expire and will be cash settled on the expiry date. Any positions
still open at the time of expiry will be automatically closed at the market price. Manually
roll of a position from one expiry to another may be done until the time of expiry. The
specific expiry date and time for individual FX CFDs can always be found in the trading
platforms under Trading Conditions.
All information in this document is subject to change.
Saxo Capital Markets – Rates & Conditions
Bond CFDs
Contract details
Instrument
Name
Symbol
Minimum
Spread1
Min.
trade
size
Margin
requirements2
Trading
hours
BONDS
German
Government
10 year Bund
BUND
0.03
50 CFDs
2%
08:0121:55 CET
German
Government
5 year Bobl
BOBL
0.03
50 CFDs
12%
08:0121:55 CET
German
Government
2 year Schatz
SCHATZ
0.015
50 CFDs
2%
08:0121:55 CET
Italian
Government
10 year BTP
10YBTP
0.05
50 CFDs
2%
08:0118:55 CET
French
Government
10 year OAT
10YOAT
0.05
50 CFDs
2%
08:0118:55 CET
1
The target spreads listed are our best possible spreads used in
normal market conditions. Under certain market conditions, - such
as over the release of key economic figures, during periods of
volatile market conditions, and during the sometime illiquid
European night time - spreads may widen and auto execution limits
may be lowered or disabled.
2
The available leverage and margin requirement indicated with *
applies to the first EUR 50,000 (or equivalent) of your combined
collateral. The required margin requirement on collateral over EUR
50,000 the required margin will double the rate indicated in the
above table. For a full list of applicable CFDs, please refer to the
CFD Trading Conditions page in the trading platform or on our
website.
Similar to Futures Contracts, Bond CFDs expire and will be cash settled on the
expiry date. Any positions still open at the time of expiry will be automatically
closed at the market price. Manual roll of a position from one expiry to
another may be done until the time of expiry. The specific expiry date and
time for individual Bond CFDs can always be found in the trading platforms
under CFD on Futures Trading Conditions.
All information in this document is subject to change.
Saxo Capital Markets – Rates & Conditions
Stock & ETF Trading Rates & Conditions
Exchange name
Symbol
Commission
Min.
Commissio
n
Min.
Order
value
North America & Canada
NASDAQ
NASDAQ &
NSC
0.02
USD/share
15 USD
50 USD
New York Stock Exchange
NYSE & ARCA
0.02
USD/share
15 USD
50 USD
NYSE MKT
AMEX
0.02
USD/share
15 USD
50 USD
OTC Bulletin Board/Pink
Sheets
OOTC &
OTCBB
25 USD
50 USD
Toronto Stock Exchange
TSE
25 CAD
100 CAD
TSX Venture Exchange
TSX
25 CAD
100 CAD
0.15%
1)
0.03
CAD/share
0.02
CAD/share
2)
Europe / Middle East / Africa
BME Spanish Exchanges
SIBE
0.10%
12 EUR
100 EUR
Deutsche Börse (XETRA)
FSE
0.10%
12 EUR
100 EUR
Irish Stock Exchange
ISE
0.10%
12 EUR
100 EUR
London Stock Exchange
(IOB)
LSE_INTL
0.10%
20 USD
100 USD
London Stock Exchange
LSE_SETS
0.10%
8 GBP
100 GBP
Milan Stock Exchange
MIL
0.10%
12 EUR
100 EUR
NASDAQ OMX Copenhagen
CSE
0.10%
29 DKK
1,000
DKK
NASDAQ OMX Helsinki
HSE
0.10%
12 EUR
100 EUR
NASDAQ OMX Stockholm
SSE
0.10%
65 SEK
1,000 SEK
NYSE Euronext Amsterdam
AMS
0.10%
12 EUR
100 EUR
NYSE Euronext Brussels
BRU
0.10%
12 EUR
100 EUR
NYSE Euronext Lisbon
LISB
0.10%
12 EUR
100 EUR
NYSE Euronext Paris
PAR
0.10%
12 EUR
100 EUR
Oslo Stock Exchange
OSE
0.10%
65 NOK
1,000
NOK
Prague Stock Exchange
PRA
0.28%
500 CZK
2,500
CZK
Saxo Capital Markets – Rates & Conditions
Stock & ETF Trading Rates & Conditions
SIX Swiss Exchange
SWX
0.10%
18 CHF
150 CHF
SIX Swiss Exchange (BlueChip)
VX
0.10%
18 CHF
150 CHF
Vienna Stock Exchange
VIE
0.10%
12 EUR
100 EUR
Warsaw Stock Exchange
WSE
0.30%
75 PLN
300 PLN
Johannesburg Stock
Exchange
JSE
0.25%
100 ZAR
750 ZAR
Australian Securities
Exchange
ASX
0.10%
15 AUD
150 AUD
Hong Kong Exchanges
HKEX
0.15%
150 HKD
1,000
HKD
Singapore Exchange
SGX-ST
0.15%
25 SGD
150 SGD
Tokyo Stock Exchange
TYO
0.15%
1,500 JPY
1,000
JPY
Asia / Pacific
Re-use of Stock collateral for other investments
Subject to our risk rating, up to 75% of the value of the stock held in your Saxo trading
account may be eligible for use as collateral for additional trading in margined products. For
a comprehensive list of the risk rating of the various stocks, please visit our website.
Saxo Capital Markets – Rates & Conditions
ISA Stock & ETF Trading Rates & Conditions
Exchange name
Symbol
Commission
Min. Commission
Min. Order
value
North America & Canada
NASDAQ
NASDAQ &
NSC
0.02 USD/share
15 USD
50 USD
New York Stock
Exchange
NYSE & ARCA
0.02 USD/share
15 USD
50 USD
NYSE MKT
AMEX
0.02 USD/share
15 USD
50 USD
OTC Bulletin
Board/Pink
Sheets
OOTC &
OTCBB
25 USD
50 USD
Toronto Stock
Exchange
TSE
0.03 CAD/share
25 CAD
100 CAD
TSX Venture
Exchange
TSX
0.02 CAD/share
25 CAD
100 CAD
0.15%
1)
2)
Europe / Middle East / Africa
BME Spanish
Exchanges
SIBE
0.10%
12 EUR
100 EUR
Deutsche Börse
(XETRA)
FSE
0.10%
12 EUR
100 EUR
Irish Stock
Exchange
ISE
0.10%
12 EUR
100 EUR
London Stock
Exchange (IOB)
LSE_INTL
0.10%
20 USD
100 USD
London Stock
Exchange
LSE_SETS
0.10%
8 GBP
100 GBP
Milan Stock
Exchange
MIL
0.10%
12 EUR
100 EUR
NASDAQ OMX
Copenhagen
CSE
0.10%
29 DKK
1,000 DKK
NASDAQ OMX
Helsinki
HSE
0.10%
12 EUR
100 EUR
NASDAQ OMX
Stockholm
SSE
0.10%
65 SEK
1,000 SEK
NYSE Euronext
Amsterdam
AMS
0.10%
12 EUR
100 EUR
NYSE Euronext
Brussels
BRU
0.10%
12 EUR
100 EUR
NYSE Euronext
LISB
0.10%
12 EUR
100 EUR
Saxo Capital Markets – Rates & Conditions
ISA Stock & ETF Trading Rates & Conditions
Lisbon
NYSE Euronext
Paris
PAR
0.10%
12 EUR
100 EUR
Oslo Stock
Exchange
OSE
0.10%
65 NOK
1,000 NOK
Prague Stock
Exchange
PRA
0.28%
500 CZK
2,500 CZK
SIX Swiss
Exchange
SWX
0.10%
18 CHF
150 CHF
SIX Swiss
Exchange (BlueChip)
VX
0.10%
18 CHF
150 CHF
Vienna Stock
Exchange
VIE
0.10%
12 EUR
100 EUR
Warsaw Stock
Exchange
WSE
0.30%
75 PLN
300 PLN
Johannesburg
Stock Exchange
JSE
0.25%
100 ZAR
750 ZAR
Australian
Securities
Exchange
ASX
0.10%
15 AUD
150 AUD
Hong Kong
Exchanges
HKEX
0.15%
150 HKD
1,000 HKD
Singapore
Exchange
SGX-ST
0.15%
25 SGD
150 SGD
Tokyo Stock
Exchange
TYO
0.15%
1,500 JPY
1,000 JPY
Asia / Pacific
Important information for ISA account holders
The above table indicates are SCML’s standard charges for the complete list available
exchanges available for trading within SCML’s platform. Subject to the HM. Revenue &
Customs eligibility criteria not all of the available exchanges listed in the above table will be
available for trading within a Saxo ISA account. Please note that when trading stocks and/or
shares from your Saxo ISA account you will not be permitted to re-use the value of any
holdings for additional trading in margined products.
Saxo Capital Markets – Rates & Conditions
Taxation on UK Shares
For UK stocks a Panel for Takeovers and Mergers (PTM) Levy and Stamp Duty may be
applicable. Stamp Duty is applied on all buy transactions at a rate of 0.5% of the transaction
value. A PTM Levy of £1 is applied to buy and sell transactions where the Gross Value of the
trade exceeds £10,000. Please note that for Irish registered stocks, Stamp Duty is 1% of the
transaction value.
Taxation on Hong Kong Shares
For Hong Kong stocks, Stamp Duty and other charges apply: 0.108%. Note: Automated trading from
09:30-16:30 with a break between 12:00 - 13:30.
Taxation on Singapore Shares
For Singapore Stocks a Clearing Fee of 0.04% is payable, subject to a maximum of SGD 600.
Taxation on South African Shares
The Johannesburg Stock Exchange applies a Securities Transfer Tax (STT) of 0.25% when
opening a stock position (on stock buy trades).
Taxation on French Shares
For purchases of French large cap Stocks a Financial Transaction Tax (FTT) of 0.20% will apply.
Taxation on Italian Shares
For purchases of Italian listed stocks an Italian Financial Transaction Tax (FTT) of 0.12% will apply.
Taxation on Italian Derivatives
The Italian FTT for Derivatives applies irrespective of the location of the client or the jurisdiction of the
transaction for Buys and Sells.
Summary of Italian FTT for Derivatives
Retail Min
Commission
Product
Retail Price
Italian Futures
For transactions between 0-100,000 Euros an additional 13 Euros
0.5 Euros per trade will be added to the commission
For transactions of 100,001+ Euros an additional 5.0
Euros will be added per trade
Italian Options
For transactions between 0-100,000 Euros an additional No minimum
0.5 Euros per trade will be added to the commission
For transactions of 100,001+ Euros an additional 5.0
Euros will be added per trade
Saxo Capital Markets – Rates & Conditions
Depositary Receipt fees - US
It is standard practice for US depositary receipts to charge an annual administration fee up to
USD 0.05 per share depending on the issuing depositary bank. The intent of the fee is to cover
costs for the banks that take on the operational processes necessary to issue and trade the
depositary receipt line.
Typically the fee is deducted when dividend payments are made, however, in case the
depositary receipt does not pay a dividend or did not include the custodial fee in their
dividend events, the fee will be administered through fee-only events. The dividend fee is
stipulated in the Deposit Agreement between the depositary bank and the company based
upon industry standards. The Deposit Agreement is filed with the SEC and is readily accessible
by the public. The fee per depositary receipt is not dependent on the total amount of
dividend being paid but the amount of shares held.
SEC Section 31 Fees for US Shares
Saxo Capital Markets passes on to clients the SEC Section 31 fee of $22.40 per million (0.224
BP) on US exchange stock SELL transactions where client orders are entered directly into the
underlying market. This fee applies only to US exchanges. To read more about Section 31
visit: http://www.sec.gov/answers/sec31.htm
Stock Transfer Out fee
Transfers of Stock from a Saxo Capital Markets trading account to an alternative account in
the same name will be subject to a stock transfer out fee, which will be charged as
follows:
 DK Stocks: 25 EUR per ISIN (max. 160 EUR)
 Other Stocks: 50 EUR per ISIN (max. 160 EUR)
All information in this document is subject to change. For a complete and up-to-date
overview, please visit the Stock Trading Rates and Conditions section on our website.
Saxo Capital Markets – Rates & Conditions
Futures Trading Rates & Conditions
Commissions for online traded contracts
The below list of commissions are for each contract and for each trade (buy or sell) through
SaxoTrader and exclude exchange fees which are listed under the contract specifications.
1,001 –5,000
Contract Currency
0 - 250
AUD
AUD 10.00
AUD 5.00
AUD 2.50
EUR
GBP
EUR 6.00
GBP 5.00
EUR 3.00
GBP 2.50
EUR 1.50
GBP 1.25
SGD
USD
SGD 15.00
USD 6.00
SGD 7.50
USD 3.00
SGD 3.75
USD 1.50
CHF
JPY
SEK
CAD
HKD (full-sized
contracts)
HKD (mini contracts)
CHF 8.00
JPY 1,000.00
SEK 75
CAD 6.00
HKD 45
CHF 4.00
JPY 800.00
SEK 40
CAD 3.00
HKD 30
CHF 2.00
JPY 750.00
SEK 20
CAD 1.50
HKD 30
HKD 25
BRL (full-sized
contracts)
BRL (mini contracts)
BRL 20
BRL 15
BRL 15
BRL 10
BRL 10
BRL 7.5
NZD
NZD 15
NZD 7.5
NZD 4.0
251 –1,000
HKD 20
HKD 20
The minimum commission per trade is USD 10, EUR 10, GBP 8, CHF 11, AUD 12.5, CAD
10, JPY 1200, SEK 100, NZD 15 or SGD 20.
These commissions are for each contract and for each trade (buy or sell) through SaxoTrader
and exclude exchange fees which are listed under the contract specifications. If you trade
more than 5,000 contracts per month please contact us for pricing.
Commissions for offline-traded contracts
For contract futures not traded directly online, a commission fee of USD 15 per contract
per trade is charged which includes exchange fees.
All information in this document is subject to change.
Saxo Capital Markets – Rates & Conditions
Contract Options Trading Rates & Conditions
Online Contract Options are traded on existing monthly volume-based commissions:
Contract
Currency
Trade Volume: Contracts/Month
0 - 250
251 - 1.000
1.001 - 5.000
AUD
10.00
5.00
2.50
EUR
6.00
3.00
1.50
GBP
5.00
2.50
1.25
SGD
15.00
7.50
3.75
USD
6.00
3.00
1.50
CHF
8.00
4.00
2.00
JPY
1,000.00
800.00
750.00
SEK
75.00
40.00
20.00
CAD
6.00
3.00
1.50
HKD
45.00
30.00
20.00
Minimum ticket fees
When trading Contract Options at Saxo Capital Markets UK Limited, there are no minimum
ticket fees as each trade is subject to a flat-rate fee based on the applicable volume bracket.
If you trade more than 5,000 contracts per month please contact a sales representative to
discuss an appropriate pricing structure based upon your trading volumes. In the event that
no agreement exists to the contrary, you will be charged the default pricing category which
is the highest price listed in the above table.
Moves to different price categories take place at the discretion of Saxo Capital Markets UK
Limited and always take effect from the beginning of the following month without any
adjustment in commissions already paid.
All information in this document is subject to change. For a complete and up-to-date
overview, please visit the Contract Options Trading Rates and Conditions section on our
website.
Saxo Capital Markets – Rates & Conditions
Rates and Conditions for Single Stock Options
Commission costs
The existing monthly volume-based pricing for standard Contract Options will be adopted for
Stock Options.
Stock Options
Contracts
Currency
AUD
EUR
GBP
USD
CHF
HKD
Minimum Ticket
Trade volume: Contracts/Month
0-1000
AUD 5.00
EUR 3.00
GBP 2.5
USD 3.00
CHF 4.00
HKD 30
1,001 – 5,000
AUD 3.00
EUR 2.00
GBP 1.5
USD 2.00
CHF 3.00
HKD 20
None
Saxo Capital Markets charges clients a per-lot fee to trade Single Stick Options, where the
fee is dependent on the number of Stock Options the client trades in the previous calendar
month. If you trade more than 5,000 contracts per month please contact a sales
representative to discuss an appropriate pricing structure based upon your trading volumes.
In the event that no agreement exists to the contrary, you will be charged the default
pricing category which is the highest price listed in the above table.
Expiry
All positions are subject to an Auto Exercise procedure at expiry:



All long positions on In-the-Money are assumed to be exercised
All short positions on In-the-Money are assumed to be exercised
All positions on Out-of-the-Money and At-the-Money options are abandoned
All information in this document is subject to change.
Saxo Capital Markets – Rates & Conditions
Bonds Rates & Conditions
Commissions for offline trading
Commission:
Minimum commission:
0.08%
EUR 80
Custody fees
Bond currency
Fee
EUR
Annual
0.12%
USD
0.12%
GBP
0.12%
NOK
0.12%
DKK
0.12%
CZK
0.12%
Other Currencies
0.12%
Bond margin collateral
Saxo Capital Markets allows collateral invested in Bonds to be used for margin trading
activities. The percentage of the collateral that can be used for margin trading depends on
the rating of the bond:
Definition
collateral
Highest Rating
Margin
95%
Very High Quality
90%
High Quality
80%
All information in this document is subject to change.
Saxo Capital Markets – Rates & Conditions
Rates and Conditions for Trading SIPP Funds
The Standard retail rates and conditions apply when trading your SIPP Funds with Saxo Capital Markets
UK Limited, with the exception of Stock & ETF CFD commissions where the following will apply:
CFD Trading Rates & Conditions
Exchange
Commission
Rate
EUROPE
Austria (VIE)
Belgium (BRU)
Czech Republic (PRA)
Denmark (CSE)
Finland (HSE)
France (PAR)
Germany (FSE)
Minimum
Commission
CFD Financing
(Long/Short)
0.15%
0.15%
0.25%
0.15%
0.15%
0.15%
0.15%
EUR 18
EUR 18
CZK 500
DKK 110
EUR 18
EUR 18
EUR 18
3pp/-2.5pp
3pp/-2.5pp
3.5pp/-4.5pp
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
Greece (AT)
Hungary (BUD)
Italy (MIL)
London International (LSE_INTL)
Netherlands (AMS)
Norway (OSE)
Poland
Portugal (LISB)
Spain (SIBE)
Sweden (SSE)
Switzerland (SWX)
Turkey (IST)
UK (LSE_SETS)
NORTH AMERICA
Nasdaq (NASDAQ)
New York (NYSE)
00 ARCA (NYSE_ARCA)
3pp/-2.5pp
NYSE
0.5%
0.50%
0.24%
0.15%
0.15%
0.15%
0.375%
0.15%
0.15%
0.15%
0.15%
0.20%
0.15%
EUR 18
HUF 6,000
EUR 18
USD 30
EUR 18
NOK 110
PLN 120
EUR 18
EUR 18
SEK 110
CHF 25
TRY 50
GBP 12
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
3.50pp/4.5pp
3pp/-2.5pp
$0.03 CFD
$0.03 CFD
$0.03 CFD
USD 30
USD 30
USD 30
3pp/-2.5pp
3pp/-2.5pp
Toronto (TSE)
Toronto (TSX)
US (AMEX)*
ASIA/PACIFIC
Australia (ASX)
Hong Kong (HKEY)**
Singapore (SGX-ST)
Tokyo (TYO)
AFRICA
South Africa***
$0.04 CFD
$0.04 CFD
$0.03 CFD
CAD 35
CAD 35
USD 30
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
0.15%
0.375%
0.39%
0.225%
AUD 13
HKD 140
SGD 25
JPY 1,500
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
3pp/-2.5pp
ZAR 100
4.5pp/-3pp
0.25%
Saxo Capital Markets – Rates & Conditions
Increased margin requirements will apply to the following products subject to the terms and
conditions of your SIPP trustee:
Stock & ETF CFDs
Rating
Group
Requirement
1
2
3
4
5
6
7
8
Product /
Instrument
Stock Index Trackers
Single Stock CFDs & ETF/ETC CFDs
Single Stock CFDs & ETF/ETC CFDs
Single Stock CFDs & ETF/ETC CFDs
Single Stock CFDs & ETF/ETC CFDs
Single Stock CFDs & ETF/ETC CFDs
Single Stock CFDs & ETF/ETC CFDs
Margin
25%
25%
25%
25%
25%
100%
100%
Single Stock CFDs & ETF/ETC CFDs
100%
Bond, Commodity & Forex CFDs
CFD Type
Margin Requirement
Bond CFDs
Commodity CFDs
Forex CFDs
Index CFDs
10%
10%
10%
10%
Forex
Base Currency
Margin Requirement
AUD, CAD, CNH, EUR, DKK, USD,
GBP, JPY, NOK, NZD, SEK, SGD & ZAR
HKD, HUF, PLN, XAG & XAU
CHF
RUB
All other
10%
12%
10%
40%
16%
Futures
Double the exchange minimum
Saxo Capital Markets – Rates & Conditions
Rates and Conditions for Trading Limited Leverage Accounts
A limited leverage account means that we have enabled you to trade margined products at our standard
account commission and rates however increased margin requirements will apply as below:
Stock & ETF CFDs
Rating
Group
1
2
3
4
5
6
7
8
Product /
Instrument
Stock Index Trackers
Single Stock CFDs & ETF/ETC CFDs
Single Stock CFDs & ETF/ETC CFDs
Single Stock CFDs & ETF/ETC CFDs
Single Stock CFDs & ETF/ETC CFDs
Single Stock CFDs & ETF/ETC CFDs
Single Stock CFDs & ETF/ETC CFDs
Single Stock CFDs & ETF/ETC CFDs
Margin
Requirement
25%
25%
25%
25%
25%
100%
100%
100%
Bond, Commodity & Forex CFDs
CFD Type
Margin Requirement
Bond CFDs
Commodity CFDs
Forex CFDs
Index CFDs
10%
10%
10%
10%
Forex
Base Currency
Margin Requirement
AUD, CAD, CNH, DKK, USD,
GBP, JPY, NOK, NZD, SEK, SGD & ZAR
HKD, HUF, PLN, XAG & XAU
CHF
RUB
All other
10%
12%
10%
40%
16%
Futures
Double the exchange minimum
Saxo Capital Markets – Rates & Conditions
Important Information
All information in this document is subject to change. For a complete and up-to-date
overview please refer to our website or contact us for further information.
The products available for trading on our platform are leveraged products and carry a high
level of risk to your capital as it is possible to lose more than your initial investment. These
products may not be suitable for everyone and therefore ensure you understand the risks and
if you remain unsure you should seek independent advice.
If you have been introduced to Saxo Capital Markets UK Limited (SCML) by an introducing
broker, SCML may pay a percentage of any commissions, fees and other income as a result of
your trading with SCML. As a result of any commission sharing arrangement you be subject
to trading commissions which are above the standard rates published in this document. For
further details of any commission sharing arrangements is available upon written request.
The information contained within this document was correct at the time of publication and
is subject to change any time. This document refers to commissions/trading conditions for
standard order types and for other order types such as Algorithmic Orders an additional
commission and minimum order size may be apply. For further details you should refer to
our website www.saxomarkets.co.uk.
Saxo Capital Markets UK Limited is authorised and regulated by the Financial Conduct
Authority, Firm Reference Number 551422. Registered address: 26th Floor, 40 Bank
Street, Canary Wharf, London E14 5DA. Company number 7413871.
Saxo Capital Markets – Rates & Conditions