Futures Trading Conditions
Stop and Stop-Limit orders are subject to support by the exchange on which the contract is traded. The order types available are noted in the pop-up details for each contract. When Stop orders and Stop-Limit orders are not supported by the exchange, Saxo Capital Markets offers the possibility to execute stop orders through synthetic stop orders where your order is triggered if the underlying is traded at least for one lot.
Partial fills may occur on Limit orders and the remaining amount stays in the market as a Limit order and may be filled within the order duration. Market orders can be filled at numerous levels, the price paid will be the volume weighted average price of all the fills.
With Saxo Capital Markets you avoid physical delivery of the underlying asset on expiry of a Futures Contract, which is not supported. Therefore, we advise you to take note of the expiry and first notice dates (FND) of any Futures Contracts in which you have positions and ensure they are closed before the appropriate day, as described below.
- If the expiry day is prior to the first notice day (FND) the contract will be closed on the expiry day.
- If the FND is the same or prior to the expiry day the contract will be closed the weekday prior to the FND.
If futures positions are not closed before the relevant date, Saxo Capital Markets will close the position on your behalf at the first available opportunity at the prevailing market rate. Any resulting costs, gains or losses will be passed on to you.
If you require any assistance or clarification regarding the expiry of Futures Contracts, please Contact Us.
Market orders are not accepted on all contracts. Please use limit orders to hit the bid/offer.
A BUY Limit order cannot be higher than the current offer and a SELL Limit order cannot be lower than the current bid. If the market is moving at or around the time at which the order is placed, this order may be rejected by the exchange. Please repeat the process of placing the order again.
Stop Limit orders
Stop orders without Limits are not accepted.
The limit price specified within a Stop Limit order cannot be more than the below specified values away from the stop price.
|AP||SPI 200 Index Future||4|
|BB||90 Day New Zealand Bank Bill Futures||2|
|IB||ASX 30 Day Interbank Cash Rate||4|
|IR||90 Day Bank Accepted Bills||2|
|XT||10 Year T-Bond||4|
|YT||3 Year T-Bond||2|
In case of an order that was placed where the limit price is greater than the above acceptance criteria, the order will appear as being accepted by the platform.
However, please note that upon the trigger price being touched/breached, the order will NOT be executed.
In such cases, the order will be removed from the system afterwards.
For Milling Wheat, Corn, Rapeseed & Malting Barley Saxo Capital Markets must follow Exchange Rules with effect up to 5 days prior to expiry. As a consequence:
- Short positions may be forced closed within five days from the expiry day with a cut-off time of 16:00 CET daily.
- All open positions will be forced closed one day prior to expiry, where circumstances apply.
The tax will be applied to all Italian Derivatives whose underlying assets are equity instruments issued by Italian companies
The Italian FTT for Derivatives applies irrespective of the location of the client or the jurisdiction of the transaction, so everyone trading Italian Derivatives will have to pay new Italian FTT for Buys and Sells.
Summary of Italian FTT for Derivatives
|Notional Value of the Transaction (Euros)|
|Futures and Options|
For EUR denominated power futures different pricing applies.
These commissions apply for each contract and for each trade (buy, sell or at expiry), and exclude exchange fees which are listed under the contract specifications.
|Contract||Exchange||Classic (per lot, EUR)||Platinum (per lot, EUR)||VIP (per lot, EUR)|
|PhelixDE Baseload Monthly (DEBM)||EEX_Energy||30||20||10|
|PhelixDE Baseload Quarterly (DEBQ)||EEX_Energy||90||60||30|
|PhelixDE Baseload Yearly (DEBY)||EEX_Energy||360||240||120|
|PhelixDE Peakload Monthly (DEPM)||EEX_Energy||15||10||5|
|PhelixDE Peakload Quarterly (DEPQ)||EEX_Energy||45||30||15|
|PhelixDE Peakload Yearly (DEPY)||EEX_Energy||180||120||60|
|French Base Month (F7BM)||EEX_Energy||30||20||10|
|French Base Quarter (F7BQ)||EEX_Energy||90||60||30|
|French Base Year (F7BY)||EEX_Energy||360||240||120|
|French Peak Month (F7PM)||EEX_Energy||15||10||5|
|French Peak Quarter (F7PQ)||EEX_Energy||45||30||15|
|French Peak Year (F7PY)||EEX_Energy||180||120||60|
|Italian Base Month (FDBM)||EEX_Energy||30||20||10|
|Italian Base Quarter (FDBQ)||EEX_Energy||90||60||30|
|Italian Base Year (FDBY)||EEX_Energy||360||240||120|
|Italian Peak Month (FDPM)||EEX_Energy||15||10||5|
|Italian Peak Quarter (FDPQ)||EEX_Energy||45||30||15|
|Italian Peak Year (FDPY)||EEX_Energy||180||120||60|
|Nordic Electricity Base AV Month Future (ENOFUTBLM)||NASDAQ_COM||30||20||10|
|Nordic Electricity Base Quarter Future (ENOFUTBLQ)||NASDAQ_COM||90||60||30|
|Nordic Electricity Base Yearly Future (ENOFUTBLY)||NASDAQ_COM||360||240||120|
Futures Risk Warning
A Future is categorised as a red product as it is considered an investment product with a high complexity and a high risk.
Danish banks are required to categorise investment products offered to retail clients depending on the product’s complexity and risk as: green, yellow or red. For further information click here