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.

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)
• EXANTE charges fixed or variable fees based on the instrument. For fees calculated based on a percentage commission, we round the final fee up to the nearest hundredth in the denomination.
  • Note: EXANTE charges fixed or variable fees based on the instrument. For fees calculated based on a percentage commission, we round the final fee up to the nearest hundredth in the denomination. With higher frequency trading, a 10 cent rounding error may accumulate within three minutes.

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 from $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: 6 AUD per instrument
• SGX: 2.5 USD per instrument

Note! Provision of real-time feed from the venues below is subject to a fee applied by the exchange. You can subscribe to any of the enlisted markets via Client’s Area.

Note: The rates may change at the discretion of the exchange.

The fee for cash conversion: 

• 0.25% on all major currency pairs (except EUR/USD, where the rate is 0), 
• For the rest it equals 0.4%,
• When converting through 'Account Summary' module or with automatic currency conversion - no additional fee is applied.

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 provides access to live quotes to all major exchanges by subscription. This process does not happen automatically and has to be enabled by the user, otherwise, the data arrives with a lag of approximately 30 minutes. 

You will be able to trade even if you have not enabled real-time data subscriptions, however, the data for selected exchanges will be presented with an approximately 30 minute delay.

Consequently, if you place a market order, the price will be settled at the real market price, not the lagged price indicated on your screen. 

Enable data feeds

In order to enable data feeds for selected markets:

1. Open your Client's Area
2. Go to “Settings” → “Application Settings”
3. Scroll down to “Subscriptions”
4. Turn on the switch for the desired exchanges

Alternatively, it is also possible to load up the terminal, pick an instrument or open the Chart. The system will automatically prompt the client to sign up for the respective feed.

Fees

The indicated price is collected on a monthly basis and the first fee is withdrawn from the client's account right upon subscription. From then on, EXANTE charges a monthly fee on the 1st of each month unless the subscription is canceled. The fees are counted per calendar month, meaning that on the first of every month the fee will be deducted.

Please check the rates levied by other major exchanges in the table below:

Note: The rates may change at the discretion of the exchange.

If you have any further questions, do not hesitate to contact EXANTE Customer Care at support@exante.eu.

Negative cash balance is formed when you purchase an instrument in a currency that is not physically available on your account.

Important Note: Keep in mind that turning off leverage will not protect your account from having a negative cash balance.

What to do with negative cash?

It is your responsibility to choose whether or not to keep negative cash. However, keep in mind that negative cash is charged with interest. The interest rates are found in the Client's area and are calculated as follows:

 Position.Value * (Rate(%)/360) * days = Interest amount

If you leave negative cash on the account, it will influence the Margin Utilisation rate and might lead to a Margin call.

How to avoid negative cash?

There are several ways to avoid negative cash:

• Enable Autoconversion. This will automatically convert your negative cash into the selected base currency.
• Convert currencies in advance. Go to the 'Instruments' module → select 'Cash' from the list of instruments, then buy it with the currency you'd like to exchange
• Go negative and convert afterwards. In this scenario, the most convenient way to convert your negative cash is to use the desktop version of the platform and the module 'Account summary'. Open the module → right-click on the negative position and select the desired currency. 

All the methods are described in our tutorial.

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. 

As soon as Margin Utilization in an account exceeds 100%, Margin Call e-mail titled "Urgent: Margin Call *AccountID*" is sent to you, warning about the exposure and requesting the coverage of the margin call as soon as possible.

To reduce margin utilization, we might close your positions manually without further warning in case the demand from the email was not met from your side. 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 placing an email order is 90 EUR.

That fee is charged if the instrument is tradable via the EXANTE platform. 

To place a mail order, please contact orders@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 (ticker: .FWB)
3. London Stock Exchange Alternative Investment Market (ticker: LSEAIM)
4. Bonds (except for MOEX and several other markets)

Execution of mail 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. Rollovers are charged daily, weekend rollovers are calculated on Wednesday. However, please note that the rollover calculation is based on the balance of the previous (closed) trading day.

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:

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

Calculation of the Overnight: 

(abs(Position.Value)*Rate(%)/360)*days = overnight amount, where:

Position.Value = Position.Quantity*Price

Overnight is calculated at 17:00 NYT on weekdays, weekend overnights are calculated on Wednesday. However, it is important to keep in mind that the calculation is based on the balance of the previous (closed) trading day.

They depend on the market conditions and are constantly changing. All up-to-date overnight fees for short trades and FX can be found in the client's area. 

Note: It is important to keep in mind that in the 'Reports' section in Client's Area, all Overnight fees are marked under ROLLOVER.

You can use a percentage of certain bonds held on the EXANTE account as collateral to trade other securities. You can also use spare collateral for IPO pre-subscriptions.

This applies to bonds purchased directly via EXANTE or transferred by clients to their accounts from another financial institution. 

The percentage rate varies based on: 

• Bond type
• Rating 
• Duration (Expiry Date).

Please find the Initial rates for specific bonds on the EXANTE desktop platform in the 'Instrument Info' of any given bond, next to Leverage Rate:

• Right-click on a chosen instrument in the list of Instruments
• Choose 'Instrument Info'

The leverage rate calculated in percentage points represents how much of the bond value cannot be used as collateral for trading other securities.

There is no fee for using bonds as collateral, yet we charge standard bond trading fees. We shall also charge an interest in case of any excess margin usage or negative cash balance.

The standard bond trading rates are:

• Custody rate. Normally is equal to 0.3% of the bond value. This is an annual rate charged daily. It’s displayed as Overnight Rate in Instrument Info. If this fee applies, the client will see the charge in the Transactions report as 'Custody Fee'
• Trading fee: 0.09% (of deal value). This applies if you buy the bond at EXANTE rather than transfer it from another financial institution
• The minimum fee is 50 USD per deal (not applicable to MOEX bonds traded on the platform)
• No specific fees for Voice trading are applied with regards to Bonds

Find more on the EXANTE service fees here.

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.

Standard terms and procedure

This article covers Initial Public Offering (IPO) subscription on the EXANTE platform. 

An Initial Public Offering (IPO) is a listing of a stock on a given market.  At EXANTE, we facilitate subscription to IPOs available through our counterparties. We select the IPOs and proceed to ensure our participation. Once we’ve procured access to a specific IPO, we’ll add a subscription instrument  representing participation in the IPO on the EXANTE trading platform.

The instrument will become available on the platform when IPO books open and will deactivate two days prior to books closing.  You can send a market buy order to subscribe to an IPO. You’ll be able to increase, decrease or cancel your subscription two days prior to books closing. When the IPO is closed and if you receive an allocation the shares will appear under the instrument in your Account Summary.

Participating in an IPO entails the same risks as stock trading. Profit is not guaranteed and it's the investor's responsibility to do research concerning the offering. The price is set by the book runners and the company.  EXANTE does not set the price.   

With respect to the fee structure and general terms, this standard procedure applies:

• Successful allocation fee is 3.5%

Note! Apply before the 1st of January and pay a fee of just 2.9% ‒ 17% off!

• The trade fee is 0.02 USD per share for NYSE/NASDAQ, please see the standard commissions for IPOs in other markets
• There are no participation or administration fees

Wish to sell allocated shares? Confirm this action with us via email orders@exante.eu. In this case, no manual order fees apply.

If you are willing to sign up for an IPO, please contact your Account Manager.