Commissions, Charges and Margin Schedule
Interest on your main account is calculated on the Net Free Equity.
Interest on sub-accounts is calculated on the Account Value.
Since the Net Free Equity is calculated on open trade positions on all your accounts, it is important to make sure that sufficient cash is available on your main account.
Otherwise, you risk being subject to a debit interest on your main account exceeding the credit interest payable on your sub-account(s).
Your Net Free Equity is:
- The cash balance of your main trading account
- Plus or minus any unrealised profits or losses from open CFDs, FX Forwards and Futures on your main trading account
- Plus the market value of any FX Options on your main trading account
- Minus any margin required for financing open positions on your main trading account and sub-accounts
Net Free Equity margin financing
The margin financing requirement may differ from the trading margin requirement.
To avoid paying interest on your account you are required to hold sufficient cash collateral ensuring a positive Net Free Equity Balance.
Cash collateral for margin financing used Net Free Equity calculation
Account Value of your sub-account is:
- The cash balance of the account
- Plus or minus the value of any unrealised profits or losses from open CFDs, FX Forwards and Futures on the account
- Plus the market value of any FX Options on the account
In case of negative Net Free Equity, interest will be charged at overnight market rates plus 8% p.a., however never less than 8% p.a..
The following interest rates apply to funds deposited with Saxo Bank:
- For positive Net Free Equity on main trading accounts or account values on subaccounts, no interest is paid.
For currencies which are subject to negative interest reference rates by central banks, Saxo Bank introduces as of 1 August 2016 for institutional clients on all accounts a threshold and negative interests.
The thresholds and negative interest rates are currently as per below table and are applied on main trading accounts to the available net free equity and, in the case of subaccounts, to the account value:
|Threshold||Negative interest rate (p.a.)|
The negative reference interest rates applied by the central banks are continuously monitored by Saxo Bank. If the negative interest rate environment were to change, Saxo Bank will endeavour to make adjustments to its negative interest rate.
- For negative Net Free Equity, interest will be market ask rates plus a mark-up, however never less than the mark-up. Interest will be charged on the full amount for all Account Values.
Interest will be calculated daily and settled monthly - within seven business days after the end of each calendar month.
Currency conversions of trading costs as well as profits and losses from trading activities are executed at the mid FX Spot rate when you close the position, plus/minus 0.5% p.a. For FX Options the rate is plus/minus 0.1% p.a.
The Currency Conversion fee does not apply to margin collateral. Only settlement of actual payments to or from the trading account are included, for example, buying/selling cash Stocks, paying/receiving options premium etc.
The rate used for currency conversion of amounts booked to your account is shown in the trading platforms under the “Trades Executed” report.
Custody fees for stocks, ETFs/ETCs and bonds
For accounts with stock, ETFs/ETCs or bond positions a custody fee of 0.12% p.a. with a monthly minimum fee of CHF 5.00 will apply. The custody fee will be calculated daily using the end of day values and charged on a monthly basis and subject to 8% Swiss VAT (if applicable). Regional differences may apply.
|Custody fee p.a.||Monthly minimum fee|
|Stocks and ETFs/ETCs||0.12 %||CHF 5.00|
|Bonds||0.12 %||CHF 5.00|
For clients on the Classic service level, an inactivity fee on the amount of CHF 100.00 –or the equivalent amount in the account currency- will be charged where the client does not execute any trades on his/her account for a period of 6 consecutive months (180 days).
For transfers of Stocks to your account outside Saxo Bank, an exit fee will be charged. The fees are as follows:
- Other Stocks: CHF 50 / EUR 50 / USD 50 / GBP 50 per ISIN
Updated 18 January 2017
Clients placing orders over the phone, chat or email will be subject to a manual order fee of EUR 50 per order. Certain products that cannot be traded on the platform may be exempt.