TRADES AND FEES

Corporate action is an event initiated by a public company that brings or could bring change to the securities—equity or debt—issued by the company. Corporate actions include stock splits, dividends, mergers and acquisitions, rights issues and spin-offs.Most commonly, in your Client’s Area you may see a 'corporate action' issued due to a stock split.

Stock split is a decision by a company's Board of Directors to increase the number of outstanding shares by issuing more shares to current shareholders. 

Reverse stock split is a type of corporate action which consolidates the number of existing shares of stock into fewer, proportionally more valuable, shares.

These events are introduced by security issuing companies. Here’s how these events will display in your account.

Over-the-counter (OTC) refers to the process of how securities are traded for companies that are not listed on a formal exchange. Securities that are traded over-the-counter are traded via a broker-dealer network as opposed to on a centralised exchange.

Every instrument traded over the counter (ticker .OTCMKTS) may have different trading requirements. EXANTE’s standard requirements for the OTC market are as follows:

• Manual execution. You can trade OTC instruments only using voice trade via support@exante.eu or tradedesk@exante.eu
• The minimum trade value is 10,000 USD or an equivalent
• The minimum amount of shares is 100

Note! You have to meet both minimum value and amount requirements in each case.

Example: If a share costs 1,000$, you need to purchase 100 shares at the rate of 1,000$. If a share costs 0.10$, you should purchase 100,000 shares to meet the requirement.

To execute the trade, you pay a standard exchange-imposed fee. We’ll calculate the total order placement cost once you make your voice trade request.

Basic information on exchange-imposed fees:

• Fees are charged only for real trades
• You can trade any number of instruments starting from one traded unit
• The size of the minimum traded unit varies by instrument. (You can see the specific value in 'Instruments' on the EXANTE trading platform)

How stocks & ETF trade differs across exchanges:

• The maximum rate on the main US exchanges is $0.02 per share
• On European exchanges, the fees vary from 0.02% to 0.18%
• Trading on major European exchanges, such as Euronext Brussels or Euronext Paris, is subject to a 0.05% fee
• EXANTE also grants access to major Asian exchanges, with fees ranging from 0.1% on the Tokyo Exchange to 0.1927% on Hong Kong Exchanges

How  futures and options trade differs across exchanges:

• The main US exchanges charge up to $1.5 USD per instrument
• The exception is futures trading on ICE Intercontinental Exchange where the maximum fee is $2.5 USD 
• Options trading on ICE will entail a charge of up to $1.5 USD per instrument
• Futures trading on the main European Exchanges has a fee of 1.5 EUR per instrument
• DGCX: 2 USD per instrument
• HKEX: 22.54 HKD per instrument
• OSE: 20 JPY per instrument
• ASX: 1.5 AUD per instrument
• SGX: 2.5 USD per instrument

Note! The provision of real-time feed for the instruments of CBOT, CME, COMEX, EUREX and NYMEX markets is subject to a fee applied by the exchange. You can subscribe to any of the enlisted markets via Client’s area.

Important note: You can find the up-to-date fee size applicable to your account at any time in your Client's area. 

EXANTE allows you to trade both private and corporate bonds with fees starting at 9 bps for a range of bonds (i.e. both European and US Corporate/Government bonds).

If you want to trade currency pairs, live market spreads start at 0.2 pips. Keep in mind that for holding the negative position in cash you will be charged interest, depending on the currency of the position. Feel free to examine EXANTE interest rates in your Client’s area.

Overnight fees apply to short positions and FX. They depend on the market and are constantly changing. Current overnight fees can be found in the Client's area.

Note that the fee for manual execution of the voice orders amounts to 90 EUR.

Have a look at the overview of EXANTE’s service fees.

Basic information on service fees:

• Transfers to EXANTE are not charged from the side of EXANTE
• No fees for transfers between your own accounts and subaccounts within EXANTE
• You can use leverage when trading with EXANTE for free (available by default)
• FIX API and HTTP API connection is provided for free (available to clients with at least 50'000 EUR or equivalent in deposit)

Having an account with EXANTE is always free - regardless of funds added and instruments used. However, EXANTE may charge various commissions for specific actions as stated below.

  
Important note: Although EXANTE does not charge any fees for clients’ deposit, keep in mind that some charges may arise before the money reaches your EXANTE account. These charges may be applied by an issuing, intermediary and/or beneficiary bank that processes wire transfers. Please contact your bank if you are unclear  about transfer costs.

EXANTE has no minimum transaction size. You can trade any sum or number of instruments. The size of the minimum traded unit may vary by exchange. You can see this value in the Instrument Info in EXANTE Trading Platform. Please note that the size can be lower than one (1).

We do not charge margin-trading fees per se. You can trade with leverage as long as you keep Margin Utilization below 100%.

In case you exceed 100% of the margin, there is a fee equivalent to 100% p.a. on the exceeded value charged daily. To reduce margin utilization, we might close your positions manually. The fee for manual execution in case of a margin call is 90 EUR.

The fees for exceeding the margin are set for each margin call occurred and are charged daily. The fees for the upcoming weekends are charged on the night from Wednesday to Thursday.

The fee for voice/email trading is 90 EUR.

That fee is charged if the instrument is available on the online platform. 

To place a voice order, please contact support@exante.eu or tradedesk@exante.eu from the registered email address. The message should contain:

• Instrument name
• Order side
• Order type
• Quantity
• Price at which to make a trade
• Client's account number

There are several instruments which require manual execution. They are provided on the platform in view-only mode:

1. OTC instruments (ticker: .OTCMKTS).
2. Frankfurt Stock Exchange instruments (ticket: .FWB)
3. Bonds (except for MOEX and several other markets)

Execution of voice orders for these instruments is free of manual execution fee.

The fee of 90 EUR is as well charged when EXANTE performs a close-out of the open positions in case of Margin Call.

The term rollover is used exclusively for FX positions. Rollover fees are charged on FX positions held overnight. Every day at 4:00 PM GMT each account is charged or credited with the rollover fee for FX positions held the previous night.

The rollover is calculated as (current notional value x * rate * days) / 360.

You can always check the rollover and overnight fees that may be applicable to your account in your clients area on exante.eu:

They are published on a daily basis. If the overnight rate is positive, it will be added up to your account. If the rate is negative, you will be charged with the stated amount.

Overnight fees are applicable to short positions and Forex (FX).

They depend on the market conditions and are constantly changing. The most up-to-date overnight fees for short trades and FX can be found in the client's area. All other instruments are not subject to overnight fees.

Live market spreads start at 0.3 pips on the most popular currency pairs‎.

See our webpage for a complete list of spreads: https://exante.eu/markets/Currencies/

Standard EXANTE leverage rate starts from 20% for stocks and 5% for currencies.

Detailed information on leverage rates for any given instrument can be found on EXANTE desktop app.

1. Right-click on the chosen instrument in the list of Instruments
2. Choose 'Instrument Info'

Yes, you can trade bonds with EXANTE and use them as a collateral. See more information on trading fees on our website https://exante.eu/markets/Bonds/ and contact EXANTE at support@exante.eu for more information on haircuts.

Short selling is available for liquid instruments that either have a predefined limit or comply with the daily “locate” requirement for sufficient liquidity.

You can see whether an instrument is available for short selling:

• On the EXANTE desktop platform: Click ‘Instruments’ on the top-toolbar > right-click on the chosen instrument > select ‘Instrument Info’
• In the Client’s Area: Click ‘Terms’ on top-toolbar > choose ‘Short Allowance Status’

Trade limit and leverage rates depend on the instrument, clients' trading strategy and current market conditions. The default rate is 12% for easy-to-borrow stocks for all clients, albeit this can change depending on the market situation. 

Important: Need to open a short position for a hard-to-borrow stock? Please contact support@exante.eu to inquire about  the potential rate and availability.

It is possible to trade stocks in pre-market and aftermarket, but it depends on the particular instrument and the selected stock exchange.

Please note that liquidity can be very low during these hours and orders can be filled at unattractive prices.

If an instrument is traded by an exchange offered in EXANTE, it is possible to take part in an IPO.

Keep in mind that all IPOs are not equal. The possibility to participate and the minimum trade value depends on:

• the particular instrument
• stock exchange

It may be that only a single client or a few clients meet the IPO order pool requirements. Feel free to contact your personal manager in order to learn more about IPO trading at EXANTE.

Important note: in order to start trading with EXANTE minimum deposit requirements have to be met.