Equity CFDs

Commissions are charged for equity CFD trades depending on the instrument purchased and are illustrated in the table below. You can find details of these charges for particular Markets within the Trading Conditions, which is located on the Trading Platform or by calling our Client Management team.

Region Exchange Name Commission Minimum commission
North America American Stock Exchange (AMEX)* 0.15% GBP 15
North America NASDAQ Global Markets (NASDAQ NM) 0.15% GBP 15
North America NASDAQ Capital Markets (NASDAQ SC) 0.15% GBP 15
North America New York Stock Exchange 0.15% GBP 15
North America NYSE ARCA (NYSE_ARCA) 0.15% GBP 15
North America Toronto Stock Exchange (TSE) 0.15% GBP 15
Europe Athens Stock Exchange (AT) 0.15% GBP 15
Europe Euronext Amsterdam (AMS) 0.15% GBP 15
Europe Euronext Brussels (BRU) 0.15% GBP 15
Europe Euronext Lisbon (LISB) 0.15% GBP 15
Europe Euronext Paris (PAR) 0.15% GBP 15
Europe Frankfurt Stock Exchange - Xetra (FSE) 0.15% GBP 15
Europe London Stock Exchange (LSE) 0.15% GBP 15
Europe London International Exchange (LSE_INTL) 0.15% GBP 15
Europe Milano Stock Exchange (MIL) 0.15% GBP 15
Europe OMX Copenhagen (CSE) 0.15% GBP 15
Europe OMX Helsinki (HSE) 0.15% GBP 15
Europe OMX Stockholm (SSE) 0.15% GBP 15
Europe Olso Stock Exchange (OSE) 0.15% GBP 15
Europe Sistema De Interconexion Bursatil Espanol (SIBE) 0.15% GBP 15
Europe Swiss Exchange (SWX) 0.15% GBP 15
Europe Vienna Stock Exchange (VIE) 0.15% GBP 15
Europe Warsaw Stock Exchange (WSE) 0.15% GBP 15
Asia Pacific Australian Stock Exchange LTD. (ASX) 0.15% GBP 15
Asia Pacific Hong Kong Stock Exchange (HKEY)** 0.30% GBP 30
Asia Pacific Singapore Exchange Secirities Trading Limited (SGX-ST) 0.30% GBP 30
Asia Pacific Tokyo Stock Exchange (TYO) 0.15% GBP 15

Dividends on CFD Positions

Holders of long CFD positions will, when dividends are paid on the underlying share, qualify for a proportional payout. Holders of short CFD positions will have to pay an amount equal to the full (gross) dividend paid on the underlying share.

All cash dividends for CFD positions are settled on pay date. Cash dividends are booked on ex-date to reflect the market price movement on the ex-date, but the actual value of the payment is settled on pay date.

Dividends on CFD positions are cash adjustments paid or debited by Saxo Bank and not by the underlying company. Dividends paid on CFDs are not eligible for any preferential withholding tax rates sometimes associated with dividends paid on physical stocks and may therefore differ from the dividends payable on the underlying share.

Each booking will be issued a reference number for the related positions. You can find each booking in the Activity Log in the Account Menu in SaxoTrader.

Partial Fills

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.

Market Orders

Certain exchanges* do not support market orders. If you place a market order in these markets, Saxo bank will automatically translate the order to an aggressive limit order within a certain percentage limit "in the money"**. It is the clients own responsibility to check if the order is traded in the market after order entry. If you experience or suspect any errors with your order you should contact Saxo Bank immediately.

* Exchange ** Percentage Limit
Olso Stock Exchange (OSE) 2.50%
OMX Copenhagen (CSE) 2.50%
OMX Helsinki (HSE) 2.50%
OMX Stockholm (SSE) 2.50%

Some of our execution brokers may choose to translate market orders on various markets into aggressive limit orders 3% in the money. This is due to their internal compliance and is set to protect clients from "bad Fills". Saxo Bank will not be responsible for missing fills due to this.

US Stop Orders

In US markets, Saxo Bank uses sweep algorithms to add liquidity from more than the main exchange. This implies that orders can be filled before the main market is open, but as stops are only activated on the main market feed, you can experience entrance into a position on sweep before the main market opens, but the stop will not be active before the main market opens.

Nordic & Australian Markets

Orders traded in the Nordic markets (Denmark, Sweden and Norway) are split into an "Even lot" which will be traded, and a remainder which will be routed to the odd-lot book.

When part of an order is routed to the odd-lot book, limit orders will be filled if possible or left on the book until a fill is possible. A market order will be filled immediately if possible, and will otherwise be cancelled (fill or kill principle).

For Australian CFDs, you may experience limitations on the amount of CFDs you can short trade in a single day due to limited borrowing availability in the underlying market.

TD Derivatives Trading is provided by Saxo Bank SA (Saxo), who is a provider of derivatives trading and whose head and registered office is Saxo Bank, Philip Heymans Alle 15, 2900 Hellerup, Denmark. For the purposes of derivatives trading, any contract is between you and Saxo and all dealing, administration and settlement is carried out by them. Your account is held with Saxo Bank SA, which is incorporated in Denmark as a licensed bank (license no. 1149) and is regulated - along with Saxo Bank A/S London - by the Danish Financial Supervisory Authority (FSA) - Finanstilsynet, Gl. Kongevej 74A, 1850 Frederiksberg C. Further details regarding the Danish FSA and Saxo Bank's license may be viewed at www.ftnet.dk