CFD pricing

As Index Tracker CFDs at Saxo are margined products, you finance the traded value through an overnight credit/debit charge. If you open and close a CFD position within the same trading day, you are not subject to overnight financing. When you hold an Index Tracker CFD position overnight, your CFD position will consequently be subject to the following credit or debit:

• Holding Long CFD Stock Index Tracker positions after 17:00 EST (New York time) incurs a financing charge which is calculated as follows:
  • Index Value * Number of CFDs * (relevant Inter-Bank Offered Rate + 3.00%) * (Actual Number of Days/360 or Actual Number of Days/365)

• Holding Short positions after 17:00 EST (New York time) creates a financing credit which is calculated as follows:
• Index Value * Number of CFDs * (relevant Inter-Bank Bid Rate – 2.50%) * (Actual Number of Days/360 or Actual Number of Days/365)

Please note the following:
A floor applies to the relevant Inter-Bank Bid/Offer Rate, i.e. if the Inter-Bank Rate is negative it will be excluded from the financing calculation.
If the calculated financing rate (Benchmark +/- markup/down) is negative (on a short position), the financing credit will become a financing charge.

As Single Stock CFDs at Saxo are a margined product, you finance the traded value through an overnight credit/debit charge. If you open and close a CFD position within the same trading day, you are not subject to overnight financing. When you hold a Single Stock CFD position (or an ETF/ETC CFD position) overnight (i.e. have an open CFD position at close of market on the Stock Exchange, your CFD position will consequently be subject to the following credit or debit:

• When you hold a long CFD position, you are subject to a debit calculated on the basis of the relevant Inter-Bank Offer Rate for the currency in which the underlying share is traded (e.g. LIBOR) plus a mark-up (times Actual Days/360 or Actual Days/365).
• When you hold a short CFD position, you receive a credit calculated on the basis of the relevant Inter-Bank Bid Rate for the currency in which the underlying share is traded (e.g. LIBID) minus a mark-down (times Actual Days/360 or Actual Days/365).

The credit/debit is calculated on the total nominal value of the underlying Stock(s) at the time the CFD contract is established (whether long or short).

Please note the following:

1. A floor applies to the relevant Inter-Bank Bid/Offer Rate, i.e. if the Inter-Bank Rate is negative it will be excluded from the financing calculation.
2. If the calculated financing rate (Benchmark +/- markup/down) is negative (on a short position), the financing credit will become a financing charge.

North America & Canada

	NASDAQ	NASDAQ & NSC	+3.50%	-3.00%
	New York Stock Exchange	NYSE & ARCA	+3.50%	-3.00%
	NYSE MKT	AMEX	+3.50%	-3.00%
	Toronto Stock Exchange	TSE	+3.50%	-3.00%

Europe / Middle East / Africa

	Athens Exchange	AT	+4.50%	-4.00%
	BME Spanish Exchanges	SIBE	+3.50%	-3.00%
	Budapest Stock Exchange	BUX	+3.50%	-3.00%
	Deutsche Börse (XETRA)	FSE	+3.50%	-3.00%
	Irish Stock Exchange	ISE	+3.50%	-3.00%
	London Stock Exchange	LSE_SETS	+3.50%	-3.00%
	London Stock Exchange (IOB)	LSE_INTL	+3.50%	-3.00%
	Milan Stock Exchange	MIL	+3.50%	-3.00%
	NASDAQ OMX Copenhagen	CSE	3.50%	-3.00%
	NASDAQ OMX Helsinki	HSE	+3.50%	-3.00%
	NASDAQ OMX Stockholm	SSE	+3.50%	-3.00%
	NYSE Euronext Amsterdam (AEX)	AMS	+3.50%	-3.00%
	NYSE Euronext Brussels	BRU	+3.50%	-3.00%
	NYSE Euronext Lisbon	LISB	+3.50%	-3.00%
	NYSE Euronext Paris	PAR	+3.50%	-3.00%
	Oslo Stock Exchange	OSE	+3.50%	-3.00%
	Prague Stock Exchange	PRA	+3.00%	-5.00%
	SIX Swiss Exchange	SWX & VX	+3.50%	-3.00%
	Vienna Stock Exchange	VIE	+3.50%	-3.00%
	Warsaw Stock Exchange	WSE	+3.50%	-3.00%

Asia / Pacific

	Johannesburg Stock Exchange	JSE	+5.00%	-3.50%
	Australian Securities Exchange	ASX	+3.50%	-3.00%
	Hong Kong Exchanges	HKEX	+3.50%	-3.00%
	Singapore Exchange	SGX-ST	3.50%	-3.00%
	Tokyo Stock Exchange	TYO	+3.50%	-3.00%

A borrowing cost may be applied to short Single Stock CFD positions held overnight. This borrowing cost is dependent on the liquidity of the underlying Stocks and may be zero (0) for high liquidity Stocks. The specific borrowing rate for a Stock can be seen as the 'Borrowing Rate' under 'Account' > 'Trading Conditions' > 'CFD Stock/Index Instrument List' in the trading platforms.

When selling a CFD, the borrowing cost for holding the position overnight is shown in the CFD Trade module in the 'Estimated borrowing cost per day' field. The borrowing rate will be fixed when the position is opened and will be charged on a monthly basis. Please be aware, that for certain corporate action events, the borrowing rate on the short position may be reset to the current rate in the market, upon the execution of the corporate action.

If you open and close a CFD position within the same trading day, you are not subject to borrowing costs.

Positions held overnight in CFD Futures 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.

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).

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 Bid/Ask spread will be equal to the minimum target spread in approx. 99% of the quote updates, during the opening hours of the underlying cash market.

This gives clients an improved trading experience and a high degree of certainty with regards to trading costs associated with entering and closing CFD Index Tracker positions.

Please note that Fixed spreads are available for selected CFD indices only under normal market conditions up to the trade amounts listed in the table below.

North America

	US 30 Wall Street	US30.I	15
	US 500	US500.I	100
	US Tech 100 NAS	USNAS100.I	25

Europe

	EU Stocks	EU50.I	100
	France 40	FRA40.I	10
	Germany 30	GER30.I	10
	Italy 40	ITALY40.I	10
	Netherlands 25	NETH25.I	10
	Spain 35	SPAIN35.I	20
	Sweden 30	SWE30.I	100
	Switzerland 20	SWISS20.I	10
	UK 100	UK100.I	20

Asia / Pacific

	Australia 200	AUS200.I	10
	Japan 225	JPY225.I	1,000
	Hong Kong	HK50.I	25

* Based on the Bid/Ask spread of all CFD index trackers (with fixed spreads enabled) during trading hours. Measured on 01/09/2016. Please note that fixed spreads only apply under normal market conditions and up to a certain trade size.

Find more information about our general charges here.