Trading Rates and Conditions
US residents
Please note that due to regulatory restrictions only Forex spot, Forex OTC options, Saxo Bank FX funds, spot gold and silver can currently be offered to US residents.
Stock Exchanges and Trading Fees
Saxo Bank currently offers stock trading on the exchanges listed below. (Self-directed prices)
Reuse of Stock investment collateral for other investments
Saxo Bank allow a percentage of the collateral invested in certain stocks to be used for margin trading activities (Forex, CFD and Futures trading). The percentage of the collateral that can be used for each stock can be seen here.
Important changes to Equities and Futures Products
Starting 1 August 2008, Saxo Bank will make a number of changes to its equities and futures products to reflect changes in the underlying market. Detailed descriptions to each of these changes can be found here.
Clients are encouraged to read about these changes and to contact their account manager if necessary.
| Country | Exchange name | Exchange | Trading hours (GMT) | Trading Fees | Min. Fee |
|---|
| United States of America | American Stock Exchange | AMEX | 13:30 - 20:00 | 0.1 % | USD 15 |
| United States of America | NASDAQ Capital Market | NASDAQ SC | 13:30 - 20:00 | 0.15 % | USD 15 |
| United States of America | NASDAQ Global Markets | NASDAQ NM | 13:30 - 20:00 | 0.1 % | USD 15 |
| United States of America | New York Stock Exchange | NYSE | 13:30 - 20:00 | 0.1 % | USD 15 |
| United States of America | NYSE ARCA | NYSE_ARCA | 13:30 - 20:00 | 0.1 % | USD 15 |
| United States of America | OTC Bulletin Board on NASDAQ | OTCBB | 13:39 - 20:00 | 0.15 % | USD 15 |
| United States of America | Other OTC on NASDAQ (Pink Sheets) | OOTC | 13:30 - 20:00 | 0.15 % | USD 15 |
| United Kingdom * | London International Exchange | LSE_INTL | 08:00 - 14:40 | 0.2 % | USD 40 |
| United Kingdom * | London Stock Exchange SETS Market | LSE_SETS | 07:00 - 15:35 | 0.15 % | GBP 15 |
| Australia | Australian Stock Exchange Ltd. | ASX | 00:00 - 06:12 | 0.15 % | AUD 25 |
| Austria | Wiener Börse (Vienna) Stock Exchange | VIE | 07:21 - 15:34 | 0.2 % | EUR 30 |
| Belgium | Euronext Brussels | BRU | 07:00 - 15:35 | 0.15 % | EUR 40 |
| Denmark | OMX Copenhagen - First North | CSE_FN | 07:00 - 14:50 | 0.1 % | DKK 19 |
| Denmark | OMX Copenhagen | CSE | 07:00 - 15:00 | 0.1 % | DKK 19 |
| Finland | OMX Helsinki | HSE | 07:00 - 15:30 | 0.1 % | EUR 10 |
| France | Euronext Paris | PAR | 07:00 - 15:35 | 0.15 % | EUR 20 |
| Germany | Frankfurt /Xetra Stock Exchange | FSE | 07:00 - 15:35 | 0.15 % | EUR 20 |
| Hong Kong *** | Hong Kong Stock Exchange | HKEX | 02:00 - 08:00 | 0.15 % | HKD 150 |
| Italy | Milano Stock Exchange | MIL | 07:05 - 15:31 | 0.15 % | EUR 20 |
| Japan | Tokyo Stock Exchange | TYO | 00:00 - 06:00 | 0 % | JPY 0 |
| Netherlands | Euronext Amsterdam | AMS | 07:00 - 15:35 | 0.15 % | EUR 20 |
| Norway | Oslo Stock Exchange | OSE | 07:00 - 14:20 | 0.1 % | NOK 65 |
| Portugal | Euronext Lisbon | LISB | 07:00 - 15:35 | 0.15 % | EUR 20 |
| Singapore ** | Singapore Exchange Securities Trading Limited | SGX-ST | 01:00 - 09:06 | 0.18 % | SGD 25 |
| Spain | Sistema De Interconexion Bursatil Espanol | SIBE | 07:00 - 15:35 | 0.15 % | EUR 20 |
| Sweden | OMX Stockholm - First North | SSE_FN | 07:00 - 15:30 | 0.1 % | SEK 65 |
| Sweden | OMX Stockholm | SSE | 07:00 - 15:30 | 0.1 % | SEK 65 |
| Switzerland | Swiss Exchange | SWX | 07:00 - 15:30 | 0.15 % | CHF 30 |
| Switzerland | SWX Europe ( formerly Virt-X ) | VX | 07:00 - 15:30 | 0.15 % | CHF 30 |
*Taxation on UK stocks
For UK stocks, a PTM levy and Stamp Duty may be applicable. Stamp Duty is applied on all buy transactions at a rate of 0.5% of transaction value. A PTM (Panel for Takeovers and Mergers) Levy of GBP 1 applied to buy and sell transactions where the Gross Value of the trade exceeds GBP 10,000.
Please note for Irish registered stocks Stamp Duty is 1% of the transaction value.
**Taxation on Singapore stocks
For Singapore stocks, a Clearing Fee of 0.04% is payable, subject to a maximum of SGD 600.
***Taxation on Hong Kong stocks
For Hong Kong stocks, Stamp Duty and other charges apply: 0.109%
Note: Continuous trading including a break between GMT 04:30 - 06:30
Currency conversions
Currency conversions are done using the close rate at New York (5pm New York time) plus/minus 0.5%.
Depositary Receipt fees
It is standard practice for US depositary receipts to charge an annual administration fee up to 0,02 USD 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.
Split Orders
In case an order regarding a security is split, and filled partially over a period of more than one day, the total trading costs may increase. The reason for such increase is that the minimum fee may be charged more than one time based on the number of days necessary for the total execution of the order.
Dividends from Stock Positions
Dividend payments from stock positions will be credited to your account with any applicable standard withholding taxes deducted. We can not currently support or offer preferential withholding tax rates that may be available due to residency or legal status.
Market Orders
Certain exchanges* do not support market orders. If you place a market order in these markets, Saxo bank will automatically translate the order to an aggressive limit order within a certain percentage limit "in the money"**. It is the clients own responsibility to check if the order is traded in the market after order entry. If you experience or suspect any errors with your order you should contact Saxo Bank immediately.
| *Exchange |
**Percentage Limit |
| American Stock Exchange (AMEX) |
2.50% |
| Australian Stock Exchange (ASX) |
1% |
| Athens Stock Exchange (AT) |
2% |
| Oslo Stock Exchange (OSE) |
2.50% |
| OMX Copenhagen (CSE) |
2.50% |
| OMX Helsinki (HSE) |
2.50% |
| OMX Stockholm (SSE) |
2.50% |
| Singapore Exchange (SGX-ST) |
1% |
Some of our execution brokers may choose to translate market orders on various markets into aggressive limit orders 3% in the money. This is due to their internal compliance and is set to protect clients from "bad Fills". Saxo bank will not be responsible for missing fills due to this.
US Stop Orders
In US markets Saxo Bank use sweep algorithms to add liquidity from more than the main exchange. This imply that orders can be filled before the main market is open, but as stops are only activated on the main market feed, you can experience to enter into a position on sweep before the main market opens, but the stop will not be active before the main market opens.
Odd Lots in Nordic Markets
- limit orders will be filled if possible or left until a fill is possible.
- market orders will be filled immediately if possible, or otherwise cancelled (fill or kill principle).
How to Transfer Securities to Saxo Bank
- Complete the following information for the holdings you want to transfer:
Securities transfer request Saxo Bank
- Send or fax one copy to Saxo Bank
Email: stocktransfer@saxobank.com
Fax number: +45 39 77 42 00 (Attn.: Back Office)
For further information, please contact your contact person at Saxo Bank
- Send or fax one copy to the bank where you currently hold the securities
The commission and margin rates referred to above may vary from time to time especially for very active or inactive customers. Saxo Bank reserves the right to amend the commission rates, brokerage fees, margin rates and interest rates referred to according to the terms of the trading agreement entered into between Saxo Bank and the Client.