Commissions, Charges and Margin Schedule


The value of your investments can go down as well as up.
Losses can exceed deposits on margin products. Please ensure you understand the risks.



This schedule outlines the various commissions, charges, margins, interest, any other rates and important information that you should be aware of and/or are referred to in our General Business Terms.

Your Base Currency Account and Currency Conversion

The base currency of your account(s), is the currency denomination that you have selected for your main account according to application submitted to open an account with us. Currency conversions of trading costs as well as profits and losses from trading activities are done using the mid-spread 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.

Multiple Accounts (including Sub Accounts)

You may be permitted, at our discretion, to open multiple accounts which can be denominated in the same or a different currency to that of your main account. If you have multiple accounts with us, you should consider the following:

  1. opposite positions of rolling spot forex in the same currency cross on the same account will effectively cancel each other out. However, opposite positions of rolling spot forex in the same currency cross across different accounts will not cancel each other and will be continuously rolled over until closed by you or us;

  2. if you operate multiple main accounts (as opposed to one main with one ormore sub- accounts), you should note that any funds deposited on one main account will not be considered as margin collateral for another main account, unless we agreed otherwise in writing. Therefore, the margin requirements are applied severally on each main account. Consequently, a default resulting in a compulsory close-out of open margined positions in one main account could occur even though another main account has funds available for margin trading;

  3. Interest on your main account is calculated on the Net Free Equity and intereston your sub-accounts is calculated on the Account Value.

Net Free Equity

Net Free Equity is defined as:

  • The cash balance of the main trading account
  • Plus or minus any unrealised profits or losses from open CFDs, 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

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

For the purpose of calculating Net Free Equity, the margin financing used in Net Free Equity calculations are the following:

Margin Requirements (with effect from 1 February 2017):

FOREX(1)
Product Currency NFE Margin
FX USD 3,0%
FX EUR 3,0%
FX JPY 3,0%
FX GPB 3,0%
FX CHF 3,0%
FX AUD 3,0%
FX CAD 3,0%
FX NOK 3,0%
FX NZD 3,0%
FX SGD 3,0%
FX SEK 3,0%
FX DKK 3,0%
FX HKD 6,0%
FX HUF 6,0%
FX PLN 6,0%
FX CNH 6,0%
FX BRL 6,0%
FX CLP 6,0%
FX CNY 6,0%
FX INR 6,0%
FX KRW 6,0%
FX XAG 6,0%
FX XAU 6,0%
FX ZAR 6,0%
FX Other 10%
CFD STOCK INDICES(2)
Product Rating NFE Margin
CFD ALL 5%
CFD SINGLE STOCKS/ETFs/ETCs
Product Rating NFE Margin
CFD 1 10%
CFD 2 15%
CFD 3 20%
CFD 4 30%
CFD 5 40%
Expiring CFDs(3)
Product Rating NFE Margin
CFD 1 1,0%
CFD 2 1,5%
CFD 3 2,0%
CFD 4 3,0%
CFD 5 4,0%
CFD 6 5,0%
CFD 7 7,0%
CFD 8 8,0%
CFD 9 10,0%
CFD 10 12,0%
STOCK OPTIONS, FUTURES and CONTRACT OPTIONS
Product Instrument NFE Margin
Exchange traded ALL Default trading margin

1) Forex includes Spot, Forwards and Options
2) CFD Stock Indices include continously traded Indices
3) Expiring CFDs include Stock Indices, Commodities, Forex and Bonds based on Futures

Account Value

Account Value of your sub-account is defined as:

  • The cash balance of the account
  • Plus or minus the value of any unrealised profits or losses from open CFDs, FX Forwards and Futures on the account
  • Plus the market value of any FX Options on the account

Since the Net Free Equity is calculated on open positions on all your accounts, it is important to ensure you maintain sufficient cash balance in your main account. Otherwise, you risk being subject to debit interest charges on your main account exceeding the credit interest payable on your sub-account(s).

Interest Rates

Account Interest Private Retail Clients

We shall pay interest or charge interest to your account based on the following calculation:

Your account will not be eligible for credit interest if the positive Net Free Equity and/orAccount Value are equal to or less than USD 15,000 (or currency equivalent). For positiveNet Free Equity and /or Account Value exceeding USD 15,000, credit interest is payable atLIBID minus 3%.

Your account will incur debit interest for deficit Net Free Equity and/or Account Value at LIBOR plus 8%.

Any applicable credit or debit interest will be accrued daily and settled within sevenbusiness days following the end of each calendar month.

Account Interest Corporate Retail Clients

The following interest rates apply to funds deposited with SCML:

  • For positive Net Free Equity interest will be the higher of market bid rates minus a markupand 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, howevernever less than the mark-up. Interest will be charged on the full amount for all AccountValues

As of 1 March 2017, SCML will charge negative interest rates on our standard offeringin relevant reference currencies. The charge will apply to balances above thethreshold currently indicated in the table below.

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

The rates charged are subject to change.

NEGATIVE INTEREST RATES
Currency 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%

 

Margin utilisation and Compulsory Close Out Policy

Before you open a Margin Trade you are required to have sufficient funds or collateral in your account that is at least equal to the initial margin requirement as indicated on the relevant product trading rates and conditions page or displayed on the trading platform. The margin is usually a small percentage of the overall value of the contract.

Although the margin required is small in comparison to the overall value of the contract, price movement may result in the requirement to place additional funds at a short notice to maintain the position(s). You will need to satisfy the margin requirements and failure to do so may result in a compulsory close-out of the open margined position(s).

Therefore, it is not just vital but also your responsibility to effectively manage and monitor your account at all times to ensure that the Margin Utilisation does not exceed the 100% level. Any level of Margin Utilisation above the 100% is considered to be in default of our margin requirement policy and will expose all the open margined position(s) to the compulsory close-out policy. In the event of your default and we are forced to initiate the compulsory close-out, you will be liable for any resulting losses incurred.

Product Trading Rates & Conditions
Order Types

In view of the risks that arise when trading in volatile markets, you should consider the various types of order that are available on our platform that can be utilised to limit or manage any risk or investment strategy. Please note that not all order types may be accepted for investment instruments that are offered on our platform and remember, in the event of placing any order instructions over the telephone you should ensure that any instruction is provided clearly and any subsequent instruction to amend or cancel an existing instruction is clearly communicated to the account executive.

Market Order

An order to buy or sell a specified instrument as soon as possible at the price obtainable in the market.

Limit Order

Limit orders are commonly used to enter a market and to take profit at predefined levels. Limit orders to buy are placed below the current market price and are executed when the ask price hits or breaches the price level specified. Limit orders to sell are placed above the current market price, and are executed when the bid price breaches the price level specified. When a limit order is triggered, it is filled as soon as possible at the price obtainable on the market. Note that the price at which your order is filled may differ from the price you set for the order if the opening price of the market is better than your limit price. 

Stop Order

Stop orders are commonly used to exit positions and to protect against trading losses. Stop orders to sell are placed below the current market level and are executed when the Bid price hits or breaches the price level specified. Stop orders to buy are placed above the current market level and are executed when the Ask price hits or breaches the price level specified. If the Bid price for sell orders (or the Ask price for buy orders) is hit or breached, the order becomes a market order and is filled as soon as possible at the price obtainable in the market. Note that this price may differ from the price you set for the order. In the case of Futures, the order will be filled if possible, and any remaining volume will remain open as a market order. In the case of CFDs, the order will be filled completely if the volume in the market allows for it. In the case of a partial fill, the remaining portion of the order will remain open as an order.

Trailing Stop Order

A Trailing Stop order is a stop order that has a trigger price that changes with the spot price. As the market rises (for long positions), the stop price rises according to the proportion set by the user, but if the market price falls, the stop price remains unchanged. This type of stop order helps an investor to set a limit on the maximum possible loss without limiting the possible gain on a position. It also reduces the need to constantly monitor the market prices of open positions.

Stop Limit Order

In Futures trading, a stop-limit order is a variation of a stop order, with a lower/higher limit price to suspend trading if the price falls/rises too far before the order is filled. This effectively restricts trading to a defined price range.

For further details, please refer to our Financial Glossary for further details of the various types of order that are available on our platform.

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.

Transfer out fee

For transfers of Stocks to your account outside Saxo Bank, an exit fee will be charged. The fees are as follows:

  • DK Stocks: 25 EUR per ISIN (max. 100 EUR)
  • Other Stocks: 50 EUR per ISIN (max. 160 EUR)

Updated 18 January 2017

Manual order fee

Clients placing orders over the phone, chat or email will be subject to a manual order fee of EUR 50 per order. Certain products which cannot be traded on the platform (such as market-made instruments on the LSE, offline bonds, and specific algorithmic orders) and must be executed with the help of the trading desk can still be done free of charge.

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