Futures trading conditions
Order types and Order handling
Algorithmic orders provide clients with the opportunity to trade through various strategies.
The following algorithmic order types are offered:
- Price Peg
- Target Close
- With Volume
The algorithmic commission is charged in addition to the normal commission and is based on the currency the Futures contract is trading in.
As with the trading commission the algorithmic commission is charged per contract.
You can find a table of the commissions below:
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 Bank 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.
Please be aware that a Stop order on any of the CME group exchanges will change duration to a Day Order if triggered. If not filled by end of day, the order will expire.
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 Bank 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.
For some contracts, the FND which Saxo Bank utilises could be several days earlier than the FND provided by the relevant exchange. Please always refer to the trading conditions displayed on the contract in the trading platform as well as the trade ticket to see specifications for each contract before trading.
- If the expiry day is prior to the first notice day (FND) as utilised by Saxo Bank, the contract will be closed on the expiry day.
- If the FND as utilised by Saxo Bank is the same or prior to the expiry day the contract will be closed the trading day prior to such FND.
If futures positions are not closed before the relevant date, Saxo Bank 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.
Special market conditions
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 Bank 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||0.00375||0.0075||0.015||0.075||0.15||0.75||1.5||3|
Under the Commission Delegated Regulation (EU) 2017/2154 of 22 September 2017 (Indirect Clearing Regulation), Saxo Bank must give clients with access to exchange-traded futures or listed on European exchanges, the choice of how their trade positions are held in clearing.
Net Omnibus Indirect Account (NOIA)
Futures and Options are currently and by default cleared in a Net Omnibus Indirect Account where clients’ margin collateral and positions are held with margin and positions of other indirect clients.
Please be informed that Saxo Bank per default will clear European futures and ETOs on a NOIA structure unless clients request otherwise.
Gross Omnibus Indirect Account (GOIA)
The Indirect Clearing Regulation requires us to also offer clearing under a Gross Omnibus Indirect Account where clients’ positions are held in a segregated account at the European Central Counterparty (CCP).
Details of clearing arrangements and the risks associated with both NOIA and GOIA accounts are described here.
If clients choose to clear European futures and ETOs under GOIA, Saxo Bank will charge the following setup, maintenance and usage fees:
- A one-off setup fee of EUR 1,500 per exchange
- A monthly maintenance fee (variable) per exchange
- EUR 25 per cash transfer into or out of a Gross Omnibus Indirect Account Note that Gross Omnibus Indirect Account structures require strict segregation and it is not possible to bundle transfers.
Please contact Saxo Bank in case of questions.
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|
During holidays, markets and exchanges around the world are closed at certain times. Upcoming holiday schedules will be posted below.