Revised trading costs

When you hold a long position in Listed Options overnight, a Holding Fee currently applies. This fee will no longer be charged, from 9 December 2019.

Effective 9 December 2019, we are revising our minimum spreads and commissions on certain CFD products to the levels shown below.

US Stock CFDs

For shares priced under USD 10, 0.01 USD/share, min USD 7 / USD 5 / USD 3 for Classic, Platinum and VIP clients respectively.

Index CFDs

For accounts with Stocks, ETFs/ETCs or Bond positions, an annual custody fee applies. The custody fee is calculated daily using the end-of-day values, and charged on a monthly basis. This fee will decrease on 9 December, for VIP clients, to the rate shown below. The current minimum custody fee of EUR 5.00 will also no longer apply.

Please note that Singapore Citizens, PRs, and Singapore Incorporated Entities are not charged a custody fee for accessing SGX stocks.

Overnight positions in Futures and Contract Options are subject to a carrying cost, calculated on the basis of the daily margin requirement and applied when a position is held overnight.

The funding rates used for calculating the carrying cost is based on the relevant Interbank-rate plus a mark-up. This mark-up will reduce for Platinum clients, and it will be eliminated for VIP clients, to the levels shown in the table below, effective 9 December 2019.

Carrying Cost = Margin requirement * Holding time * (Relevant Interbank rate + Markup) / (365 or 360 days). Please note that relevant benchmark rates are floored at 0%.

FX Rollover Procedure

The FX Spot market is used for immediate currency trades. The term “Spot” refers to the standard settlement convention of two business days after the trade date (known as T+2)¹. For example, a EURUSD trade executed on a Monday will settle on a Wednesday (if there is not a public holiday in either currency on Tuesday or Wednesday, in which case the trade will be settled on the next available business day). The settlement period refers to the amount of time that is allotted to both parties to satisfy the trade’s obligations. At Saxo, FX Spot trades do not settle. Instead, open positions held at the end of a trading day (17.00 Eastern Standard Time) are rolled forward to the next available business day.²

The rollover is made up of two components; the Tom/Next swap points (Forward Price) and the Financing of unrealised profit/loss (Financing Interest). Financing Interest is not affected by the revisions on 9 December 2019.

Tom/Next swap points (Forward Price)

The swap points used are calculated using market swap prices from tier 1 banks, plus/minus a mark-up³ of the Tom/Next interest swap rates. The final rate is used to adjust the opening price of the position.⁴

Tom/Next swap points for Classic and Platinum accounts will be revised to the levels below, from 9 December 2019.

¹ The standard settlement convention of T+2 is applicable for the majority of currency pairs; however there are exceptions to this rule e.g. USDCAD, which has a settlement convention of one day after the trade date (T+1).

² The global market convention is that the value date rolls forward at 17.00 Eastern Standard Time, however there are exceptions to this rule e.g. NZD, which rolls forward at 07.00 New Zealand Daylight Time.

³ An additional +/- 0.30% mark-up is applied to Mexican Peso (MXN), Russian Ruble (RUB), Turkish Lira (TRY) and South African Rand (ZAR) currency crosses.

⁴ Applicable to the default rollover methodology.