Your new trading rates

Positions held overnight in Listed Futures, CFD Futures, and short Listed Options will be subject to a carrying cost.

The carrying cost is calculated on the basis of the daily margin requirement and applied when a position is held overnight. It is charged at the end of each month.

For Futures the funding rate used for calculating the carrying cost is based on the relevant Interbank-rate + markup at: 2.5% (classic accounts), 1.5% (platinum accounts), or 0% (VIP accounts).

For short Listed Options the funding rate used for calculating the carrying cost is based on the relevant Interbank-rate + markup at 1.5%.

Carrying Cost = Margin requirement * Days held * (Relevant Interbank rate + Markup) / (365 or 360 days)

Please note that relevant benchmark rates are floored at 0%.

The FX Spot market is used for immediate currency trades. The term “Spot” refers to the standard settlement convention of two business days after the trade date (known as T+2)¹ . For example, a EURUSD trade executed on a Monday will settle on a Wednesday (if there is not a public holiday in either currency on Tuesday or Wednesday, in which case the trade will be settled on the next available business day). The settlement period refers to the amount of time that is allotted to both parties to satisfy the trade’s obligations. At Saxo, FX Spot trades do not settle. Instead, open positions held at the end of a trading day (17.00 Eastern Standard Time) are rolled forward to the next available business day².

The rollover is made up of two components; the Tom/Next swap points (Forward Price) and the financing of unrealised profit/loss (Financing Interest).

1. Tom/Next swap points (Forward Price)
The swap points used are calculated using market swap prices from Tier-1 banks, plus/minus a mark-up corresponding to +/- 0.75% (classic clients) or +/-0.45% (platinum/VIP clients)³ of the Tom/Next interest swap rates. The final rate is used to adjust the opening price of the position⁴.

2. Financing of unrealised profit/loss (Financing Interest)
Any unrealised profit/loss on positions that are rolled from one day to the next are subject to an interest credit or debit. The unrealised profit/loss is calculated as the difference between the opening price of a position (possibly corrected for previous Tom/Next rollovers) and the Spot price at the time that the rollover is performed.

The rate is calculated based on the daily market overnight interest rates plus/minus a mark-up corresponding to +/-2.50% (classic clients) or +/- 2.00% (platinum/VIP clients). The final rate is used to adjust the opening price of the position³.

¹ The standard settlement convention of T+2 is applicable for the majority of currency pairs; however there are exceptions to this rule e.g. USDCAD, which has a settlement convention of one day after the trade date (T+1).

² The global market convention is that the value date rolls forward at 17.00 Eastern Standard Time, however there are exceptions to this rule e.g. NZD, which rolls forward at 07.00 New Zealand Daylight Time.

³ An additional +/- 0.30% mark-up is applied to Mexican Peso (MXN), Russian Ruble (RUB), Turkish Lira (TRY) and South African Rand (ZAR) currency crosses.

⁴ Applicable to the default rollover methodology.

We charge GBP 25 (or currency equivalent based on base currency) per quarter if you only hold cash funds on your account. These fees will be applied during the first week of the following quarter month, as long as your account remains inactive and continues to hold funds.

The quarters are:

• Q1 – January, February, March
• Q2 – April, May, June
• Q3 – July, August, September
• Q4 – October, November, December

Please note that the platform fee cannot reduce your account balance below zero.

You will not incur the platform fee if you are being charged a custody fee.

A fee of 0.12% p.a. is charged on classic and platinum accounts (0.08% p.a. on VIP accounts) with open Bond, Stock and ETF/ETC positions, with a minimum monthly fee of EUR 10 (or account currency equivalent). Fees are calculated daily, but debited on a monthly basis.