Commissions, Charges and Margin Schedule

Interest on funds deposited with Saxo Capital Markets

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).

Net Free Equity definition

Your Net Free Equity is:

  • The cash balance of your main trading account
  • Plus or minus any unrealised profits or losses from open 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. See the full list of cash collateral for margin financing used for Net Free Equity calculation here.

To avoid paying overdraft interest on your account you are required to hold sufficient cash collateral ensuring a positive Net Free Equity Balance.

Account Value definition

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 FX Forwards and Futures on the account
  • Plus the market value of any FX Options on the account
Account Interest (Retail)

The following interest rates apply to funds deposited with Saxo Capital Markets:

Net Free Equity above USD 15,000 (or equivalent):

  • Interest paid on the full amount on the account is the higher of market bid rates minus 3 % and zero

Positive Net Free Equity up to USD 15,000 (or equivalent):

  • No account interest

Negative Net Free Equity:

  • Interest will be charged at market ask rates plus 8 %, however never less than 8 %
Account Interest (Corporate)

The following interest rates apply to funds deposited with Saxo Capital Markets:

  • For positive Net Free Equity interest will be the higher of market bid rates minus a mark-up and zero. Interest will be paid on the full amount for all Account Values.
  • 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

As of 1 March 2017, Saxo Capital Markets will charge negative interest rates on our standard offering in relevant reference currencies. The charge will apply to balances above the threshold currently indicated in the table below.

On the main trading account, this threshold will be applied to the available net free equity and, in the case of sub-accounts to the account value. The negative interest will be calculated daily for the account credit balance exceeding the threshold and debited to the main trading accounts or sub-accounts at the end of each month for the interest period of the previous month.

The rates charged are subject to change.

Threshold Negative interest rate (p.a.)
EUR 250,000 -0.40%
CHF 250,000 -0.75%
DKK 2,000,000 -0.65%
SEK 2,500,000 -0.50%
Interest Calculation and Settlement

Interest will be calculated daily and settled monthly - within seven business days after the end of each calendar month.

Fees

Currency conversion fee

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 %. For FX Options the rate is plus/minus 0.1 %.

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

Custody fees for Stocks, ETFs/ETCs and bonds

For the purpose of ensuring a cost structure that reflects the client’s actual usage of the trading platforms, Saxo Capital Markets has decided to implement a new fee structure in 2015.

For accounts with Stocks*, ETFs/ETCs or Bond positions, an annual custody fee of 0.12% with a monthly minimum fee of HKD 30 or equivalent will apply. The custody fee will be calculated daily using the end of day values and charged on a monthly basis.

Custody fee p.a. Monthly minimum fee
Stocks and ETFs/ETCs 0.12 % HKD 30
Bonds 0.12 % HKD 30

* Stocks traded on Hong Kong Stock Exchange will be exempted from the above fees.

Inactivity fee

For clients on the Classic service level, an inactivity fee on the amount of USD 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).

Transfer out fee

For transfers of Stocks to your account outside Saxo Capital Markets, an exit fee will be charged. The fees are HKD 500 per ISIN (max HKD 1,600).

Changes to DRS Stock Transfer Fees

Please note that fees for stock transfers under the Direct Registration System (DRS) have been revised with immediate effect.

Please refer to the Fee Schedule for more information.

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