Bond Trading Conditions

Execution policy

Please find our Best Execution policy.

Trading hours

The trading hours for online bonds trading are as follows:

Australia and New Zealand09:00 – 17:00Tokyo hours
Asia09:00 – 23:00Tokyo hours
Central Eastern Europe08:00 – 17:00London hours
Middle East and Africa08:00 – 17:00London hours
European market (corporate and government)08:00 – 17:00London hours
US market (government)22:00 – 16:00New York hours
US market (corporate)08:00 – 16:00New York hours
Latin America08:00 – 16:00New York hours

The trading hours for offline bonds trading is 24/5.

Minimum trading size

The minimum trading size for any bond trade can vary and depends on the individual terms of the bond. 

For online traded bonds, unless the minimum trading size as defined by the terms of the bond is higher, Saxo Capital Markets will apply a minimum of nominal USD 10,000 or the equivalent when trading bonds in other currencies.

Saxo Capital Markets is not able to accept any orders below this minimum trading size.

Execution policy

Please find our Best Execution policy.

Trading hours

The trading hours for offline bonds trading is 24/5.

Minimum trading sizes

The minimum trading size for any bond trade can vary and depends on the individual terms of the bond. 

For offline traded bonds, unless the minimum trading size as defined by the terms of the bond is higher, Saxo Capital Markets will apply a minimum of nominal USD 50,000 or the equivalent when trading bonds in other currencies.

Saxo Capital Markets is not able to accept any orders below this minimum trading size.

Saxo Capital Markets will not provide any advice on any tax issues related to any services.

Clients are advised to obtain individual independent counsel from a financial advisor, auditor or legal counsel with respect to tax implications of the respective services.

On an informal basis, we do provide tax relief at source for US products, subject to IRS documentation being in place and the country of residence of the client having a double taxation treaty in place with the US.

Coupon payments and bond redemptions, ordinary as well as extra ordinary, will be credited to the respective account with any applicable standard withholding taxes deducted.

Saxo Capital Markets cannot currently support or offer preferential withholding tax rates that may be available due to residency or legal status.

Please allow a few business days from the coupon or redemption settlement date to process the payment.

Read more about our custody fees for bonds on the Pricing page under the 'Commissions, Charges and Margin Schedule'.

For any questions related to pending or past corporate action events on bond positions, please contact your Account Manager.

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Bonds are categorised as either green, yellow or red products depending on the individual instrument.


Saxo Capital Markets is required to categorise investment products offered to retail clients depending on the product’s complexity and risk as: green, yellow or red. Please refer to our  "Product Risk Categorisation".

Bond Disclaimer

For most bonds, in particular corporate bonds, bid and offer prices are not public available and transparent, as the majority of trading takes place outside regulated marketplaces. Bonds are traded OTC with Saxo Capital Markets as counterpart, and OTC trading conditions apply. Please see Saxo Capital Markets' execution policy for further information.

None of the information contained herein constitutes an offer or an attempt to offer to purchase or sell a financial instrument, or to make any investments. Saxo Capital Markets HK Limited is not responsible for and not liable to any loss arising from any investment based on any recommendation, forecast or any other information contained herein. Leveraged investments in foreign exchange or derivatives can be speculative and carry a high degree of risk which may result in significant gains or losses. Investors should carefully consider their financial situation and consult their independent professional advisors as to the suitability of their situation prior to making any investments.